🌪️ The End of Terraform Labs: What happened to the fallen crypto giant? 💸
It's over! 🚨 Terraform Labs, the company behind the failed TerraUSD ($USTC ) and Luna ($LUNC ), has come to an end. On September 20, 2024, a US judge approved the final liquidation of the company. How did we get here? 🤔
After its collapse in 2022, where $60 billion was lost, Terraform Labs became the epicenter of lawsuits and accusations of massive fraud. Now, the company will close its doors, after agreeing to a $4.47 billion payment with the SEC. 💼 However, the actual amount that creditors will receive will be much lower, between $184 and $442 million.
And what about Do Kwon, the controversial founder? 🌍 After being arrested in Montenegro in 2023 for using forged documents, Kwon faces the possibility of being extradited to the US or South Korea, where more legal troubles await him. ⚖️
What can we learn? 📚 The collapse of Terraform Labs is a lesson in the risks that exist in the crypto world, where the promise of quick profits can turn against you in the blink of an eye. 😵💫
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