Do Kwon, the creator of Terraform Labs, has a new Wikipedia article up and running that details his fall from grace. According to Wikipedia, Do Kwon attempted to dissolve Terraform Labs in Korea just days before the historic disaster. Terraform Labs has established itself in Singapore.
According to Wikipedia, the entity has not applied for a license under the Payment Services Act. Therefore, even in Singapore, it is not a notified entity. The Monetary Authority of Singapore has not granted the company a temporary license exemption, according to the page.
Kwon sought to dissolve the company’s Korean entity on April 30, 2022, according to records linked on Wikipedia. The filing was made at the Registry Office of the Supreme Court of South Korea. Kwon received approval to disband the entity on May 4, 2022, only days before the UST and LUNA crashes.
The Straits Times provided passages for the Wikipedia page that highlighted the company’s licensing and regulatory issues. This is what he says:
“Terraform Labs, the company behind UST, is incorporated in Singapore but did not submit an application for a license under the Payment Services Act according to The Straits Times. It is also not a notified entity, meaning it has not been granted a temporary exemption from holding a license by the Monetary Authority of Singapore.
According to documents filed by Kwon at the South Korea Supreme Court Registry Office, Kwon applied for dissolution of the company’s Korean entity on April 30, 2022 and obtained approval on May 4, 2022, a few days only before the crash of UST and Luna.
Do Kwon intend to disband the firm’s Korean company is also a hot topic on Reddit
The fall of TERRA UST and LUNA
After TerraUST and LUNA fell to $0.01, the cryptocurrency market is now perceived in a new way. Things that were once considered stable no longer seem to be. Traditional financial pundits in the stock market have fun poking fun at the cryptocurrency market. They believe that Bitcoin, like Luna, could meet a similar fate in the future.
Nonetheless, Bitcoin’s prospects of reaching $0 are quite remote. You may learn why BTC collapsing to $0 is unlikely in a study undertaken by two Yale University researchers.
