THIS IS A SPOILER WARNING
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FINAL WARNING FOR SPOILERS
The person who killed Regina is the orphanage teacher Connie. The reason is because she was madly in love with Leo's sperm donor, the red haired dude from the Olor (I forgot if it'sthis name used in the manhwa, it's the swan family guy) family. Connie's real name is Saura, she helped Regina and Olor escape from the north years ago, she was the one drving the carriage and staged the fall into the river. Saura thought that swan dude would finally reciprocate her love, but no, he didn't , so she kidnapped Regina whilst she was pregnant, which no one knew about, not even the sperm donor. After Leo was born, Saura killed Regina, but Regina seemingly getting some smart in her (don't mean to be disrespectful to the dead, but this is Regina we're talking about ) swallowed a swan necklace given to her by sperm donor, so that if her body was found, they would know where to start. When Leo finds out about it she gets so heartbroken that everyone around her noticed, because in Phileo's words, she no longer squeezed his thigh muscles
SOME MORE SPOILERS BECAUSE THEY DIDN'T FIT
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Saura dies foaming from the mouth because leopard mommy gave Phileo a truth serum so strong it was basically poison, Leo helps a bit by using her fangs to kill Saura, but she didn't die because Saura was given a black diamond by the swan dude, so Phileo cuts off her head and sends her head to her owner.
Leo is sad for a bit, then gets happy, and we get to her birthday which is the end of this season. Next season starts with a 5 years time skip and we finally meet the og fl, Varia (Baria) and Leo has turned 12.
Some extra spoilers before season ends, the previous emperor was the reason sperm donor was in the north, apparently the imperial family is obsess with a northern area in the north (because apparently it's where the people of the land came from), the emperor is also the one behind who trashed Ardea's office in the academy, because Ardea wrote a thesis about that area. Ardea was saved from it because of Varia. Ardea was also the one who helped find Regina's body.
A few of the kids that were sold by Connie were found by Phileo and are now living in the orphanage in the north - they are the ones who know about Connie, the younger ones just think Connie went back to her hometown for a break.
Our darling Leo's feeling of betrayal is starting. MY BABY
------SPOILER FOR THE NEXT FEW CHAPTERS ----------
DON'T READ IF YOU DON'T WANT SPOILS
YOU'VE BEEN WARNED
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Anyways
It's been mentioned in comments earlier
But the Orphanage teacher Connie is a massive two faced snake. She used the orphanage as a human trafficking hq. She's also the reason Leo's mum is dead. She loved Leo's dad ( red haired dude we saw some chapters back), but since he basically lied to her, she took Leo's mum away. So the bio dad didn't know of the pregnancy(he's still a dck though), then Connie killed Leo's mum. Also Connie's real name is Saura.
End of spoilers
*SPOILERS STILL BECAUSE I FORGOT TO ADD*
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Connie/Saura dies in agony, foaming from the mouth. Daddy Phileo got a strong truth serum from sexxy leopard mommy, that's basically poison - she dies in front of Leo.
Which is kinda off putting for me because, yes she's an adult in a child's body, our baby Leo is too precious to witness such ugly, as she still has the emotional capacity of a child.
I want to give our baby Leo a hug
They should just get married already