Terra Classic

TerraClassicUSD

<p><strong>The Terra network and its leader, Do Kwon, once reached the top of the crypto world but collapsed within days in May 2022, wiping out the savings of many everyday investors. In February 2023, the U.S. Securities and Exchange Commission (SEC) sued Kwon and his company, Terraform Labs, for selling unregistered securities and defrauding investors during Terra’s dramatic collapse.</strong></p><h2 id="header-0"><a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">CHIKA MOJI New Memecoin Claim Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On WWW.CHIKAMOJI.LOL</a></h2><h2 id="header-1"></h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/debfa0da73e14020b6e30acf295558e6.png" /><p></p><p>Recently, Kwon and Terraform settled their SEC civil fraud case, agreeing to pay $4.5 billion in penalties and disgorgement. The settlement, approved by District Court <u>Judge Jed Rakoff</u> of the Southern District of New York on June 13, requires Terraform Labs to cease operations immediately and seek approval for a Chapter 11 liquidation plan in its bankruptcy case.</p><h3 id="terraform-labs-winds-down-operations-amid-legal-defeat">Terraform Labs Winds Down Operations Amid Legal Defeat</h3><h2 id="header-2"><a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">CHIKA MOJI New Memecoin Claim Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On WWW.CHIKAMOJI.LOL</a></h2><blockquote><u>Terraform Labs’s</u> current CEO, Chris Amani, asked the community on Wednesday to take over the reins of the Terra network as the company winds down. “[Terraform Labs] always intended to dissolve at some point, and that point is now,” Amani said on X (formerly known as Twitter). “We will be winding down operations completely.”</blockquote><p>The <u>SEC scored a major victory against Kwon and Terraform Labs</u> two months ago when a jury found the company and its founder had conducted securities fraud through misrepresentations regarding Terra’s success and UST/LUNA stability.</p><p>Before this legal defeat, Terraform Labs and its community were well-positioned to advance the Terra ecosystem, according to Amani. However, after the significant court loss, the CEO indicated that the company “can no longer operate.”</p><h2 id="header-3"><a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">CHIKA MOJI New Memecoin Claim Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On WWW.CHIKAMOJI.LOL</a></h2><h3 id="terraform-labs-to-sell-key-projects-and-transition-to-community-control">Terraform Labs to Sell Key Projects and Transition to Community Control</h3><p>Terraform Labs CEO, Chris Amani, announced that the company will sell several key projects, including the portfolio manager Pulsar Finance, the Cosmos wallet Station, and the Enterprise Protocol, which is used for creating DAOs within the Cosmos ecosystem.</p><p>Amani noted that the Terra and <u>Terra Classic blockchains can continue operating under the community’s</u> control. “The community will need to take over ownership of the chain,” Amani said, suggesting a community-led governance model that could transform how crypto projects operate after such predicaments.</p><p>He also mentioned plans for a community proposal to <u>burn all of the company’s remaining vested LUNA tokens</u>.</p><h2 id="header-4"><a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">CHIKA MOJI New Memecoin Claim Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On WWW.CHIKAMOJI.LOL</a></h2><p>Amani’s announcement comes nearly a year after he was named the firm’s director and CEO. He took over from Do Kwon in July 2023, having previously served as the firm’s chief operating officer. His predecessor, Do Kwon, was embroiled in personal legal issues at the time.</p><p>Following Terraform Labs’ decision to dissolve operations, the <u>prices of LUNA and LUNC have dropped</u> by 5.6% and 4.8% respectively in the last 24 hours. Despite this, Amani indicated that there are more plans in the works and promised to communicate with the community once the courts approve these plans.</p><p><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</p><h2 id="header-5"><a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">CHIKA MOJI New Memecoin Claim Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On WWW.CHIKAMOJI.LOL</a></h2><p><strong>#LUNC </strong> <strong>#USTC </strong> <strong>#LUNA </strong> <strong>#Trump </strong> <strong>#DoKwon </strong> $LUNC  $USTC  $LUNA</p>

Terra’s Future After $4.47B SEC Settlement

Table of Contents

CryptosHeadlines.com

Other articles published on Jun 15, 2024

Top 5 Crypto Tokens to Invest in June: Potential Giants

Gemini Reaches $50 Million Settlement with NY Attorney General Over Investor Fraud In The Earn Pr...

How Will the 114 Billion PEPE Dump Impact Its Future?

Claim that 681 Million Dollars will be Transferred to the Community in Cardano (ADA)!

The Crypto Markets Continue to Drop While Institutions Accumulate ETFs: Who Is Selling BTC?

ZK Nation Reveals Updated Airdrop FAQ, Sets Date for Collection

Join our free newsletter for daily crypto updates!