Terraform Labs hasactually submitted for Chapter 11 insolvency defense, less than 2 years after a collapse of the business’s cryptocurrency ravaged traders around the world
ByThe Associated Press
January 22, 2024, 10: 30 AM
File – Police escort Terraform Labs creator Do Kwon in Montenegro’s capital Podgorica, March 24,2023 Terraform Labs hasactually submitted for Chapter 11 personalbankruptcy defense, less than 2 years after a significant collapse of the business’s cryptocurrency ravaged traders around the world. Kwon was jailed in connection with the collapse. (AP Photo/Risto Bozovic, File)
The Associated Press
NEW YORK — Terraform Labs hasactually submitted for Chapter 11 personalbankruptcy security, less than 2 years after a collapse of the business’s cryptocurrency ravaged financiers around the world.
The Singapore crypto company submitted for security in U.S. insolvency court in Delaware on Sunday, according to court files. Terraform noted both its approximated properties and liabilities in the $100 million to $500 million variety.
Terraform stated that the personalbankruptcy filing will permit the business to “execute on its organization strategy while browsing continuous legal procedures,” which consistsof lawsuits in Singapore as well as the U.S.
Terraform included that it plans to satisfy all monetary responsibilities to staffmembers and suppliers throughout this insolvency case, and