Doomed crypto firm Terraform Labs files for bankruptcy in the US

Terraform Labs, a company that He deleted 40 billion dollars With the collapse of stablecoins TerraUSD and Luna, the cryptocurrency market finally filed for Chapter 11 bankruptcy protection on Sunday. Bloomberg reports that the cryptocurrency company’s estimated assets and liabilities are both in the range of $100 million to $500 million, and the estimated number of creditors is between 100 and 199. Co-founder and former CEO Do Kwon is listed as 92 shareholders. interest, with the registered address in Singapore where the company is registered.

followed by Arrest of Kwon and his partner in Montenegro For traveling on false passports last March, Kwon is still in custody pending his extradition to the United States — likely as early as mid-March. Bloomberg – where will meet securities fraud charges. The entrepreneur was also wanted in his native South Korea on similar charges, prompting him, his family, and some key Terraform Labs employees to flee to Singapore between April and May 2022. “red notice” list in September of that year, Kwon denied that he had “run away”, but the eventual discovery of his fake passports suggested otherwise.

Kwon will likely join the fate of other big names in the cryptocurrency crash Sam Bankman-Fried FTX fame and former head of Celsius Network Alex Mashinsky. Meanwhile, Coinbase continues to operate fight against SEC charge of illegally operating an unregistered national securities exchange, brokerage and clearing agency. Bloomberg analyst Elliott Stein recently shared Coinbase may be completely out of business this quarter, though not until the end of Q2.

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