**Terraform Labs Gets the Green Light to Wind Down**
- Judge Brendan Shannon has approved Terraform Labs' bankruptcy plan, marking a significant step in the firm's Chapter 11 proceedings. đ
- Terraform filed for bankruptcy in January, citing liabilities and assets between $100M and $500M. The judge called the plan a âwelcome alternativeâ to further litigation.
- The companyâs downfall began with the collapse of its algorithmic stablecoin, UST, in 2022, leading to a domino effect in the crypto world.
- Terraform and founder Do Kwon face hefty fines and potential criminal charges, with Kwon currently awaiting extradition.
