BlockchainTerraform Labs to Sell Four Companies to Pay Off...

Terraform Labs to Sell Four Companies to Pay Off Massive US Fine

Terraform Labs, the company behind Terra (LUNA), is planning to sell four subsidiaries to pay off a hefty fine from a US court.

Terraform Labs Faces Financial Pressure

The development team behind the Terra ecosystem urgently needs to raise funds. Last month, Terraform Labs was slapped with a nearly $4.5 billion fine by a US court, creating a significant financial burden.

Also Read: Alaya AI: Revolutionizing AI Data Sampling with Web3 and NFT Integration

Companies Up for Sale

To gather the necessary funds, Terraform Labs, led by Do Kwon, who was also convicted of fraud, has announced it will sell four of its companies. These are:

  • Pulsar: A portfolio tracker.
  • Station: A non-custodial wallet.
  • Enterprise: A decentralized autonomous organization (DAO).
  • Warp: A decentralized protocol for smart contracts.

Unclear Future

There’s no word yet on potential buyers or the expected prices for these companies. This move underscores the financial challenges Terraform Labs is currently facing.

Also Read: Emergence of WATER – Messi’s Impact on the Memecoin Universe

The Fall of Terra

The Terra ecosystem was once a leading player in the crypto world, with its stablecoin UST and the linked cryptocurrency LUNA gaining significant popularity. However, in May 2022, UST collapsed, taking LUNA down with it. This event led to $40 billion in losses and is widely seen as the trigger for the crypto winter.

Florent Malice
Florent Malicehttps://www.newsalarms.com/
Florent is a passionate blockchain enthusiast, dedicated to exploring the intersection of technology and finance. With a focus on blockchain, web crypto, and NFTs, he contributes insightful analyses and updates to NewsAlarms, offering clarity on the evolving landscape of digital assets.

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