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Cryptocurrency firm Terraform Labs files for bankruptcy in US


The company, whose co-founder is in jail in Montenegro, was behind the crashed TerraUSD and Luna tokens.

Announcing the bankruptcy filing, Terraform Labs chief executive Chris Amani said: "This action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding." Terraform "intends to meet all financial obligations to employees and vendors during the Chapter 11 case and does not require additional financing to do so," the company said in a statement. The former finance officer of Terraform Labs, Han Chang-joon, was also sentenced to prison after being found guilty of the same charges.

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