Official records indicate that Do Kwon disintegrated Terraform Labs Korea just days before the collapses of terra crypto and stablecoin terra usd.
Do Kwon Shut down Terraform Labs Korea before UST and LUNA Fallsout
Do Kwon, founder of Terraform Labs, reportedly shut down his company in Korea just days before the collapse cryptocurrency terra (LUNA), and stablecoin terrausd UST.
According to South Korea’s supreme Court Registry Office, Terraform Labs Korea decided that its Busan headquarters would be dismantled and the Seoul branch would be dissolved at the general shareholders meeting. Digital Today reported. Kwon Dohyeong, Do Kwon’s full name, was named the liquidator by the company.
The following is the detailed description of the publication:
The headquarters of Terraform Labs Korea was dismantled on May 4th, and the Seoul branch was dismantled on May 6.
UST lost its peg against the U.S. Dollar on May 9 and its price continued to fall. It is currently trading at $0.08 LUNA fell sharply from $80 on April 30, to $0.00013351 as of the time that this article was written.
While Terraform Labs is a Singapore-incorporated company, it was registered to conduct business in South Korea as Terraform Labs Korea, with headquarters in Busan and a branch in Seongdong District in eastern Seoul.
Kwon established Terraform Labs Korea in June 21, 2019. Shin Hyun-sung, founder of Ticket Monster (Tmon), joined the company on September 26, 2019 as the second cofounder. Kwon was appointed CEO of Terraform Labs after he resigned.
A blockchain data analytics firm Elliptic performed an on-chain analysis and found the Luna Foundation Guard (LFG), which sent its bitcoin reserves to the cryptocurrency exchanges Gemini or Binance.