• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Terraform Labs

Terraform Labs Announces Dissolution Following $4.7 Billion SEC Settlement

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Terra
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Terraform Labs (TFL), the blockchain company at the center of a protracted legal battle with the US Securities and Exchange Commission (SEC), has decided to dissolve its operations following a landmark settlement agreement. The settlement, amounting to a staggering $4.47 billion, ended over a year of intense legal proceedings.

CEO Chris Armani Confirms Terraform Labs’ Closure

On Wednesday, the US SEC disclosed the settlement details, prompting CEO Chris Armani to announce the complete dissolution of the company’s operations via a social media post on X (formerly Twitter). 

Armani acknowledged that TFL had “always intended to dissolve at some point” and that the time had come. Expressing gratitude to the supporters who stood by the company throughout the ordeal, Armani also commended the TFL team for their dedication to maintaining the company and ecosystem during the challenging times. 

Related Reading: Stablecoin Giant Paxos Shocks With 20% Workforce Slash

While expressing disappointment over the trial outcome, Armani acknowledged that TFL would wind down operations and transfer ownership of the chain to the community. Armani concluded by saying:

We have a lot more to plan over the coming weeks, and I’ll be able to communicate more once this has been approved by the courts.  I’ll be here for the full wind down to ensure all goes smoothly.

Collapse Of TerraUSD And Investor Losses

The legal case against Terraform Labs primarily revolved around allegations of fraud by the SEC. The charges stemmed from the collapse of TerraUSD, a stablecoin, which resulted in approximately $40 billion in investor asset losses in 2022. 

During the trials leading up to the settlement, the SEC alleged that investors were deceived about the stability of TerraUSD, which was “purportedly” algorithmically pegged to the US dollar. 

Terraform Labs denied these allegations, criticizing the SEC’s portrayal of cryptocurrency companies as “lawless.” Despite having filed for Chapter 11 bankruptcy protection in January, Terraform Labs was ordered by the court to pay the penalties sought by federal regulators.

Related Reading: Solana Founder Reveals SOL Surpasses Ethereum In This Major Metric

On the other hand, former CEO Do Kwon, sought by the United States and South Korea for his involvement in capital markets and securities fraud, also faced legal complications. 

In April, the Supreme Court of Montenegro overturned Do Kwon’s extradition to South Korea and referred the case back to the Higher Court in Podgorica. 

The decision on Do Kwon’s extradition now rests with the Higher Court, which will determine whether the legal conditions for extradition have been met. The final decision on extradition will lie with the justice minister.

As Terraform Labs moves forward with its dissolution, stakeholders and industry observers eagerly await further details regarding the company’s winding-down process. Additionally, the outcome of Do Kwon’s extradition case is yet to be determined, leaving uncertainty surrounding his future and the potential legal ramifications.

Terraform Labs
The 1-D chart shows LUNC’s price trending downwards. Source: LUNCUSD on TradingView.com

When writing, the company’s Luna Classic token (LUNC) was trading at $0.0001013, down 4.3% in the last 24 hours. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ronaldo Marquez

Ronaldo Marquez

Follow

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

Full Profile

Related Posts

Terraform Labs

Terraform Labs Facilitates Claims For Creditors Post $40 Billion Ecosystem Collapse

5 months ago
Terraform Labs

Terraform Labs And Do Kwon Settle SEC Fraud Allegations In Civil Case

1 year ago
Terra Classic Luna

Terra Classic Revival: Why This Major Upgrade Is Crucial To LUNC’s Future

1 year ago
LUNC burn

Binance Completes Another Massive LUNC Burn, Here’s How Much Was Burned

1 year ago
Terra USTC LUNC

LUNC And USTC Revival: Terra Community Votes To Make Allnodes An Official Organization

1 year ago
Terraform Labs

Terraform Labs And Do Kwon Face $5.3B Penalties In SEC Fraud Case

1 year ago

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    1 day ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    1 day ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    2 days ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.