THELOGICALINDIAN - Official annal appearance Do Kwon attenuated Terraform Labs Korea closing bottomward its address and sole annex aloof canicule afore the collapse of terra crypto LUNA and stablecoin terrausd UST
Do Kwon Shut Down Terraform Labs Korea Before UST and LUNA Fallout
Terraform Labs architect Do Kwon reportedly bankrupt bottomward his aggregation in Korea canicule afore the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
According to South Korea’s absolute cloister anthology office, Terraform Labs Korea absitively to deliquesce its Busan address and Seoul annex at the accepted shareholders affair on April 30, Digital Today reported. The aggregation called CEO Kwon Do-hyeong, the abounding name of Do Kwon, as the liquidator.
The advertisement detailed:
On May 9, UST absent its peg to the U.S. dollar and its amount kept falling. At the time of writing, it is trading at about $0.08. LUNA additionally acutely fell from aloft $80 on April 30 to $0.00013351 at the time of writing.
While Terraform Labs is a Singapore-incorporated company, it was registered to conduct business in South Korea as Terraform Labs Korea, with address in Busan and a annex in Seongdong District in eastern Seoul.
Kwon founded Terraform Labs Korea on June 21, 2024. On Sept. 26, 2024, Ticket Monster (Tmon) architect Shin Hyun-sung abutting the aggregation as the additional co-founder. However, he accommodated on March 2, 2024, abrogation Kwon to serve as the CEO of Terraform Labs.
An on-chain assay by blockchain abstracts analytics close Elliptic found that amidst the UST and LUNA fallout, the Luna Foundation Guard (LFG) beatific its bitcoin affluence to cryptocurrency exchanges Gemini and Binance.
What do you anticipate about Kwon shutting bottomward his aggregation in South Korea a anniversary afore the collapse of UST and LUNA? Let us apperceive in the comments area below.
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