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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 did not seek a license under the Payment Services Act. As a result, even in Singapore, it is not a notified entity. The Monetary Authority of Singapore has not granted the firm a temporary licensing 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 concerns. This is what it 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 Supreme Court of South Korea’s Registry Office, Kwon filed to dissolve the company’s Korean entity on 30 April 2022, and was granted approval on 4 May 2022, just days before the UST and Luna crash took place.”
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 plummeted to $0.01, the cryptocurrency market is now perceived in a new way. Things that were formerly considered stable’ no longer appear to be so. Traditional stock market financial experts are having a field day mocking the cryptocurrency market. They believe that Bitcoin, like Luna, may experience a similar destiny 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.
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