Terraform Labs Files For Bankruptcy Protection in the US

Terraform Labs, the company behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets in 2022, filed for Chapter 11 bankruptcy in the United States, according to court papers filed on Sunday. From a report: Singapore-based Terraform Labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100-$500 million. Terraform Labs said it would meet all financial obligations to employees and vendors during the Chapter 11 case without requiring additional financing. It also plans to continue Web3 offerings expansion. "The filing will allow TFL to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and U.S. litigation involving the Securities and Exchange Commission (SEC)," Terraform Labs said in a statement.

Now standard for crapto...

[gweihir]

One has to wonder when a crapto pusher collapses, not if.

Re:

[Mr. Dollar Ton]

Can't have a future without the shitcoin. Coming soon: smart shitcoins with gpt.

Re:

[Archangel Michael]

After That, Shitcoins now with QuantumBits

Re:

[Mr. Dollar Ton]

Absolutely!

Probably near the end of cryptocoins

[stabiesoft]

With approval of etf's, the final set of rubes have been collected. The big whales have been waiting to dump and needed a big enough pool to dump it all into.

But I thought crypto didn't deal with this

[whitroth]

I thought it got around banks, and regulations, just wave your magic blockchain wand....

Crypto company runs out of...dollars

[Tony Isaac]

Ironic, right? Well, a year ago it would have seemed ironic. Today it just seems like "another one bites the dust."

Pikachu shock face!

[iAmWaySmarterThanYou]

Eom.