Terraform Labs CEO Chris Amani announced that the company will cease its operations following the $4.47 billion agreement with the US Securities and Exchange Commission (SEC).
The firm plans to divest key projects in the Terra ecosystem and transfer control of the Terra blockchain to the community.
"[Terraform Labs] always intended to disband at some point, and that time has now come. We will cease operations completely [...] If we had won the case we would have been in a good position to speed things up, but unfortunately we lost and therefore will no longer be able to operate."
The company's decision to terminate was made following a $4.47 billion settlement with the SEC regarding the collapse of algorithmic stablecoin UST in 2022.
The settlement includes $3.58 billion in disgorgement and a $420 million civil penalty.
Amani, who took over from Do Kwon in July 2023, stated that they would burn unearned and vested tokens while shutting down the company's operations.
"@evan_docs will soon post a community proposal to burn all uninvested Luna from [Terraform Labs]. Anything left in our wallets will be burned by [Terraform Labs]."
The community takes the reins
Amani also highlighted plans for a community proposal to burn remaining earned tokens and the need for community-led governance of the Terra and Terra Classic (LUNC) blockchains.
The decision to transfer control to the community was met with mixed reactions - some were optimistic, while others were critical of the past management.
While many people supported the community's move to LUNC, one community member slammed the decision in a reply to Amani's X post.
LUNA and LUNC prices are in decline
Terraform Labs' decision to liquidate led to LUNA and LUNC prices falling by 5 and 2 percent, respectively, in the last 24 hours.
The $4.47 billion SEC settlement sets an important regulatory precedent for actions taken in the crypto space and increases pressure on regulatory compliance and governance.
PLEASE READ CAREFULLY FOR THE GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. DON'T FORGET TO FOLLOW IF YOU HAVE NOT FOLLOWED YET. KIND REGARDS.
