Terra CEO Announces Company Disbandment Following SEC Settlement with Terra (LUNA)
Chris Amani, the CEO of Terraform Labs, has declared the decision to shut down the company’s operations in the wake of the SEC’s agreement with Terra (LUNA).
Terra’s UST, an algorithmic stablecoin, experienced a significant crash in 2022, resulting in substantial financial losses. Following investigations into Terra founder Do Kwon and Terraform Labs, a settlement of $4.47 billion was reached in the SEC-Terra case.
Despite the impact of this agreement on the cryptocurrency market, Chris Amani stated that the company plans to cease operations and urged the community to take over management responsibilities. Amani emphasized the need for Terraform Labs to disband, stating, “We are fully terminating operations.”
Regarding TFL’s native token, LUNA, Amani assured that they are carefully considering its future and committed to severing TFL’s direct ties with the token. He added, “Any remaining funds in our wallets will be burned by TFL.”
Amani highlighted that the intention to disband TFL had always been on the cards and now is the opportune time to do so. Expressing gratitude to the supporters and TFL team, Amani acknowledged the setback caused by the lost case, preventing the company from continuing its operations.
A community proposal will soon be presented for the burning of unclaimed LUNAs by TFL. A call to action was made for the community to step in and take charge of the situation.
With the settlement now public, Amani shared some insights into the future plans for TFL, emphasizing that this information does not constitute investment advice.
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