Terraform Labs has filed for Chapter 11 bankruptcy protection in the United States.
A US federal judge postponed the trial of Terraform Labs and Do Kwon, citing extradition considerations.
Terraform Labs, the entity responsible for the now-defunct stablecoin TerraUSD (USTC), has officially filed for Chapter 11 bankruptcy protection in the United States, according to a court document submitted on January 21.
The Singapore-based company, known for creating TerraUSD, listed its assets and liabilities in the range of $100 million to $500 million in the bankruptcy filing made with the court in Delaware. The move comes after the U.S. Securities and Exchange Commission (SEC) granted a delay in the upcoming fraud trial of Do Kwon, the co-founder of Terraform Labs, pushing the trial date to March 25.
Past Highlights
In February 2023, the SEC filed civil charges against Terraform Labs and Do Kwon, accusing them of multi-billion dollar crypto asset fraud. The charges are related to the tokens T
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