Before UST and LUNA, did Kwon shut down Terraform Labs Korea? Fallout
Do Kwon, the creator of Terraform Labs, allegedly shut down his firm in Korea days before the cryptocurrency terra (LUNA) and stablecoin terrausd crashed (UST).
As per South Korea’s supreme court registration office, terraform Labs Korea agreed to liquidate its Busan offices and Seoul office at the general investor meeting on April 30. CEO Kwon Do-hyeong, also known as Do Kwon, was designated liquidator by the firm.
According to the magazine, the headquarters of Terraform Labs Korea was disbanded on May 4th, while the Seoul branch was disbanded on May 6th.
UST lost its peg to the US dollar on May 9 and its price continued to decline. It is currently selling at about $0.08 at the time of writing. LUNA has likewise dropped precipitously, from over $80 on April 30 to $0.00013351 at writing.
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 in eastern Seoul.
On June 21, 2019, Kwon established Terraform Labs Korea. Shin Hyun-sung, the creator of Ticket Monster (Tmon), accepted a position as the second co-founder on September 26, 2019. Nevertheless, on March 2, 2020, he resigned, leaving Kwon as the CEO of Terraform Labs.
According to an on-chain study by blockchain data analytics company Elliptic, the Luna Foundation Guard (LFG) moved its bitcoin holdings to digital currency exchanges Gemini and Binance.