Legal documents disclose the liquidation of two South Korean offices and the dissolution of the Terraform Labs Korea firm in the days leading up to the LUNA crash.
According to information collected from the country’s Supreme Court Registry Office and first reported by South Korean news site Digital Today, Do Kwon effectively liquidated two branches and an entire firm.
During a general shareholders meeting on April 30, both the Busan headquarters and the Seoul offices consented to be dissolved, with their demise taking place on May 4 and 6, respectively.
The timing of these choices has raised eyebrows in the crypto world due to their possible link to the financial obliteration of Terra (LUNA) and UST stablecoins in the early hours of May 10.
Terra is now implementing a revitalization strategy based on the second amendment to the governance Proposal 1623. If passed, it will make three changes to the current system: increasing genesis liquidity from 15% to 30% to “mitigate future inflationary pressures,” implementing a new liquidity profile for pre-attack $LUNA holders, and reducing funds to post-attack $UST holders.
“$UST peg failure is Terra’s DAO hack moment – an opportunity to rise up afresh from the ashes,” Kwon said in the proposal paper, with a network launch set for May 27.