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Blockchain platform Terraform Labs files for Chapter 11 bankruptcy

Market and Events: Blockchain platform Terraform Labs files for Chapter 11 bankruptcy

Terraform Labs, a financially troubled company, recently filed a Chapter 11 bankruptcy petition in Delaware state court. The company's financial liabilities are estimated to be around $500 million.

In an interview with The Block, Chris Amani, CEO of Terraform Labs, described the move as a necessary one taken under the pressure of circumstances. He emphasized that this decision will allow the company to continue working with the community to develop infrastructure, innovative tools and product enhancements, as well as provide support for the ecosystem.

Amani also explained that the bankruptcy proceedings will allow the company to prioritize the resolution of legal issues. It's worth noting that Terraform Labs is facing a lawsuit from the US Securities and Exchange #Commission.

Earlier we reported that the regulator's hearing was postponed pending the extradition of #Do Kwon, the former head of the organization, who is currently serving a sentence in #Montenegro on charges of document forgery.

According to official documents, #Terraform Labs estimates the value of its assets and liabilities to be in the range of 100 to 500 million dollars. However, the specific list of creditors is not disclosed.

Blockchain platform Terraform Labs files for Chapter 11 bankruptcy
LUNC/USDT exchange rate. Source: CoinMarketCap

After the news of the bankruptcy filing, the #LUNC token fell significantly in price - by more than 11%.

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