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CryptoIntelligence 2024-06-14 02:22:00

Terraform Labs to Cease Operations Following $4.47 Billion SEC Settlement, Transfers Terra Blockchain Control to Community

Terraform Labs to Cease Operations Following $4.47 Billion SEC Settlement, Transfers Terra Blockchain Control to Community

Chris Amani, CEO of Terraform Labs, has announced that the firm will cease operations following a $4.47 billion settlement with the United States Securities and Exchange Commission (SEC). The company plans to sell key projects within the Terra ecosystem and transfer control of the Terra blockchain to the community. “[Terraform Labs] always intended to dissolve at some point and that point is now. We will be winding down operations completely. We were well positioned to accelerate things if we had won the trial, but unfortunately, we lost and as a result, can no longer operate.” This decision comes after

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