Official records reveal that Doo Kwon dissolved TerraForm Labs Korea just a few days before the tanking of TerraCrypto (Luna) and stablecoin Terased (UST). TerraForm Labs founder Do Kwon shut his company just days before the collapse of cryptocurrency Terra (LUNA) and stablecoin Terasd (UST).
Proposal To Dissolve Terraform Labs Taken In Shareholders Meeting
As per information provided by the Registry Office of the Supreme Court of South Korea, Terraform Labs Korea had already determined to dissolve its Busan headquarters and Seoul Branch in a GM meeting of shareholders on April 30. Interestingly the company had used CEO Do Kwon’s full name Kwon Do-hyeong as liquidator. Accordingly, the Terraform Labs Korea headquarters was dissolved on May 4, and the Seoul branch on May 6.
The UST values tanked after it lost its peg against the dollar on May 9, and its values continued to tank at the time of going to press; it was changing hands at around $0.08. LUNA also declined sharply above $80 on April 30 to $0.00013351 at writing.
Terraform Lab’s genesis was in Singapore, where it was incorporated as a company. However, it started doing business in South Korea by the name of Terraform Labs Korea, headquartered in Busan and has a branch in Seongdong District in eastern Seoul.
Terraform Labs Korea came into existence on June 21, 2019. As co-founder, he was soon joined by Ticket Monster (Tmon) founder Shin Hyun-sung on September 26, 2019. However, Shin Hyun-sung’s stint did not last long, and on March 2, 2020, he resigned, leaving Kwan to serve as the CEO of Terraform Labs.
Meanwhile, rumors are there that amid the fallout from UST and Luna, Luna Foundation Guard (LFG) sent its bitcoin reserves to cryptocurrency exchanges Gemini and Binance. This is based on on-chain analysis by blockchain data analytics firm Elliptic.
Terra Luna Community Rejects Blockchain Fork
In another development, the Terra Luna
Community Rejects Blockchain Fork. 90% of the 2,747 strong community voted against a proposal by Do Kwon, who seeks to divest the Luna blockchain platform. The voting is preliminary but hints at the things to come in the future.