Terraform Labs, the company behind the $40 billion collapse of stablecoin TerraUSD and its sister token Luna, which triggered a “crypto winter” in 2022, has filed for Chapter 11 bankruptcy in the US, according to a court filing on Sunday.
In a filing with the bankruptcy court in Delaware, the Singapore-based company co-founded by cryptocurrency entrepreneur Do Kwon, listed assets and liabilities in the range of $100 million to $500 million.
Terraform Labs said it would meet all financial obligations to employees and vendors during the Chapter 11 case without requiring additional financing. It also plans to continue Web3 offerings expansion.
“The filing will allow TFL to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and US litigation involving the Securities and Exchange Commission (SEC),” Terraform Labs said.
In March last year, international crime agency Interpol confirmed the arrest of Mr Kwon, who had been on the run since May 2022, when TerraUSD and sister token Luna collapsed.
The cryptocurrency entrepreneur was arrested in Montenegro along with Terraform’s chief financial officer, Han Chang Joon, and his identity was confirmed through a fingerprint match, Interpol’s national central bureau in Seoul said at the time.
A federal judge has postponed the trial of the SEC against the company and its co-founder over an alleged $40 billion cryptocurrency fraud to enable Mr Kwon's extradition to the US from Montenegro.
The extradition has been delayed as Mr Kwon has appealed the court's decision.
The SEC's civil case against Terraform and Mr Kwon is linked to the collapse of TerraUSD, a “stablecoin” designed to maintain a constant $1 price, and the more traditional token Luna.
Mr Kwon and Terraform Labs were held responsible for the collapse of the two cryptocurrencies, which caused turbulence in cryptocurrency markets around the world two years ago.
Both cryptocurrencies lost about $40 billion or more when TerraUSD failed to maintain its $1 peg.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
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'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
UAE currency: the story behind the money in your pockets
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Second Test, Day 2:
South Africa 335 & 75/1 (22.0 ov)
England 205
South Africa lead by 205 runs with 9 wickets remaining
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
