๐๐๐ Terraform Labs files for Chapter 11 bankruptcy in Delaware
Terraform Labs Pte. Ltd. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on Jan. 21, as reported by the courtโs website. With estimated liabilities and assets ranging between $100 million and $500 million, the company, known for the algorithmic #stablecoin #TerraUSD and Luna cryptocurrency, faced a collapse in May 2022. In February 2023, the U.S. Securities and Exchange Commission (SEC) charged Terraform Labs and then-CEO Kwon Do-hyeong with fraud. Kwon, arrested in March for attempting to travel with false documents, awaits extradition from Montenegro, while the #SEC trial is postponed to late March.
Source - theblock.co
