Terraform Labs

Terraform Labs says it filed for bankruptcy to strengthen appeal against SEC lawsuit

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

Terraform Labs, the company known for the failed TerraUSD stablecoin declares bankruptcy

Terraform Labs Pte. filed for Chapter 11 bankruptcy in Delaware on January 21, according to court documents. The company, best known for its involvement in the ill-fated TerraUSD stablecoin, has revealed financial details, including assets and liabilities valued between $100 million and $500 million. The collapse of TerraUSD and Terra’s LUNA token in May 2022 resulted in significant losses for investors, ushering in a difficult period in the crypto world.