A LEGEND IS ENDING: TERRA, THE COMPANY BEHIND TERRA LUNA, IS LEAVING THE STAGE FOR LIFE

Terraform Labs, the developer company of Terra LUNA, which took the investment world by storm in 2022 but then experienced a major collapse, has officially announced its withdrawal from the sector by announcing its latest update. Following the agreement made with the US Securities and Exchange Commission (SEC) and the ongoing bankruptcy process, the company's activities on the entire chain will cease with update number 4818.

THE ROADMAP BEHIND THE COLLAPS: SEC AND US COURT DECISIONS

Terraform Labs has decided to cease its activities as a result of an agreement made with the US Securities and Exchange Commission (SEC) upon the acceptance of the allegations that the LUNA tokens were unregistered investment contracts. This process has become official after the US court found the SEC right. Ultimately, as required by the agreement with the SEC, the company agreed to pay a $4.5 billion fine.

UPDATE 4818 AND THE AFTERMATH: THE CLOSING OF AN ERA

In an official statement made by Terraform Labs, it was stated that “The 4818 proposal will be the final chain update as we begin to wind down our operations as TFL. Due to both the agreement with the SEC and the ongoing bankruptcy process, TFL will not be involved in future chain updates.” The company expects community-supported initiatives to assume responsibility for the future of the Terra blockchain. It was emphasized that initiatives such as the Phoenix Directive in particular should continue the development of the Terra ecosystem.

The withdrawal of Terraform Labs from the scene should be considered as a harbinger of a major change in the Terra ecosystem. Perhaps never before has there been such a major collapse in the world of decentralized finance and crypto. But every closing is also a sign of a new beginning.#LUNA $LUNA $LUNC