"Terraform Labs Seeks Bankruptcy Protection in US"

Terraform Labs, the company behind the failed stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the US, listing assets and liabilities in the range of $100-$500 million. The company plans to meet all financial obligations to employees and vendors without requiring additional financing and intends to continue its Web3 offerings expansion. The filing comes amid ongoing legal proceedings, including litigation with the SEC over an alleged $40 billion cryptocurrency fraud linked to the collapse of TerraUSD and the token Luna.