Terraform Labs (TFL) on Wednesday revealed its plan to shut down its operations, products and services if talks with third parties fail. The embattled company and its CEO Chris Amani confirmed they received a bankruptcy court order to cease operations after settling with the Securities and Exchange Commission.
In a post on social media platform X on September 25, Terraform Labs announced progress in talks with third parties to outsource some of its products and services. With confirmation from Terra CEO Chris Amani, the companyâs products and services will be shut down on October 30, 2024. TFL hints that third-party talks are unlikely to succeed, possibly due to scrutiny from the U.S. Securities and Exchange Commission and declining interest in the products. The company is selling four businesses: Enterprise Protocol, Warp Protocol, Station Wallet, and Alliance Hub.
The services being considered for acquisition are Finder Block Explorer, Foundation, IBC Relayers, Mantlemint, FCD, and API. Despite the benefits of the services to the industry, the infrastructure requirements of the services remain a challenge for potential parties. In light of this news about LUNC, the community is planning a token burn. This date coincides with the shutdown of the Shuttle Bridge interface for burning crypto assets like wLUNC on contracts. Additionally, TFL has completed its recent upgrade and no longer has the capacity to support future chain upgrades. Community-backed initiatives will manage the maintenance and operation of the chain.
Image: Overclockers
