According to documents obtained by South Korean news agency Digital Today, Terraform Labs CEO Do Kwon dissolved the company’s subsidiaries just days before the collapse of the LUNA token and the UST stabelcoin.
The Korean Supreme Court filing says that Kwon filed to liquidate the project’s headquarters in Busan and offices in Seoul on April 30. The decision to close the businesses was made by the authorities on May 4 and May 6, respectively. The company then ceased to exist as a legal entity in South Korea.
In turn, problems with UST began to be traced on May 9.