Terraform Labs has received the green light from a U.S. bankruptcy court to begin winding down its operations following the resolution of a prolonged legal case with the U.S. Securities and Exchange Commission (SEC), according to reports from September 19. The U.S. Bankruptcy Judge Brendan Shannon approved Terraform’s bankruptcy plan,
Terraform Labs, the company behind the troubled TerraUSD stablecoin, is progressing through its Chapter 11 bankruptcy proceedings. The U.S. Bankruptcy Court has set a “confirmation hearing” for September 19, 2024, to evaluate the company’s proposed restructuring and liquidation plans for Terraform Labs Pte Ltd. and Terraform Labs Limited. On August
The Luna Foundation Guard (LFG) announced the movement of its crypto holdings to a direct custody solution, citing “safety” measures. LFG is the non-profit organization of Terraform Labs, the firm that recently made a settlement in a legal battle with the SEC. Terraform Labs and its founder Do Kwon were
Terraform Labs has reached a $4.47 billion settlement with the U.S SEC, ending the allegations brought against it. Reuters was the first to report the settlement, which will make it the second high-profile case in the cryptocurrency industry to pay a settlement of more than $4 billion. As part of
Terraform Labs, led by Do Kwon that created the defunct LUNA cryptocurrency and the stablecoin TerraUSD (UST), has reached a preliminary settlement agreement with the SEC over fraud charges. Reuters broke the news of the settlement’s preliminary terms. All parties have notified the court of an agreement, according to the
In response to the SEC’s demand that Terraform Labs and its co-founder Do Kwon pay $5.3 billion in disgorgement and civil penalties, the company’s legal team has submitted a motion in opposition to the request. After a jury found Terraform and Kwon guilty of fraud, their defense team requested a
In light of a recent civil case ruling, Terraform Labs and its co-founder, Do Kwon, are facing the prospect of heavy financial penalties from the U.S SEC. A filing made on April 19 in the U.S. District Court of New York in the Southern District of New York states that
Terraform Labs, the entity responsible for the now-defunct stablecoin TerraUSD (USTC), has officially filed for Chapter 11 bankruptcy protection in the United States, according to a court document submitted on January 21. The Singapore-based company, known for creating TerraUSD, listed its assets and liabilities in the range of $100 million
A Montenegro court has revoked the decision to extradite Do Kwon, co-founder of Terraform Labs, to either the U.S or South Korea. The decision of the High Court of Podgorica to approve Kwon’s extradition to either the United States or South Korea was annulled on December 14 by the Appellate
The co-founder of Terraform Labs, Do Kwon, is allegedly set to be deported to the US instead of South Korea in order to face criminal accusations. A report from the WSJ citing sources close to the situation states that Justice Minister Andrej Milović of Montenegro intends to approve the request
