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After collapsing in 2022, facing an SEC lawsuit in 2023, and filing for bankruptcy in 2024, many of Terraform's legal cases in the US are beginning to wind down.
Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The company had been at the center of a scandal that left cryptocurrency investors facing significant losses after the Terra ecosystem collapsed.
Another chapter has closed for Terraform Labs after the firm received approval from a court to close down its operations, according Reuters.
Terraform Labs received court approval on Thursday to wind down its operations in bankruptcy after agreeing to settle a U.S. Securities and Exchange Commission lawsuit accusing the company of defrauding cryptocurrency investors who lost an estimated $40 billion when the TerraUSD and Luna tokens collapsed in 2022.
Story Highlights The live price of the LUNA token is . Terra Price Prediction expects the LUNA price to hit a maximum of $0.72 in 2024. Terra LUNA 2.0 price with a potential surge could go as high as $3.77 by 2030.
Terra is one of the fastest-growing ecosystems, and LUNA is a central notion in its network. LUNA could keep going up to a maximum price, as there is a massive market for Terra LUNA coins. Recently, Terra Luna Classic (LUNC) is on the brink of a potential 50% price surge, aiming for $0.
Is Solana's economic model truly sustainable, or are the comparisons to Terra Luna valid?
Terra Classic (LUNC) price is experiencing a downturn after several weeks of market recovery. This decline coincides with a broader downward movement in the cryptocurrency sector.
As the global crypto market cap crosses $2.10 Trillion, the price of Bitcoin has successfully reclaimed the $60,000 mark. Moreover, with a jump of 10.63% over the past week, it is currently valued at $60,226.36. Following this, altcoins have recorded a massive uptrend in their respective valuation.
Montenegro's Supreme Court is reportedly set to decide by the end of this month whether the extradition process of Do Kwon involved legal violations.
The U.S. Securities and Exchange Commission (SEC) hit cryptocurrency entities with record fines in 2024, highlighting the growing financial risk for companies that fail to comply with regulatory standards. What happened: According to a study released by cryptocurrency analytics firm Social Capital Markets, the regulator has issued over $7.42 billion in fines since 2013, with $4.68 billion, or around 63%, coming this year alone.
The lost altcoin, Terra, is slowly gaining momentum as the bulls appear to have become slightly sure of the upcoming trend. The price has rebounded from the same support zone, which it had flipped multiple times in the past couple of months.
Terraform Labs' $4.47 billion fine in 2024 has already helped this year become the record year in terms of total financial penalties.
The LUNA and LUNC price rallied nearly over 14% and 9% today, respectively, gaining notable traction from the investors. Meanwhile, the robust rally has also left many investors looking for potential reasons behind the surge.
In a recent interview, President Jakov Milatović of Montenegro accused Prime Minister Milojko Spajić of lying about his knowledge of Do Kwon, the controversial co-founder of Terraform Labs, during a pivotal moment surrounding Kwon's arrest in Podgorica.
TerraForm Labs owned crypto wallet sends 1,075 Bitcoins to a new address, while Do Kwon remains stuck in Montenegro.
On-chain data shows that a crypto wallet linked to the bankrupt Terraform Labs moved 1,075 BTC, valued at approximately $62.81 million, to a new address (bc1q5) on Sept. 2.
Amid Terraform Labs' ongoing unwind and the extradition battle involving its founder Do Kwon, a wallet linked to both entities moved $62.8 million worth of Bitcoin.
Awaiting extradition to either the US or South Korea, Do Kwon could have had access to the Terraform Labs wallet containing more than 1,075 Bitcoin.
Raoul Pal, the CEO and co-founder of Real Vision, in his recent YouTube video, interviewed Ran Neuner, a renowned crypto personality, uncovering his life story around his bankruptcy, and discussing how the LUNA crash played a major role in his downfall and comeback.
Ran Neuner, the Co-founder and CEO of Onchain Capital, is a prominent personality in the crypto industry. He is known for launching the first televised cryptocurrency show, Crypto Trader, on CNBC in 2017.
Terraform Labs (TFL), the foundational entity behind the once-prominent ecosystem, has issued a significant alert for users of its Terra Classic platform. This comes in the wake of the historic collapse of its algorithmic stablecoin UST and its companion cryptocurrency LUNA, which precipitated a market implosion wiping out around $40 billion in value last year.
Terraform Labs reveals a major governance proposal for the Terra blockchain, gaining attention from the crypto community. The proposal, which aims to mark the final chain upgrade under TFL's direct oversight, is expected to trigger a rally in LUNA and LUNC tokens.
TL;DR Terraform Labs (TFL) will begin to close its operations and management of the Terra blockchain will become a community-based process. Proposal 4818 will be the last upgrade to the chain before TFL closes its operations. The key bankruptcy restructuring hearing is scheduled for September 19 and will determine the future of the company.
