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Do Kwon's Terraform Labs, the company behind the blockchain protocol Terra, secured court approval on Thursday, to wind down its operations in bankruptcy.
Terraform Labs is officially shutting down as its bankruptcy plan has been accepted. The SEC has accused the company of fraudulent activities that caused its investors to lose $40 billion when the TerraUSD and Luna tokens collapsed in 2022. After a long legal battle, the court has accepted its plan for bankruptcy.
A U.S. judge approved Terraform Labs bankruptcy plan to wind down operations following its settlement with the SEC over investor fraud.
Terraform Labs received court approval to wind down its operations in bankruptcy after settling a US Securities and Exchange Commission (SEC) lawsuit, Reuters reported Sept. 19. US Bankruptcy Judge Brendan Shannon approved Terraform's bankruptcy plan in Wilmington, Delaware, calling it a “welcome alternative” to further litigation over investor losses.
Terraform Labs gets court approval to wind down its operations in the latest bankruptcy hearing, gaining investors' attention. A US Bankruptcy judge has approved the firm's plan, which came after its settlement with the US SEC.
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.
As Terraform Labs (TFL) gears up for its much-anticipated Chapter 11 bankruptcy hearing starting today, the crypto market is bracing for a potential plot twist.
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.
The Terra Luna Classic price has been gradually increasing over the last month and a half, showing the project's potential to regain previous yearly highs. Today is a crucial day for the Terra Luna Classic community as it awaits the Chapter 11 bankruptcy hearing.
LUNC News: Terra Luna Classic successfully completed the v3.1.5 upgrade offering improvements including a critical security fix for wasmd, improved transaction efficiency, and preparedness for Tax2Gas implementation. The world's largest crypto exchange Binance expressed support for the Terra Luna Classic security upgrade.
Binance announces support for the Terra Classic (LUNC) network upgrade, affecting deposits and withdrawals temporarily on September 18, 2024.
The team of developers that took over from the Terra Luna Foundation to build a robust web3 ecosystem has made significant strides in the Terra Luna Classic (LUNC) network.
Unpacking the forthcoming reshaping of Terra Luna Classic's governance module: a necessary step against spam?
The Terra Luna Classic community has unveiled a proposal, that appears to have fueled optimism among market participants. The proposed upgrade aims to correct a major issue that was implemented mistakenly in a previous upgrade.
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.
Terra Luna Classic popular member and validator Vegas Morph has unveiled a proposal to repeg USTC to $1. This sparked bullish sentiment in the community, with LUNC price gaining further upside momentum after rising 15% in a week.
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.
Terra Classic's breakout potential strengthens with technical indicators and growing on-chain activity.
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 grandiose LUNC burn stems from SEC's ruling that TerraForm must cease operations and get rid of their digital assets.
Terraform Labs' $4.47 billion fine in 2024 has already helped this year become the record year in terms of total financial penalties.
