Days Before Terra LUNA And UST collapse, Do Kwon Disintegrated

20-May-2022 By: Sudeep Saxena

Terraform Labs Korea was dissolved by Do Kwon.

Do Kwon disbanded Terraform Labs Korea,

dissolving its headquarters and lone branch just days before the collapse of terra crypto (LUNA) and stablecoin terraUSD, according to official records.

Before UST and LUNA collapsed, Do Kwon shut down Terraform Labs Korea

Do Kwon, the creator of Terraform Labs, reportedly shut down his company in Korea days before the cryptocurrency terra (LUNA) and stablecoin terraUSD crashed.

Terraform Labs Korea agreed to liquidate its Busan headquarters and Seoul branch at the general shareholders meeting on April 30, according to South Korea's supreme court registration office. CEO Kwon Do-hyeong, also known as Do Kwon, was named liquidator by the firm.

The headquarters of Terraform Labs Korea was liquidated on May 4th, while the Seoul branch was disbanded on May 6th, according to the magazine.

UST lost its peg to the US dollar on May 9 and its price continued to decline. It is currently trading at around $0.08 at the time of writing. LUNA has likewise dropped precipitously, from over $80 on April 30 to $0.00013351 at the time of writing.

While Terraform Labs is a Singapore-based firm, it is licensed 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, 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.

The Luna Foundation Guard (LFG) moved its bitcoin holdings to cryptocurrency exchanges Gemini and Binance, according to an on-chain study by blockchain data analytics firm Elliptic.

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