The new investigation seeks to determine whether Terra's native tokens are securities.
by the Korean Herald, the Financial and Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutors Office has met with several crypto experts and financial regulators to review Terra tokens.Per the report, Korean prosecutors aim to determine whether to categorize Terra’s digital assets under securities, including its native token, LUNA.
While several experts argue that cryptocurrencies are securities since they can be issued like stocks, others believe they should be classified as a commodity due to their decentralized characteristics. If Terra tokens are determined to be securities in the investigation, TerraForm Labs, its founder Do Kwon, and other executives will be charged with violating the Capital Market Act.The firm and its executives are facing fraud and tax evasion charges leveled against them following the UST debacle earlier in May, resulting in the loss of over $60 billion in investors’ funds.
The latest investigation comes as part of efforts by South Korean prosecutors to widen their probe into Terraform Labs and its co-founders regarding the cataclysmic collapse of LUNA and UST.related to the Terra case. Earlier in July, the prosecutorsAccording to people familiar with the matter, the prosecutors’ new decision would also help policymakers develop the country’s legal framework for crypto regulation.
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