Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the SEC.

Judge Brendan Shannon called it a "welcome alternative" to further litigation. It's the final step in Terraform's bankruptcy process.

Terraform and co-founder Do Kwon reached a $4.47 billion settlement with the SEC three months ago over fraud allegations.

The SEC may not get anything because the payouts will go to the affected investors first. 🌐