Terraform Labs files for bankruptcy protection! LUNA, LUNC, and USTC all declined
Terraform Labs, which created the stablecoin TerraUSD (UST), has sought Chapter 11 bankruptcy protection in the United States.
Terraform Labs seeks bankruptcy protection
Terraform Labs, based in Singapore, is currently facing financial chaos. To solve the problem, they have turned to the bankruptcy court in the US state of Delaware for help. Their assets and liabilities are estimated to be between $100 million and $500 million, according to official documents.
Do Kwon trial postponed
Recently, a U.S. federal judge delayed the trial between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs and its founder Do Kwon. The SEC charged the company with allegedly committing a $40 billion cryptocurrency fraud. We will continue to monitor the progress of the case.
Looking back at the tragedy of 2022
In May 2022, Terraform Labs’ two cryptocurrencies, TerraUSD (UST) and Luna, caused volatility in the global cryptocurrency market. This incident also had a significant impact on FTX, but did not lead to its demise.
The SEC’s lawsuit is directly related to the TerraUSD collapse. The stablecoin failed to maintain its $1 value, causing closely related Luna to collapse as well. This failure resulted in huge losses of over $40 billion.
LUNA and other related tokens fell
Terraform Labs related tokens: LUNA, LUNC, USTC all fell by more than 5%:
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