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<ul>
 <li>Terraform Labs plans to sell four businesses as part of a $4.5 billion SEC settlement.</li>
 <li>The sale includes Pulsar Finance, Station, Enterprise, and Warp.</li>
 <li>Terraform and its co-founder, Do Kwon, face financial penalties and are banned from the crypto industry.</li>
</ul>
Terraform Labs intends to sell four of its flagship businesses to pay a $4.5 billion penalty to settle the case with the US Securities and Exchange Commission. This approach is supposed to enhance value for creditors and stakeholders as the business plans to cease functioning.
Terraform <a href="https://www.prnewswire.com/in/news-releases/terraform-labs-announces-strategic-sale-process-for-pulsar-station-enterprise-and-warp-302191463.html" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that it is actively looking into selling its portfolio tracking platform Pulsar Finance, cryptocurrency wallet Station, no-code decentralized autonomous organization (DAO) administration platform Enterprise, and smart contract automation protocol Warp. These firms are critical components of Terraform’s ecosystem and have played an important role in the company’s operations.
The company acquired Pulsar Finance in November 2023, only two months before entering Chapter 11 bankruptcy in Delaware in January. Terraform introduced Enterprise a year earlier, in November 2022. Warp and Station have continued to receive improvements, with the most recent coming in February and March, respectively.
Terraform’s move to sell these businesses is part of a larger strategy to follow the conditions of its settlement with the SEC. Terraform reached a <a href="https://cryptonewsland.com/terraform-labs-to-pay-4-47-billion-sec-settlement/" target="_blank" rel="noopener noreferrer nofollow">$4.5 billion settlement</a> this month, which includes about $3.6 billion in disgorgement, a civil penalty of $420 million, and approximately $467 million in prejudgment interest.
Terraform co-founder and former CEO Do Kwon has agreed to pay $110 million in disgorgement, $14.3 million in prejudgment interest, and $80 million in civil penalties. Also, Kwon and Terraform are restricted from the cryptocurrency space, which marks the conclusion of the SEC’s February 2023 lawsuit against them for securities law violations and fraud.
Terraform’s cryptocurrency, Terra Luna Classic (LUNC), and its algorithmic stablecoin, TerraClassicUSD (USTC), all dropped significantly in value after losing their dollar peg in May 2022, leading to a huge decline in the value of both tokens.
Despite the recent developments, the price of Terraform’s current token, Terra LUNA, dropped only 0.15% this week to $0.38 <a href="https://coinmarketcap.com/currencies/terra-luna-v2/" target="_blank" rel="noopener noreferrer nofollow">at press time</a>. Terraform Labs’ strategic decision to sell its businesses is a critical step in meeting its commitments under the SEC settlement.&nbsp;
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/terraform-labs-to-pay-4-47-billion-sec-settlement/" rel="noopener noreferrer nofollow">Terraform Labs to Pay $4.47 Billion SEC Settlement</a></li>
 <li><a href="https://cryptonewsland.com/us-sec-and-south-korea-join-forces-in-terraform-labs-investigation/" rel="noopener noreferrer nofollow">US SEC and South Korea Join Forces in Terraform Labs Investigation</a></li>
 <li><a href="https://cryptonewsland.com/terraform-labs-boosts-ecosystem-with-2-65-million-liquidity-injection/" rel="noopener noreferrer nofollow">Terraform Labs Boosts Ecosystem with $2.65 Million Liquidity Injection</a></li>
 <li><a href="https://cryptonewsland.com/terraform-labs-co-founder-do-kwon-challenges-sec-lawsuit/" rel="noopener noreferrer nofollow">Terraform Labs Co-Founder, Do Kwon, Challenges SEC Lawsuit</a></li>
 <li><a href="https://cryptonewsland.com/luna-rises-again-terraform-labs-strategy-sparks-crypto-optimism/" rel="noopener noreferrer nofollow">LUNA Rises Again: Terraform Labs’ Strategy Sparks Crypto Optimism</a></li>
</ul>
The post <a href="https://cryptonewsland.com/terraform-labs-to-sell-four-companies-amid-bankruptcy-proceedings/" rel="noopener noreferrer nofollow">Terraform Labs to Sell Four Companies Amid Bankruptcy Proceedings</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Terraform Labs to Sell Four Companies Amid Bankruptcy Proceedings

Crypto News Land

Ďalšie články zverejnené 11. 7. 2024

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