Do Kwon Dissolved Terraform Labs Korea Days Before Collapse of Terra LUNA, UST – Do Kwon, the founder of Terraform Labs, reportedly shut down his company in Korea days before the cryptocurrency terra (LUNA) and stablecoin terrausd crashed (UST).
Terraform Labs Korea agreed to dissolve its Busan headquarters and Seoul branch at the general shareholders meeting on April 30, according to South Korea’s supreme court registry office. CEO Kwon Do-hyeong, also known as Do Kwon, was named liquidator by the company.
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The publication included the following information:
“The headquarters of Terraform Labs Korea was dissolved on May 4, and the Seoul office was dissolved.”
UST lost its peg to the US dollar on May 9 and its price continued to decline. LUNA also dropped dramatically from over $80 on April 30 to $0.00013351. While Terraform Labs is a Singapore-based firm, it is registered as Terraform Labs Korea in South Korea, with headquarters in Busan and a branch in the Seongdong District of eastern Seoul.
On June 21, 2019, Kwon established Terraform Labs Korea. Shin Hyun-sung, the founder of Ticket Monster (Tmon), joined the firm as the second co-founder on September 26, 2019. However, on March 2, 2020, he resigned, leaving Kwon as the CEO of Terraform Labs.
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Do Kwon Dissolved Terraform Labs Korea Days Before Collapse of Terra LUNA – The Luna Foundation Guard (LFG) moved its bitcoin holdings to cryptocurrency exchanges Gemini and Binance, according to an on-chain analysis by blockchain data analytics firm Elliptic.