🚨 *Breaking News* 🚨 Terraform Labs has been given the green light for bankruptcy liquidation after reaching a settlement with the U.S. Securities and Exchange Commission (SEC). 💼💰

Today, the company received court approval to officially shut down its operations as part of the bankruptcy process. This follows accusations by the SEC, which charged Terraform Labs with defrauding crypto investors who collectively lost a staggering $40 billion when TerraUSD and LUAN tokens collapsed back in 2022. 📉💸

U.S. Bankruptcy Judge Brendan Shannon, during a hearing in Wilmington, Delaware, described Terraform’s bankruptcy plan as a “welcome alternative” to long and drawn-out legal battles over investor losses. Terraform initially filed for bankruptcy in January 2024, and this recent approval paves the way for the company to start liquidating its assets. 🔑🗝️

As part of the deal, Terraform Labs has agreed to pay the SEC $4.47 billion after a jury in Manhattan found the company guilty of defrauding investors earlier this year. Despite this, the SEC isn't expected to recover much from the settlement, as Terraform will prioritize satisfying claims related to crypto losses during its liquidation. ⚖️🏦

However, the exact value of eligible crypto loss claims remains unclear. Terraform estimates that it could end up paying between $184.5 million and $442.2 million to affected crypto holders and other stakeholders. Stay tuned as the liquidation process unfolds! 📊📢 #TerraLabs #LUNC✅ #Cryptocurrencies #LUNAUpdate #Altcoins👀🚀