A newly-formed Wikipedia page on Terraform Labs founder Do Kwon is up and running which highlights his fall from grace. The Wikipedia page suggests that Do Kwon tried to dissolve Terraform Labs entity in Korea just days before the historic crash. Terraform Labs is now incorporated in Singapore. But the entity did not apply for a license under the Payment Services Act, reveals Wikipedia. Therefore, it is still not a notified entity even in Singapore. The firm has not been granted a temporary exemption from holding a license by the Monetary Authority of Singapore, says the page.
As per documents hyperlinked on Wikipedia, Kwon filed to dissolve the company’s Korean entity on April 30, 2022. The filing was done in the Supreme Court of South Korea’s Registry Office. Kwon was approved on May 4, 2022, to dissolve the entity, just days before the UST and Luna crash took place.
The Wikipedia page took excerpts from The Straits Times that highlighted its licensing and regulatory issues. Here’s what it reads:
“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 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 try to dissolve the firm’s Korean entity is also a widely discussed subject on Reddit? You can read about it here.
Do Kwon, Terra UST & LUNA’s Fall
The cryptocurrency market is now seen in a different light after TerraUST and LUNA fell to $0. Things that were once considered ‘stable’ seem to not be stable anymore. Traditional financial experts from the stock markets are having a field day ridiculing the cryptocurrency market. They suggest even Bitcoin could face a similar fate as Luna in the future.
Nonetheless, the chances of Bitcoin reaching $0 are extremely slim. You can read a study conducted by two Yale University researchers as to why BTC crashing to $0 is unlikely.
At press time, Terra Luna was trading at $0.00023362 and is down 23% in the day’s trade.