Terraform Labs has officially shut down following the approval of its bankruptcy plan. The company faced accusations from the SEC of fraud that led to a $40 billion loss when the TerraUSD and Luna tokens collapsed in 2022. After a prolonged legal battle, the court has now approved the firm's bankruptcy plan.
The shutdown of Terraform Labs leaves many investors in limbo. The company’s collapse is seen as a major blow to those who invested heavily in TerraUSD and Luna, as they face significant financial losses. Additionally, the legal battle has potentially far-reaching consequences for the cryptocurrency market.
Source : www.fxcryptonews.com ↗
