Terraform Labs Granted Bankruptcy Judge Approval to Begin Liquidation
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September 20, 2024
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Terraform Labs' Bankruptcy Plan Approved, Paying Out Up to $442 Million to Stakeholders
Foresight News reports that U.S. bankruptcy judge Brendan Shannon has approved Terraform Labs' bankruptcy plan, ending the company's operations through liquidation. Terraform says it will pay out between $184.5 million and $442.2 million to stakeholders.
This comes after Terraform Labs agreed to settle a lawsuit with the U.S. Securities and Exchange Commission (SEC). The lawsuit accused the company of defrauding investors who lost an estimated $40 billion during the collapse of TerraUSD and Luna tokens in 2022.
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