Terra’s Way (LUNA) After $4.47 Billion SEC Fine; Whats Next?

Terra's Way (LUNA) After $4.47 Billion SEC Fine;  Whats Next?

In the latest development in land demandThe SEC has asked a US federal judge to approve a $4.47 billion settlement to resolve the lawsuit over the company’s 2022 collapse, which wiped out $40 billion in investor assets.

In the latest development in the land demandThe SEC has asked a US federal judge to approve a $4.47 billion settlement to resolve the lawsuit over the company’s 2022 collapse, which wiped out $40 billion in investor assets.

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Terraform Labs will pay approximately $3.59 billion plus interest and a $420 million fine, while Terra co-founder Do Kwon must transfer at least $204.3 million to Terraform’s bankruptcy estate for distribution to investors, including $110 million in disgorgement, interest and an $80 million fine, according to a court filing.

The resolution also requires Terraform to close its business and seek approval of a Chapter 11 liquidation plan in its bankruptcy case that replaces the company’s directors, including current CEO Chris Amani, and appoints a trustee to use the remaining assets of the company to pay creditors and investors.

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The settlement was reached after a jury found Terraform Labs and co-founder Do Kwon liable for fraud during a two-week civil trial in April.

Whats Next?

With the proposed deal now public, Terraform Labs CEO Chris Amani Bring in X to discuss what’s next for Terraform Labs (TFL). According to Amani, TFL had always planned to disband at some point, and the time has finally come. Following the court’s request, TFL will close its operations completely.

In line with this, the CEO of Terraform Labs stated that a community proposal to burn the entire Moon not acquired from TFL will be published shortly. He further added that TFL will burn whatever is left in the partner wallets.

In the future, the community will have to take responsibility for the chain. Amani added that there are some teams and developers who are willing to take this on; Additional information will be available in the associated forums in the coming days.

Meanwhile, Terraform Labs’ Pulsar Finance, Station Wallet, and Enterprise Protocol products will continue to operate as TFL closes and prepares to sell.

Amani said many more things are planned in the coming weeks and will be released once the courts approve them.

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