Terraform Labs Korea was disbanded by Do Kwon.
According to official records, he disbanded the company’s headquarters and lone branch days before the collapse of Terra crypto (LUNA) and stablecoin TerraUSD (UST).
Terraform Labs Korea Disbanded
The tragic narrative of the Terra (LUNA) collapse, dubbed the “Lehman Brothers of crypto” by some, has taken yet another stunning turn. The closing of two South Korean operations revealed in legal documents. It also covers the demise of Terraform Labs Korea Corporation in the days leading up to the dual currency’s demise.
Do Kwon successfully liquidated two branches as well as the entire company. According to information obtained from the South Korean Supreme Court Registry Office. Digital Today, a South Korean news website, first publicized it.
A general shareholders meeting on April 30 set to dissolve both the Busan headquarters and the Seoul operations. Their deaths occurred on May 4th and 6th, respectively.
The timing of these events has aroused doubt among the crypto world. This is due to their suspected link to the Terra (LUNA) and UST stablecoins’ financial obliteration in the early hours of May 10.
Terra 2.0 Proposal Amendment
Terra is now executing a revitalization strategy based on the governance proposal 1623’s second amendment. It makes three improvements to the current system if approved. To combat future inflationary pressures, one option will be to raise genesis liquidity from 15% to 30%. Another change will be the deployment of a new liquidity profile for LUNA holders prior to the attack. Finally, funds for post-attack UST holders will reduce.
Do Kwon changed the initial plan on Wednesday, despite the fact that it is still up for an on-chain vote. While the so-called rebirth concept remains unchanged, Kwon indicated that he made a few distribution changes in response to community input.
It is unusual for a proposal to change during an on-chain voting. As a result, in light of Kwon’s recent modifications, some have questioned its authenticity. When a proposal changes, it usually finishes before the vote rather than afterward.
A new proposal must follow by a new vote in order to declare validity, according to FatMan, an unnamed Terra analyst and commentator.
Approval of the Rebirth Initiative
Kwon’s original proposal submitted to a validator vote on Wednesday. A large majority of votes (79.4%) are in favor of it at the time of writing. Only 17.5 percent, on the other hand, oppose it with a veto. It’s too early to say whether Kwon’s plan will succeed or not because there are still five days left. The plan would repeal if the percentage of “no with veto” votes exceeded 33.4 percent, despite the fact that it has the support of the majority of validators.