Did Do Kwon liquidate the South Korean branches of Terraform Labs before the UST debacle?

New information has given rise to speculation Make Kwon (from his real name Kwon Do-hyeong) was aware that a storm was brewing for the Terra (LUNA) platform – and the founder of Terraform Labs took steps to dissolve the national branches of his company as early as last month.

Make Kwon in October 2019. Source: video recording, Youtube / Terra

Since last week, the LUNA token has been in free fall, and the stablecoin TerraUSD (UST) has lost its bond to the dollar, leading in particular to an angry investor breaking into Kwon’s apartment and demanding that his wife reveal to him where he is.

Kwon has since responded by offering a “relaunch plan” involving a hard fork of the network and a reset of supply to one billion tokens. This plan was met with skepticism by many people, such as the CEO of Binance, Changpeng Zhao (CZ), who argued that the new fork would be devoid of “value” and called Kwon’s reasoning “wishful thinking.”

Now it looks like Kwon has new challenges on hand. A Reddit user has reportedly received a copy of a document – an authentic-looking form issued by South Korea’s Supreme Court – shows that the Busan-based company was in fact liquidated on 4 May following a request on 30 April. Kwon has been identified as the liquidator in question.

The data in the document corresponds exactly to articles from the South Korean press, which claims to have obtained documents from the Supreme Court, which according to Digital Today indicates that “Terraform Labs Korea has decided to dissolve its Busan headquarters and its branch of Seoul at a general meeting for shareholders on April 30, 2022. “

The article and others provided photographic evidence in support of their claims.

“Terraform Labs Korea Headquarters” would have been “liquidated on May 4 and the Seoul branch on May 6.” Again, according to the company register, the liquidator’s name was listed as CEO Kwon Do-hyeong. “

Kwon established the South Korean branches of Terraform Labs in 2019, a year after the co-founding of the company in Singapore. Many questions are circulating in the crypto community about a number of other companies that Kwon founded before the launch of Terraform – including one he stopped in 2017.

The same media reported separately that South Korea’s two main financial regulators, the Financial Services Commission and Financial Supervision Service, launched “emergency measures” and “controls” with the aim of examining certain market “trends” – concerning LUNA. No other details about the nature of this study have been revealed so far.

Meanwhile, the livestreamer who took responsibility for the violation of Kwon’s property apparently visited the Seongdong police station in Seoul on the morning of May 16, according to EDaily.

Wearing dark glasses, a baseball cap and a mask, he was charged with burglary, and when he entered the police station, he told reporters:

“I will do my best to cooperate with the police on this investigation.”

Like Cryptonews.com As reported last week, a popular AfreecaTV livestreamer named Chancers took responsibility last week after revealing to his viewers that he was “grumbling” about his investments in LUNA.

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