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Terraform Labs CEO Chris Amani announced that the company will cease its operations following the $4.47 billion agreement with the US Securities and Exchange Commission (SEC).
The firm plans to divest key projects in the Terra ecosystem and transfer control of the Terra blockchain to the community.
"[Terraform Labs] always intended to disband at some point, and that time has now come. We will cease operations completely [...] If we had won the case we would have been in a good position to speed things up, but unfortunately we lost and therefore will no longer be able to operate."
The company's decision to terminate was made following a $4.47 billion settlement with the SEC regarding the collapse of algorithmic stablecoin UST in 2022.
The settlement includes $3.58 billion in disgorgement and a $420 million civil penalty.
Amani, who took over from Do Kwon in July 2023, stated that they would burn unearned and vested tokens while shutting down the company's operations.
"@evan_docs will soon post a community proposal to burn all uninvested Luna from [Terraform Labs]. Anything left in our wallets will be burned by [Terraform Labs]."
The community takes the reins
Amani also highlighted plans for a community proposal to burn remaining earned tokens and the need for community-led governance of the Terra and Terra Classic (LUNC) blockchains.
The decision to transfer control to the community was met with mixed reactions - some were optimistic, while others were critical of the past management.
While many people supported the community's move to LUNC, one community member slammed the decision in a reply to Amani's X post.
LUNA and LUNC prices are in decline
Terraform Labs' decision to liquidate led to LUNA and LUNC prices falling by 5 and 2 percent, respectively, in the last 24 hours.
The $4.47 billion SEC settlement sets an important regulatory precedent for actions taken in the crypto space and increases pressure on regulatory compliance and governance.
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