According to Etoday, South Korea's Supreme Court has ruled that stablecoin TerraUSD and cryptocurrency Luna are not considered financial investment products or securities. The digital assets collapsed in May 2022, losing about $40 billion in value. The latest court decision could affect similar legal disputes in lower courts. In November 2022, a Seoul court rejected a prosecutor's request to seize the assets of Daniel Shin, co-founder of Terraform Labs, the company behind the tokens. When prosecutors appealed, the same court reaffirmed its verdict in February 2023. At the Court of Appeal, the judge said the evidence provided by prosecutors was insufficient to classify Luna as a "financial investment product" under the Financial Investment Services and capital markets Act, a ruling that came three years after legal proceedings began.