Fallen crypto company Terraform Labs files for US bankruptcy, says it will build Web3 business
Terraform Labs, the company behind the stablecoins TerraUSD and Luna, which collapsed the cryptocurrency industry in 2022, has filed for bankruptcy in the United States. The Singapore-based company filed a Chapter 11 bankruptcy protection document on Sunday at a court in Delaware. Terraform Labs’ estimated assets and liabilities range from $100 million (€90 million) to $500 million (€460 million), the document read. The spectacular crash of its stablecoins wiped out at least $40 billion (€36 billion) in market value when it lost its $1 peg, collapsing the crypto market and causing many to lose…