The most controversial aspect of the case against Do-hyung Kwon, the principal in the Terra, Luna case, is whether the alleged violation of the Capital Markets Act applies to Terra, Luna.  This, therefore, hinges on whether Terra, Luna was a security. "There is a possibility for judging depending on whether the staking service provided by TerraLuna is an investment contract or a security," said Kwon. And he highlighted the case, saying that under U.S. law, the penalty could be an imprisonment for no more than five years or a fine of no more than 200 million won. (Legal News, March 31, 2023.)

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URL: Kwon Do-hyung sentenced to 90 years even if only 2 charges in U.S