Luna Classic (LUNC), the native token of the Terra blockchain, has been declared a non-security crypto by a South Korean District Court. This ruling comes as a surprise to prosecutors who charged Terraform Labs' co-founder for violating the Capital Market Act. The court rejected the prosecution's claims around LUNA and dismissed the state's appeal to confiscate Hyun-Seong Shin, Terraform Labs' former co-CEO. The court stated that it is difficult to classify Luna (now LUNC) as a financial investment product that can be regulated by the Capital Markets Act.

(By Ashish Kumar)