The dramatic story of the Terra (LUNA) crash — referred to by some as the Lehman Brothers of crypto — has taken yet another remarkable turn as legal documents reveal the liquidation of two South Korean offices and the dissolution of the Terraform Labs Korea Corporation in the days preceding the dual currency collapse.
Initially reported by South Korean news outlet Digital Today, the information obtained from the country’s Supreme Court Registry Office highlight that Do Kwon successfully instigated the liquidation of two branches and an entire company.
Both the Busan headquarters and the Seoul offices were slated for dissolution during a general shareholders meeting on April 30, with their demise being actioned on May 4 and May 6, respectively.
The timing of these decisions has raised suspicions within the crypto community due to their potential correlation to the events comprising the financial obliteration of the Terra (LUNA) and UST stablecoin during the early hours of May 10.
1/ We have published an amendment to Proposal 1623, incorporating the community’s feedback since its publication 2 days ago. Please see below for details https://t.co/liISBn3Baa
— Terra Powered by LUNA (@terra_money) May 20, 2022
Terra is currently in the process of actioning a revival plan based upon the second amendment of the governance Proposal 1623. If approved, it will enact three revisions to the current system: increase the genesis liquidity from 15% to 30% to “mitigate future inflationary pressures,” implement a novel liquidity profile for pre-attack LUNA holders and decrease funds to post-attack UST holders.
In the proposition paper, Kwon wrote that “$UST peg failure is Terra’s DAO hack moment — a chance to rise up anew from the ashes,” with a network launch slated for May 27.