Terraform Labs, the company behind the $40bn collapse of terraUSD digital tokens in 2022, has filed for Chapter 11 bankruptcy protection in the state of Delaware, as its co-founder Do Kwon faces extradition to the US by mid-March to face a trial over alleged fraud.
Terraform Labs estimated both assets and liabilities were between $100mn and $500mn in a filing on Sunday to protect it from creditors and give it breathing space to reorganise.
“The filing will allow TFL to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and US litigation involving the Securities and Exchange Commission,” the Singapore-based company said in a statement.
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