Attention focused on the 'securities nature' of Terra-Luna coins.
With the arrest of Do Kwon, CEO of Terraform Labs and the main culprit behind the 'Terra-Luna' crisis, which wiped out 52 trillion won in market capitalization, attention is now focused on whether he will be extradited to South Korea and what punishment he may face. While the timing and possibility of his extradition to South Korea are being closely watched, the assessment of whether Terra-Luna coins qualify as securities is expected to be a key factor.
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Hyeonsu “Elliot” Jin, managing partner at Decent Law Firm, stated, "If both countries request extradition, the Montenegrin government will decide based on their judgment where he will be sent. Since Do Kwon holds South Korean nationality, it is more likely that he will be extradited to South Korea rather than the United States."
Jin also added, "If Do Kwon is extradited to South Korea and stands trial, regardless of the punishment he faces, it could mark the starting point for determining whether virtual assets qualify as securities."
