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
GPU prices soar 48% in one month! Intel completely bids farewell to being an "AI supporting role", embracing the inference era with "surging demand for CPUs and GPUs + chip foundry services + advanced packaging"
The price of the Intel Arc Pro B70 GPU has increased by 48% within a month, indicating to some extent that storage pricing is still soaring.
Reduced Holdings Alert Temporarily Lifted? Billionaire Walter Pledges Carvana (CVNA.US) Shares, Short Covering Drives Stock Price to Rebound Over 8%
Online used car dealer Carvana rebounded on Wednesday, closing up 8.4% at $70.43, partially recovering from a cumulative 14% decline over the previous two trading days.
Crypto prices
More
