Cryptocurrency company Terraform Labs has officially filed for bankruptcy in the US state of Delaware.
The total value of the company’s assets and liabilities, according to the application of Terraform Labs, the developer of TerraUSD 100 to 500 million dollars It is among.
The stablecoin TerraUSD and the LUNA token, also developed by Terra, crashed in May 2022, causing a loss of billions of dollars in the crypto market.
In court records, Terraform Labs 92% to Do Kwon; It is stated that the remaining part belongs to Danien Shin, a South Korean entrepreneur.
Do Kwon, wanted by both the USA and South Korea on fraud charges, is being detained in Montenegro, where he was caught traveling with a fake passport.
In addition, the US Securities and Exchange Commission (SEC) also filed a lawsuit against Kwon and Terraform Labs. A judge in the US ruled in favor of the SEC last month, stating that Terraform was selling unregistered securities.
According to CoinGecko data, LUNA token increased on a daily basis due to the impact of the bankruptcy application. lost more than 5% of its value.