Do Kwon dissolves Terraform Labs in Korea a few days before collapse Terra LUNA, UST – Featured Bitcoin News

Do Kwon dissolves Terraform Labs in Korea a few days before collapse Terra LUNA, UST – Featured Bitcoin News

Official records show that Do Kwon dissolved Terraform Labs Korea, closing its headquarters and only branch just days before the collapse of terra crypto (LUNA) and stabilcoin terrausd (UST).

Do Kwon ruled out Terraform Labs Korea before UST and LUNA Fallout

Terraform Labs founder Do Kwon reportedly closed his company in Korea a few days before the collapse of the cryptocurrency terra (LUNA) and stabilcoin terrausd (UST).

According to the registry office of the Supreme Court of South Korea, Terraform Labs Korea has decided to dissolve its headquarters in Busan and its branch in Seoul at the general meeting of shareholders on April 30, Digital Today reports. The company has appointed CEO Kwon Do-hyeong, full name Do Kwon, as the liquidator.

The publication described in detail:

The Terraform Labs Korea headquarters was disbanded on May 4, and a branch in Seoul was disbanded on May 6.

Do Kwon dissolves Terraform Labs in Korea a few days before collapse Terra LUNA, UST – Featured Bitcoin News

On May 9, the UST lost its link to the US dollar and its price continued to fall. At the time of writing, it was trading at around $ 0.08. LUNA also fell sharply from above $ 80 on April 30 to $ 0.00013351 at the time of writing.

Although Terraform Labs is a Singapore-based company, it is registered to operate in South Korea as Terraform Labs Korea, based in Busan and a subsidiary in Seongdong District in East Seoul.

Kwon founded Terraform Labs Korea on June 21, 2019. On September 26, 2019, Ticket Monster (Tmon) founder Shin Hyun-sung joined the company as a second co-founder. However, he resigned on March 2, 2020, leaving Kwon to be the CEO of Terraform Labs.

Chain analysis by blockchain Elliptic data analysis firm found that in the midst of the fall of UST and LUNA, the Luna Foundation Guard (LFG) sent its bitcoin reserves to the Gemini and Binance cryptocurrency exchanges.

What do you think about Kwon closing his company in South Korea a week before the collapse of UST and LUNA? Let us know in the comments section below.

Do Kwon dissolves Terraform Labs in Korea a few days before collapse Terra LUNA, UST – Featured Bitcoin News

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects and the crossroads between economics and cryptography.




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