Terraform Labs, the company behind the Terra blockchain protocol, has been granted permission to cease operations as part of the bankruptcy process.
- U.S. Bankruptcy Judge Brendan Shannon has approved the companyâs Chapter 11 exit plan.
- The settlement with the SEC replaces lengthy litigation.
- The collapse of TerraUSD and Luna cost investors $60 billion.
- CEO Chris Amani announced that the company is in the process of shutting down. đš
