Terraform Labs, the crypto firm in a lawsuit with the US Securities and Exchange Commission (SEC), has filed for bankruptcy, claiming that this will improve its ability to appeal the SEC’s charges. In a filing with the Delaware Bankruptcy Court on January 30, Terraform Labs‘ CEO, Chris Amani, reiterated the importance of Chapter 11 bankruptcy in mounting a successful appeal against the SEC’s allegations. Terraform Labs, the creator of the now-defunct stablecoin TerraClassicUSD (USTC), declared bankruptcy on January 21. Typically, an appeal against the SEC would require Terraform Labs to provide a “supersedeas bond,” equal to 110% of the total
Do Kwon, Terraform Labs’ co-founder, is reportedly on the verge of being extradited to the United States to face criminal charges rather than South Korea. According to sources close to the situation, the extradition request made by US authorities is expected to be approved by Montenegro’s Justice Minister Andrej Milovi. Kwon, sentenced to four months in Montenegro for using false travel documents, is implicated in Terraform Labs’ demise, prompting charges in both the United States and South Korea. According to the Wall Street Journal on December 7th, Montenegro’s Justice Minister Andrej Milovi is inclined to approve the US extradition request.
The L1 Joint Task Force (L1JTF), a group of developers working on the Terra Classic blockchain, has announced that the v2.1.0 upgrade will be delayed from May 31 to June 14. The delay is due to the need for additional testing. The v2.1.0 upgrade is a major update that will introduce a number of new features to Terra Classic, including: The L1JTF team has been working hard on the v2.1.0 upgrade and is confident that it will be a major improvement for Terra Classic. However, the team also wants to make sure that the upgrade is thoroughly tested before it