Do Kwon dissolved Terraform Labs before UST / LUNA collapse

Do Kwon dissolved Terraform Labs before UST / LUNA collapse

The collapse of TerraUSD (UST) and LUNA has rocked the crypto space.

The International Business Times reports that the founder of the cryptocurrency LUNA and the stablecoin TerraUSD (UST) dissolved Terraform Labs last month:

Official documents leaked online reveal that Terraform Labs in Seoul and Busan in Korea were dissolved on April 30, a few days before the collapse of Terra cryptocurrency LUNA and TerraUSD stablecoin (UST).

Do Kwon, the South Korean CEO and cryptocurrency developer who co-founded the Singapore-based Terraform Labs, is in the midst of a raging storm surge that, until now, doesn’t intend to dissipate, weaken or break apart. Following the heart-breaking crash of Terra, which cost many their life savings, a new set of leaked documents surfaced online pointing out that before the storm hit, Terraform Labs in Seoul and Busan were already dissolved.

Based on the documents obtained by DigitalToday from the South Korean Supreme Court Registry Office, Terraform Labs Korea decided to dissolve its Seoul and Busan branches during its general shareholders’ meeting on April 30. The Busan branch was liquidated on May 4 and the Seoul branch followed suit on May 5, with the official record specifying the name of the liquidator as Kwon Do-Hyeong, the real name of the Terraform Labs CEO Do Kwon.

As of Wednesday morning, data shows LUNA trading at just $0.0001729. LUNA had reached an all-time high of $119 as recently as April 5, 2022. Meanwhile, the stablecoin UST – which was designed to be pegged to the US dollar – is currently trading at just 10 cents.

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