Terra's Do Kwon Liquidated the South Korean Arm of Terraform Before LUNA & UST Crisis
New reports fuelled speculations that Do Kwon (real name Kwon Do-hyeong) may have been aware of a storm brewing for the terra (LUNA) platform – and that the Terraform Labs mastermind may have taken action to dissolve domestic parts of his company as early as last month in anticipation.
As reported, the token spiraled close to zero last week and the terraUSD (UST) stablecoin lost its peg, leading to one angry investor breaking into Kwon’s apartment complex to demand that his wife reveal his whereabouts.
Kwon has since responded with a “revival plan” involving a network hard fork and an ownership reset for 1 billion tokens. That plan was met with scorn by the likes of the Binance CEO Changpeng Zhao (CZ), who claimed that the new fork would be devoid of “value” and labeling Kwon’s reasoning “wishful thinking.”
However, Kwon may have bigger fires than this to fight. On Reddit, a social media poster who appears to have obtained a copy of a document – an authentic-looking form issued by the Supreme Court of South Korea – appears to show that the Busan-based firm was indeed liquidated on May 4, following an April 30 application. Kwon was named as the liquidator in question.
The data from the document in question matches exactly with reports from the South Korean press, who also claim to have obtained Supreme Court documents that indicate, per Digital Today, that “Terraform Labs Korea decided to dissolve its Busan headquarters and Seoul branch at a general shareholders’ meeting on April 30, 2022.”
The report, and others, produced photographic evidence to back their claims.
The report added that “the Terraform Labs Korea headquarters” was “liquidated on May 4, and the Seoul branch was liquidated on May 6.” Again, according to the
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