Terraform Labs has begun winding down its operations, with Proposal 4818 being the final chain upgrade that it will implement pursuant to its settlement with the SEC.
Proposal 4818 will burn all LUNA tokens owned by TFL, remove the illegally minted assets following the IBC attack, and eliminate the blacklist function that the hack necessitated.
A little over two years after the collapse of LUNA, UST, and the entire Terra ecosystem, the company behind the ecosystem is finally shutting down.
Terraform Labs (TFL) announced on X that it’s winding down its operations, which is in line with its settlement with the US SEC. As we reported, the company settled with Gary Gensler’s agency for $4.47 billion, with $3.58 billion being paid in disgorgement for all the profits it generated illegally. The rest was a civil penalty for orchestrating one of the biggest collapses in the crypto industry, where over $60 billion was immediately lost, and hundreds of billions more followed suit in a series

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