HomeCrypto NewsAltcoinDo Kwon dissolved Terraform Labs in Korea before the...

Do Kwon dissolved Terraform Labs in Korea before the collapse of UST and Luna took place

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Do Kwon dissolved Terraform Labs in Korea before the collapse of UST and Luna took place

The report shows that Do Kwon dissolved Terraform Labs in South Korea, closing its headquarters and sole branch just days before the demise of Terra cryptocurrency (LUNA) and stablecoin UST.

According to Digital Today news agency, Terraform Labs in South Korea was dissolved its headquarters in Busan and Seoul branch at the general meeting of shareholders on April 30.

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“On May 4, the headquarters of Terraform Labs in Korea was dissolved, and on May 5, the branch in Seoul was also dissolved,” Digital Today reported.

On May 9, UST lost its peg leading to a steady decline in the price. At the time of writing, UST is trading at around $5. LUNA also plummeted from above $0,07 on April 80 to $30 at press time.

Although Terraform Labs is a company incorporated in Singapore, it is registered to do business in Korea as Terraform Labs Korea, with headquarters in Busan and a branch in Seongdong District in eastern Seoul.

Do Kwon founded Terraform Labs on June 21, 6. On September 2019, 26, Ticket Monster (Tmon) founder Shin Hyun-sung joined the company as the fifth co-founder. two. However, this person resigned on March 9, 2019, leaving Kwon to hold the position of CEO of Terraform Labs.

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