Internet reports, Etoday reported that South Korea's Supreme Court ruled that the stablecoin TerraUSD and the cryptocurrency Luna are not considered financial investment products or securities. These digital assets collapsed in May 2022, with a value loss of approximately US$40 billion. 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 reiterated its verdict in February 2023. At the Court of Appeal, the judge said the evidence provided by prosecutors was not sufficient to classify Luna as a "financial investment product" under the Financial Investment Services and Capital Markets Act. The ruling came three years after the legal proceedings began.