Do Kwon’s Terraform Labs files for Chapter 11 bankruptcy protection
The firm claims to have between $100 million and $500 million in both estimated assets and liabilities.
Do Kwon's Terraform Labs, the company behind the now-defunct stablecoin TerraUSD has filed for bankruptcy in the United States.
In a Jan. 21 filing to the United States Bankruptcy Court for the District of Delaware, Terraform Labs officially filed for Chapter 11 bankruptcy protection.
“The Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding,” said Chris Amani, CEO of Terraform Labs in a statement.
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