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Terraform Labs files for Chapter 11 bankruptcy in US
04:35
US
Terraform Labs files for Chapter 11 bankruptcy in US
Singapore-based Terraform Labs has filed for bankruptcy protection. That's the company behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets in 2022. The company listed assets and liabilities in the range of $100-$500 million, and said it would meet all financial obligations to employees and vendors during the Chapter 11 case without requiring additional financing. The US Securites and Exchange Commission's civil case against Terraform is linked to the collapse of TerraUSD, a "stablecoin" designed to maintain a constant $1 price, and the more traditional token Luna, which closely associated with TerraUSD. In January last year, bitcoin stood at $22,000, now it stands at 41,000.
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