Terraform Labs has agreed to pay a $4.47 billion fine to settle its conflict with the SEC.

However, the company is now officially shutting down operations. CEO Chris Amani has called on the community to take over the management of Terra projects, including Pulsar Finance, Station Wallet, and Enterprise DAO.

Additionally, all LUNA tokens owned by Terraform Labs will be burned.

Meanwhile, Terraform Labs founder Do Kwon remains in Montenegro, with his lawyers contesting extradition requests from both the U.S. and South Korea.

It is not clear how $LUNC and $LUNA will react to the above piece of news.