Following the 2022 collapse of its cryptocurrencies, Singapore-based Terraform Labs (TFL), the firm behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware.
The Chapter 11 bankruptcy protection petition was confirmed by Terraform Labs, which noted it as a strategic move that will allow it to sustain its operations and support litigation ongoing in Singapore and U.S. litigation involving the Securities and Exchange Commission. The group stated it wouldn’t need more funding in order to “meet all financial obligations to employees and vendors during the Chapter 11 case.”
In a court filing earlier this week, Terraform Labs’ estimated assets and liabilities are between $100 million and $500 million, with between 100 and 199 creditors.
Terraform Labs stated that it intends to keep growing its web3 business. The startup launched Station v3, a cryptocurrency wallet, earlier this month and just acquired Pulsar Finance, a cross-chain portfolio manager and data vendor.
[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
Read the original article: