LONDON DAILY ARCHIVE

Bankrupt Crypto Company Terraform Labs Plans to Pivot Towards Building a Web3 Business

Terraform Labs, the collapsed crypto firm behind TerraUSD and Luna, has filed for Chapter 11 bankruptcy in the U.S. Do Kwon, the majority owner, is detained in Montenegro over fraud charges.

24 January 2024 · 05:09 UTC

Despite losing $40 billion market value and destabilizing the crypto market, the company asserts this move will aid its ongoing Web3 development and legal matters in the U.S. and Singapore.