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Terraform Labs CEO Chris Amani declared in a court filing that the company is not built to currently generate profits, amid citing previous crypto collapses to support its case.
Singapore-based Terraform Labs says its recent bankruptcy filing will help it pursue a “do-or-die” appeal against the U.S. Securities and Exchange Commission (SEC).
Terraform Labs files for bankruptcy to appeal against SEC lawsuit, challenging jurisdiction over crypto assets. CEO Amani challenges jurisdiction, affecting cryptocurrency regulation and digital asset classification.
The Terra community doesn't seem to catch a break lately. Terraform Labs filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on Jan. 21, according to the court's website. The aim is to bolster its appeal against the SEC lawsuit.
Terraform Labs' bankruptcy protection would allow the company to pursue an appeal against the SEC's fraud lawsuit, the company said.
The firm's CEO Chris Amani says bankruptcy protections could help appeal the suit brought against it by the SEC, effectively eliminating “the single largest claim against it.”
Bitcoin recovers despite massive outflows from spot Bitcoin ETF products; BTC confiscated from Silk Road gets sold; Terraform Labs goes bankrupt.
The cryptocurrency market slightly recovered on January 26 after two weeks of poor performance following the Bitcoin spot ETF approval.
The staking ratio, a pivotal measure of investor confidence, is on a steady ascent, approaching 15%. This signals a potential turnaround for LUNC, standing out amid the prevailing bearish sentiment.
Amidst legal turmoil and Terraform Labs' collapse, Do Kwon's Serbian venture Codokoj22 remains active. Terraform Labs, the company behind the $60 billion collapse in the crypto market, filed for Chapter 11 bankruptcy in the U.S.
In a surprising turn of events, Terraform Labs, once a titan in the crypto industry, has filed for bankruptcy protection in the United States.
Collapsed crypto company Terraform Labs has filed for Chapter 11 bankruptcy in the United States. The firm submitted a voluntary petition to the U.S. Bankruptcy Court for the District of Delaware.
The LUNA price maintained a tight range between $0.0001327 and $0.0001457 for a period, but a loss of market momentum led to a correction of over 19%. Following this correction, the price traded sideways in a confined range between $0.00011774 and $0.0001327 for a while.
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Sui Chung, CEO of CF Benchmarks, discusses bitcoin's sell-off after the launch of spot bitcoin ETFs in the U.S.
Do Kwon-founded Terraform Labs files for Chapter 11 bankruptcy in the U.S.
Terraform Labs, the blockchain company behind the well-known Terra ecosystem, has recently filed for bankruptcy in the United States, approximately a month subsequent to a court ruling that found the company in violation of U.S. laws.
Terraform Labs has filed for Chapter 11 bankruptcy in the U.S. amid ongoing litigation with the U.S. Securities and Exchange Commission (SEC). The company stated in its bankruptcy filing that “funds will be available for distribution to unsecured creditors.” Meanwhile, Terraform Labs co-founder Do Kwon is facing an upcoming SEC trial and extradition proceedings.
Terraform Labs, whose collapse triggered a wider cryptocurrency market earthquake, has filed for bankruptcy. The Singapore-based digital asset company filed for Chapter 11 in Delaware Sunday (Jan. 21), listing assets and liabilities between $100 million and $500 million.
The firm has an estimated $100 to $500 million in assets and an equivalent sum in liabilities.
Singapore-based cryptocurrency firm Terraform Labs, the developer behind the collapsed algorithmic stablecoin TerraUSD, has filed for Chapter 11 bankruptcy protection in the US, with New York law firm Weil, Gotshal & Manges providing representation. According to the filing, Terraform Labs has between 100 and 199 creditors, estimated assets between $100 million and $500 million, and the same estimated amount of liabilities.
Terraform Labs bankruptcy has officially filed for Chapter 11 bankruptcy protection amidst ongoing litigation and U.S. proceedings involving the SEC.
Terraform Labs filed a petition for Chapter 11 bankruptcy protection in Delaware on Sunday. According to court documents, the company's estimated assets and liabilities range between $100 million and $500 million each and an estimated 100 to 199 creditors.
Terraform Labs, the entity behind the now-defunct stablecoin TerraUSD (UST), took the surprising step of seeking protection under Chapter 11 of the United States bankruptcy law. This decision comes amid its complex legal scenario and the postponement of a fraud trial.
Terraform Labs, the company behind the LUNA token, filed for bankruptcy protection under Chapter 11 in the US, as reported by Reuters.
