Terraform Labs, the company responsible for the $40 billion crash in the crypto market due to the failure of its TerraUSD and Luna stablecoins, has officially sought Chapter 11 bankruptcy protection. According to Bloomberg, the estimated assets and liabilities of the crypto firm fall within the $100 million to $500 million range, with the number of creditors estimated to be between 100 and 199. Co-founder and former CEO Do Kwon holds the majority shareholder position at 92 percent, with a registered address in Singapore, where the company is incorporated.
After Kwon and his associate were arrested in Montenegro for using forged passports last March, Kwon remains in custody until his extradition to the US, expected by mid-March, where he will face securities fraud charges. Additionally, Kwon is wanted in South Korea for similar charges, leading to his family and some key Terraform Labs personnel…
2024-01-22 00:57:31
Source from www.engadget.com