🚨Breaking news, BTC enthusiasts! Terraform Labs, the Singapore-based firm behind the 2022 TerraUSD stablecoin ecosystem collapse, has filed for Chapter 11 bankruptcy. With assets and liabilities ranging between $100 million and $500 million, the filing comes just days after a federal judge postponed the trial of co-founder Do Kwon over an alleged $40 billion cryptocurrency fraud. 🚔

Kwon is wanted by both the US and South Korea and is currently in custody in Montenegro. Terraform Labs CEO Chris Amani remains optimistic, stating that the bankruptcy filing is necessary to resolve outstanding legal challenges and continue working toward the company's goals. 🌱

In the meantime, the LUNA token has dropped 6% to $0.623, while the old LUNC token declined by 5.5% to $0.000105. TerraClassicUST has also collapsed to $0.025. Keep an eye on this developing story, and stay bullish on Bitcoin! 🚀