"Terraform Labs Declares Chapter 11 Bankruptcy in the U.S."
Originally Published 2 years ago — by CNBC
Terraform Labs, the company behind the collapsed stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the U.S., listing assets and liabilities in the range of $100-$500 million. The company plans to meet financial obligations without additional financing and continue Web3 offerings expansion. The filing aims to navigate ongoing legal proceedings, including litigation with the SEC, linked to the collapse of TerraUSD and the more traditional token Luna. The founder, Do Kwon, faces extradition for his alleged participation in a $40 billion cryptocurrency fraud.