Fun

Terraform Labs may close products, services in bankruptcy wind-down

News Feed - 2024-09-26 05:09:56

Derek Andersen4 hours agoTerraform Labs may close products, services in bankruptcy wind-downGet it before Oct. 30, Terraform Labs tells the third parties it is discussion its wind-down with.1573 Total views21 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onTerraform Labs will shut down a number of products and services on Oct. 30 if no third parties step up to take them over, the company warned on X on Sept. 25. The selloff is part of Terraform’s wind-down after settling with the United States Securities and Exchange Commission (SEC) in June.


Terraform “continues with progress with 3rd party discussions,” it said. Apparently, the discussions are not going ideally, and the tweet reminds both the Terraform community and prospective buyers of Terraform products that their time to act is limited.Bits of the network on the block


Terraform listed four services and four products that are under discussion. The services include the foundation — the Luna Foundation Guard, of which Do Kwon remains the director, the blockchain explorer and its application programming interface (API) services.


The planned takeovers have been in the works for a while. Terraform CEO Chris Amani announced the company’s intentions on June 12, after it reached its settlement with the SEC:“I’m incredibly proud that we were able to hold this company and ecosystem together and continue to build innovative products through all of this. We were well positioned to accelerate things if we had won the trial, but unfortunately, we lost and as a result, can no longer operate.”Source: Terra Powered by LUNA


Related:Do Kwon’s extradition case goes back to Montenegrin justice ministerCommunity will get busy, buyers may appear


The Terraform community would be asked to take on some of the responsibility for meeting the terms of the bankruptcy. “The community will need to take over ownership of the chain. I believe there are a couple teams and devs who want to do this and you should be seeing information in the forums soon,” Amani said in June. The community would logically take over the network’s basic services.


Pisco testnet APIs shut down in early September in connection with the Terraform bankruptcy plan. Pulsar Finance may have a buyer already, as is omitted from the list of products for sale, even though its sale was mentioned in June.Source: Miguel/Pulsar Finance


Terraform filed for bankruptcy in the United States in January. It settled with the SEC in June, agreeing to pay $4.47 billion including disgorgement, penalties and interest. On Sept. 20, a Delaware bankruptcy judge approved the Terraformbankruptcy plan.


Magazine:Low users, sex predators kill Korean metaverses, 3AC sues Terra: Asia Express


 # Blockchain# Business# Terra# Regulation# Do KwonAdd reaction

News Feed

Live Streaming Platform Dlive Joins Bittorrent Ecosystem
Live Streaming Platform Dlive Joins Bittorrent Ecosystem Live streaming platform Dlive will soon be joining the Bittorrent ecosystem and begin migrating to the Tron blockchain. T
The North American Bitcoin Conference Returns
The North American Bitcoin Conference Returns Pioneering crypto conference announces high-power, enterprise-savvy lineup. On January 16 and
4th Amendment Does Not Protect Bitcoin Data, US Fifth Circuit Court Rules
4th Amendment Does Not Protect Bitcoin Data, US Fifth Circuit Court RulesA Fifth Circuit panel of judges recently ruled that Fourth Amendment rights do not apply to cryptocurrency t
A Team of Experienced Crypto Enthusiasts Launch RIDGE Charity Token
A Team of Experienced Crypto Enthusiasts Launch RIDGE Charity Token press release PRESS RELEASE. Podgorica, Montenegro – A group of crypto enthusiasts has announced the relea
Brayden Lindrea3 hours agoHackers behind $41M Stake heist shifts BNB, MATIC in latest move: CertiKA total of $4.8 million in funds have now been moved by the hacker to Bitcoin and now Avalanche.1339 Total views14 Total s
FTC Commissioner Cites Libra in Support of Fed’s Real-Time Payment System
The Libra cryptocurrency project should be sufficient motivation for the Federal Reserve launch a real-time payments system, a senior government official wrote Thursday. Federal Tra
Coronavirus Bailouts: US Banking Watchdogs Waive Hundreds of Regulations, Red Tape, Financial Oversight
Coronavirus Bailouts: US Banking Watchdogs Waive Hundreds of Regulations, Red Tape, Financial Oversight In 2019, cryptocurrency and blockchain businesses saw more regulation than
Zhiyuan Sun7 hours agoConflux multichain protocol shuts down after 2 yearsShuttleFlow will change ownership to be operated and developed by Zero Gravity.6724 Total views25 Total sharesListen to article 0:00NewsJoin us on
Tom Mitchelhill2 hours agoCrypto firms won’t leave US despite apparent hostility: Merkle Science CEOMerkle Science CEO Mriganka Pattnaik has offered a “contrarian” take, explaining that crypto firms won’t vanish
G20 Considers 10 Rules for Regulation of Stablecoins Like Facebook Libra
G20 Considers 10 Rules for Regulation of Stablecoins Like Facebook LibraThe G20 is setting rules to regulate stablecoins such as Facebook’s Libra cryptocurrency. Responding to
Youtube Superstar KSI ‘JJ’ Says ‘I’m Really Into Crypto, Bitcoin Is the Future’
Youtube Superstar KSI "JJ" Says "I"m Really Into Crypto, Bitcoin Is the Future" Youtube superstar and rapper KSI, also known as JJ, says he is “really into
Morgan Stanley Strategist Recommends Bitcoin as Central Banks Ramp Up Money Printing
Morgan Stanley Strategist Recommends Bitcoin as Central Banks Ramp Up Money PrintingMorgan Stanley Investment Management’s chief strategist and head of emerging markets has re