Court documents reveal Do Kwon dissolved Terraform Labs Korea days before LUNA crash

The dramatic story of the Terra (LUNA) crash — referred to by some because the Lehman Brothers of crypto — has taken yet one more exceptional flip as authorized paperwork reveal the liquidation of two South Korean workplaces and the dissolution of the Terraform Labs Korea company within the days previous the twin foreign money collapse.

Initially reported by South Korean information outlet Digital At this time, the knowledge obtained from the nation’s Supreme Courtroom Registry Workplace spotlight that Do Kwon efficiently instigated the liquidation of two branches and a whole firm.

Each the Busan headquarters and Seoul workplaces had been agreed to be dissolved throughout a normal shareholders assembly on April 30, with their demise being actioned on Could 4 and Could 6, respectively.

The timing of those choices has raised suspicions throughout the crypto neighborhood resulting from their potential correlation to the occasions of the Terra (LUNA) and UST stablecoin monetary obliteration within the early hours of Could 10.

Associated: Why did Terra LUNA and UST crash? | Discover out on The Market Report

Terra are presently within the strategy of actioning a revival plan primarily based upon the second modification of the governance Proposal 1623. If accredited, it would enact three revisions to the present system: enhance the genesis liquidity from 15% to 30% to “mitigate future inflationary pressures”, implement a novel liquidity profile for pre-attack $LUNA holders, and reduce funds to post-attack $UST holders.

Within the proposition paper, Kwon wrote that “$UST peg failure is Terra’s DAO hack second – an opportunity to stand up anew from the ashes”, with a community launch slated for t Could 27.