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International Business Times
International Business Times
Business
Marvie Basilan

YOU WONT BELIEVE: Terraform labs gets green light to wind down after sec settlement report | Mind Blowing Facts

Terra Terraform SEC Terraform Labs Do Kwon Crypto LUNA UST Montenegro United States
Do Kwon's empire imploded in 2022, marking one of the darkest events in the history of cryptocurrency. (Credit: YouTube Screenshot/ Terra Official YouTube Chanel)

KEY POINTS

  • Judge Shannon reportedly said Terraform's bankruptcy plan was a 'welcome alternative' to further litigation
  • Terraform previously agreed to pay nearly $4.5 billion to settle a fraud case filed by the SEC
  • Co-founder Do Kwon remains in Montenegro as South Korea and the US push for his extradition

Cryptocurrency platform Terraform Labs, which was behind the Terra (LUNA) and TerraUSD (UST) network that imploded in 2022, has reportedly received court approval to wind down operations in bankruptcy.

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