Terraform Labs has filed for Chapter 11 bankruptcy in Delaware court. The company's liabilities are estimated at $500 million.
In a comment to The Block, the company's CEO Chris Amani said that this was a forced step:
“It will allow us to continue working with the community on infrastructure, innovative tools and products, and support the ecosystem.”
According to Amani, the bankruptcy procedure will allow the company to concentrate its efforts on solving legal problems. Let us remind you that the US Securities and Exchange Commission filed a lawsuit against Terraform Labs.
We previously reported that the regulator agreed to postpone the hearing pending the extradition of Do Kwon, the former head of the organization. He is serving time in Montenegro on charges of forgery.
According to the papers, Terraform Labs estimates its assets and liabilities in the amount of $100 million to $500 million. The list of creditors has not been disclosed.
Amid the bankruptcy news, the LUNC token sank by more than 11%, according to TradingView.
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