PANews reported on June 13 that according to The Block, Terraform Labs CEO Chris Amani asked the community to take over operations because the company plans to dissolve its business. According to Amani, the company plans to sell projects in the Terra ecosystem, including Pulsar Finance, Station Wallet, and Enterprise DAO. Amani said on X: "TFL has a unanimous intention to dissolve at some point, and now the time has come, and we will end operations completely."
Amani said the company plans to make a community proposal to destroy all unvested Luna (Terraform's native token). He affirmed: "Any Luna left in our wallet will be destroyed by TFL," and promised to completely end the company's direct relationship with the token. He said that the Terra and Terra Classic blockchains can continue to operate under the control of the community, and the community needs to take over the ownership of the blockchain, suggesting a community-led governance model that may redefine how blockchain projects operate after the crisis.
Earlier news, Terraform Labs agreed to pay a fine of US$4.47 billion to the US SEC.
