Terraform Labs Korea Disbanded Just Days Before LUNA Crash

The recent LUNA crash has taken a new turn as legal documents reveal the liquidations of 2 offices in South Korea and the dissolution of Terraform Labs Korea. Terraform Labs Korea was said to have disbanded just days before the crash.

Dissolved during general shareholders’ meeting

Both the Busan headquarters and the Seoul offices were reportedly dissolved by Do Kwon during a general shareholders’ meeting on April 30.

The timing of the closure of the offices is striking to say the least. It has therefore raised suspicions among many crypto investors due to its possible correlation with the events of the financial destruction of the Terra (LUNA) and UST Stablecoin on May 10.

Implementation of recovery plan

On the other hand, Terra is currently implementing a recovery plan, which is based on the second amendment of the governance proposal number 1623. Once approved, it will make 3 revisions to the current system. These revisions include the increase in Genesis liquidity from 15% to 30% for “future inflationary pressures”, the implementation of a new liquidity profile for pre-attack $LUNA holders, and the reduction of funds for $UST holders after the attack.

Kwon concluded in the proposition letter that “$UST PIN error is Terra’s DAO hacking moment – ​​an opportunity to rise again from the ashes.” The network launch is currently scheduled for May 27 this year.

Read Also:  Bitcoin ETFs are turning the market on its head with record-breaking performance

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here