Companies That Invested in and Collaborated with Terra Draw a Line Saying "Unaffiliated with Terra"

[Asia Economy Reporter Kang Nahum] Companies that participated in investing in Terra and Luna coins or engaged in technical cooperation during the early days of Terra are now distancing themselves by denying any association with Terra.

According to industry sources on the 18th, the company most interested in Terra's technology during the early establishment of Terraform Labs, the issuer of Terra and Luna coins, was Kakao. In 2019, Kakao made investments in the company through Kakao Ventures and Kakao Investment, and Kakao affiliate Dunamu directly purchased 20 million Luna coins in 2018 through its investment subsidiary Dunamu & Partners.

In particular, Kakao Mobility signed a business agreement with Terra around the same time to build a blockchain-based mobility business model. The plan was to enhance the service competitiveness of the ‘KakaoT platform’ by utilizing blockchain technology. Joint research was also planned to develop a blockchain-based business model and database. At the time of the agreement, there was significant interest in the possibility of cryptocurrency payments on KakaoT.

After the crash of Terra and Luna coins, these companies have denied any relationship with Terra. A Kakao Mobility representative stated, "After the strategic partnership, we judged that there was no synergy to be gained between the two companies, so nothing was concretized, and there are no ongoing discussions."

Companies that had technical cooperation with Terra are also cutting ties. Com2uS, which operates the blockchain platform C2X, has decided to leave the Terra mainnet (blockchain network). Following the Terra and Luna incident, C2X coin prices and brand image declined as it was grouped with Terra-related stocks, leading to the decision to replace the mainnet.

Even Terra’s co-founder is distancing himself. Shin Hyun-sung, CEO of Chai Holdco, has recently made private the YouTube videos in which he appeared and mentioned Terra. Also the founder of TMON, he co-founded Terraform Labs with Kwon Do-hyung in 2018.

Currently, Shin is known to have transferred all his Terra shares and stepped down from management to focus on operating the simple payment company Chai Corporation. Regarding the reason for making the videos private, Shin’s side explained, "Although he has stepped down from Terraform Labs and is not involved in the current situation of Terra and Luna, there is a risk of misunderstanding that he is still affiliated with Terraform Labs due to the interview videos."

This content was produced with the assistance of AI translation services.