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Terraform Labs files for Chapter 11 bankruptcy
Singapore-based Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the
The comapny recently acquired Pulsar Finance, a cross-chain portfolio manager and data provider, and launched Station v3, a cryptocurrency wallet, earlier this month. “The Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding,” said Chris Amani, CEO of Terraform Labs. The bankruptcy filing comes four days after the U.S. SEC agreed to postpone the civil trial against Do Kwon Terraform Labs co-founder over an alleged $40 billion cryptocurrency fraud to March 25 from January 29.
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