Terraform Labs files for Chapter 11 bankruptcy protection amidst legal pressures over TerraUSD collapse
Terraform Labs, a crypto firm based in Singapore, has filed for Chapter 11 bankruptcy protection in Delaware due to mounting legal pressures following the collapse of its algorithmic stablecoin, TerraUSD, last year. The company estimates its assets and liabilities to be between $100 million and $500 million. The bankruptcy filing will allow Terraform Labs to continue executing its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and US litigation. The company is currently facing an enforcement action from the Securities and Exchange Commission (SEC) and is also a defendant in a class action lawsuit brought by TerraUSD investors in Singapore.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BC.GAME Rebrands, Expands $BC Crypto Ecosystem
BC.GAME, a leading name in Web3 gaming, has unveiled a major brand overhaul, introducing a new logo, updated colour scheme, and the bold slogan “Stay Untamed.” The rebrand signals the company’s sharpened focus on crypto integration and its vision to build a global, community-driven Web3 entertainment ecosystem.
Ethereum Rally Stalls Near $2.58K as Holders Take Profits
Ethereum is priced at $2,438, marking a 3.5% decline in the last 24 hours after experiencing a 34% increase over the past week. According to data from Coinglass, open interest has fallen by 2%, suggesting a decrease in leveraged positions. This pullback comes after an impressive rally, during which ETH rose from $1,800 to over $2,500 in just a few days.
Truth Social Denies Memecoin Launch Amid Trump Token Controversy
Truth Social, the social media platform owned by Trump Media & Technology Group, has denied circulating rumours suggesting it is launching a memecoin. In an official post, the platform dismissed the speculation as false, reiterating that it had no involvement in any crypto token launch.
Record Inflows Boost Bitcoin ETFs and Digital Assets
Trending news
MoreCrypto prices
More
