Terraform Labs files for Chapter 11 bankruptcy in Delaware
Quick Take Co-founder and former CEO Do Kwon is currently awaiting extradition from Montenegro, while his U.S. trial is set for late March.
The company’s liabilities are estimated to be between $100 million and $500 million, and its amount of assets lies in the same range, Bloomberg reported .
Terraform Labs is the company behind the algorithmic stablecoin TerraUSD and sister cryptocurrency Luna, both of which collapsed in May 2022. The U.S. Securities and Exchange Commission charged the firm and then-CEO Kwon Do-hyeong with fraud in February 2023.
Kwon was arrested in March last year in Montenegro for attempting to travel with false documents. The former Terra LUNA -4.94% chief is awaiting his extradition from the country, while the U.S. District Court for the Southern District of New York pushed back SEC’s trial against Terraform and Kwon to late March at Kwon’s request.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin Price Prediction: BTC Might NOT Hold $111K as Risk Looms...
Did you receive the Linea airdrop?
Linea airdrop: a victory for high-quality accounts.
What market rules need to be established as the dark forest-like crypto space moves toward the mainstream?
We need the crypto space to become a general-purpose computer, not a casino.
World Gold Council open to digital market form of London’s $900B gold market
Share link:In this post: The World Gold Council will trial pooled gold interests (PGIs) in London’s $900 billion market. The move aims to transform gold from a static store of value into an income-generating asset. Supporters see digitization as a way for gold to compete with cryptocurrencies and stablecoins.
Trending news
MoreCrypto prices
More
