Do Kwon, the founder of Terraform Labs, is under heat again. Leaked documents circling the Internet has revealed that the founder had dissolved the infamous Terraform Labs days before their native token, Terra Luna crashed.
As per information revealed in the official documents obtained by DigitalToday, Terraform Labs, which is based in South Korea, had decided to liquidate itself during its general shareholders' meeting on April 30.
According to the official record, the Busan branch was liquidated on May 4 and the Seoul branch on May 5, with the liquidator's name being Kwon Do-Hyeong, the real name of Terraform Labs' CEO Do Kwon.
According to CoinMarketCap data, Terra Luna was trading down 4.43 per cent at $0.0001794 at 4.50 PM IST.
Recently, Terraform Labs founder Do Kwon’s plan to hard fork the Terra blockchain was rejected during preliminary voting rounds.
Terra Luna, the volatile cryptocurrency by Terraform Labs, had plummeted amid the TerraUSD, the stablecoin by Terraform Labs, de-pegging fiasco.
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