Do Kwon Dissolved Terraform Labs Korea Days Before Collapse of Terra LUNA, UST – Featured Bitcoin News

According to official records, Do Kwon disbanded Terraform Labs Korea just days before the collapses of terra crypto and stablecoin terrausd.

Do Kwon Shut down Terraform Labs Korea before UST and LUNA Fallsout

Do Kwon was the founder of Terraform Labs and he reportedly shuttered his Korean company days before cryptocurrency terra collapse (LUNA) as well as stablecoin terrausd(UST).

According to South Korea’s supreme court registry office, Terraform Labs Korea decided to dissolve its Busan headquarters and Seoul branch at the general shareholders meeting on April 30, Digital Today reported. Kwon Dohyeong, Do Kwon’s full name, was appointed liquidator by the company.

Detail:

On May 4, Terraform Labs Korea’s headquarters was dissolved and on May 6, the Seoul branch was dissolved.

UST’s peg to USD was lost on May 9th and the price of the currency continued falling. It is currently trading at $0.08 LUNA fell sharply from $80 above on April 30, to $0.00013351 as of the writing.

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 Terraform Labs Korea as the second cofounder on September 26, 2019. Kwon was appointed CEO of Terraform Labs after he quit.

Elliptic’s on-chain analysis revealed that the Luna Foundation Guard (LFG), during the UST/LUNA fallout sent its bitcoin reserves via cryptocurrency exchanges Gemini/Binance.

Do you have any thoughts about Kwon’s decision to close down his South Korea company one week before the collapses at UST and LUNA. Comment below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.