EddieJayonCrypto
22 Jan 24
Terraform Labs Pte. filed for Chapter 11 bankruptcy in Delaware, citing between $100 to $500 million in estimated assets and liabilities following the collapse of TerraUSD and LUNA token. The firm aims to continue its business plan while navigating ongoing legal proceedings, including a class action...
On January 21, Terraform Labs Pte. filed for Chapter 11 bankruptcy in Delaware with estimated assets and liabilities between $100 to $500 million. This move comes following the collapse of both TerraUSD and LUNA token in May 2022, resulting in significant investor losses. Terraform Labs plans to continue operations while navigating ongoing legal proceedings, including a class action suit in Singapore and an SEC trial, after a U.S. judge ruled that LUNA and MIR are securities in December.
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