Terraform Labs, a crypto firm, files for bankruptcy in the US.
The cryptocurrency firm associated with the collapsed TerraUSD and Luna tokens has officially initiated bankruptcy proceedings in the United States. The downfall of Terraform Labs’ tokens in May resulted in a staggering $40 billion loss, significantly contributing to the widely recognized “cryptocrash” of 2022. The co-founder, Do Kwon, presently incarcerated in Montenegro, faced legal consequences