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Terraform Labs filed for Chapter 11 bankruptcy protection in the United States on Sunday, Jan. 21. The crypto firm behind the TerraUSD stablecoin and Luna made the filing at a Bankruptcy Court for the District of Delaware.
Terraform Labs dramatically collapsed in 2022, and Reuters reported that it had listed its assets and liabilities for around $100-$500 million in its filing. The Singapore-based company also said that this is a strategic move that will allow it to continue its business operation while getting support for its upcoming litigation in SG and the U.S. This involved cases related to the Securities and Exchange Commission.
“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,” CoinTelegraph quoted Terraform Labs’ chief executive officer, Chris Amani, as saying in a statement.
SEC-Related Litigations
Terraform Labs added that its bankruptcy filing will help the company meet its financial obligations to customers, partners, and employees. It said it would not require additional financing once the reorganization from the bankruptcy rolls out.
The cases it needs to face involving the SEC include complaints against Terraform Lab’s founder, Do Kwon. It was alleged that the former CEO swindled the company’s clients and investors and got away with around $40 billion in massive crypto fraud. Terraform Labs and the executive are also being held accountable for its Luna and TerraUSD cryptocurrency slump.
Terraform’s Plans
Tech Crunch reported that Terraform Labs does not have plans to halt its operations, and it is planning an expansion after the bankruptcy filing. The company is said to be looking to expand its Web3 business.
“This step protects our ability to continue working with the community on infrastructure, innovative tools and products, and other ecosystem support. We have overcome significant challenges before and, we look forward to the successful resolution of the outstanding legal proceedings,” the company said.
Photo by: Terra Website
