The story about Terra (LUNA) just keeps getting juicier. From recently requested information The South Korean website DigitalToday shows that Terraform Labs Korea has liquidated certain parts of the company. Remarkably, this happened just before the total collapse of the project.
Terraform Labs liquidates business units
The data is said to come from the Supreme Court in South Korea. It would appear that Do Kwon, together with the shareholders, has decided to liquidate the doors of two industries and an entire company. These parts fell under Terraform Labs Korea.
This would include the offices in the cities of Busan and Seoul. The decision was already taken on April 30 and implemented on May 4 and 6. Even before the collapse of LUNA and UST.
It is therefore not surprising that the crypto community is unpleasantly surprised by this news. Of course it remains to be seen what exactly is going on here and whether it is perhaps pure coincidence. Ultimately, we don’t have all the information, so it’s too early to draw any conclusions.
LUNA founder in trouble
But luckily it seems that it will not stop at speculation. A special research team in South Korea, called the “Grim Reapers of Yeoui-do”, is investigating the project. This team was re-established especially for this research.
Terraform Labs also received a significant fine of €74.4 million, or 100 billion Korean won. So it’s slowly getting hotter under Do Kwon’s feet.
Meanwhile, the Terra community votes on the recovery plan. The plan is to split the network to make a fresh start. Terraform Labs will play a lesser role in this new network, so that the network will be completely in the hands of the community. With five days to go, the proposal appears to be passed.