Terraform Labs Archives - Top Crypto Game https://topcryptogame.com/tag/terraform-labs/ The latest crypto news! Tue, 03 Sep 2024 20:06:49 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://topcryptogame.com/wp-content/uploads/2022/01/cropped-favicon-32x32.png Terraform Labs Archives - Top Crypto Game https://topcryptogame.com/tag/terraform-labs/ 32 32 Terraform Labs moves $62.81M in BTC amid final wind-down steps https://topcryptogame.com/terraform-labs-moves-62-81m-in-btc-amid-final-wind-down-steps/ https://topcryptogame.com/terraform-labs-moves-62-81m-in-btc-amid-final-wind-down-steps/#respond Tue, 03 Sep 2024 20:06:49 +0000 https://topcryptogame.com/terraform-labs-moves-62-81m-in-btc-amid-final-wind-down-steps/ On-chain data shows that a crypto wallet linked to the bankrupt Terraform Labs moved 1,075 BTC, valued at approximately $62.81 million, to a new address (bc1q5) on Sept. 2. While the firm has yet to comment publicly on the transfer, market analysts note that it aligns with Terraform Labs’ plan to wind down operations following […]

The post Terraform Labs moves $62.81M in BTC amid final wind-down steps appeared first on Top Crypto Game.

]]>

On-chain data shows that a crypto wallet linked to the bankrupt Terraform Labs moved 1,075 BTC, valued at approximately $62.81 million, to a new address (bc1q5) on Sept. 2.

While the firm has yet to comment publicly on the transfer, market analysts note that it aligns with Terraform Labs’ plan to wind down operations following its record settlement with the US Securities and Exchange Commission (SEC).

After the transfer, Terraform Labs had around $2 million in various altcoins left in the wallet. According to Arkham Intelligence, the wallet holdings mainly include Convex Finance’s CVX token, worth $986,000, and the Governance OHM (GOHM) token, valued at $790,000.

Terraform Labs’ winding down

On Aug. 27, bankrupt Terraform Labs announced its plan to initiate Proposal 4818, marking the final chain upgrade for the Terra blockchain. This upgrade will implement crucial changes as the firm prepares to end its operations and support the blockchain network.

According to the firm:

“As TFL begins winding down its operations, Proposal 4818 will be the final chain upgrade that we implement. Pursuant to TFL’s settlement with the SEC and implementation of its proposed chapter 11 plan, TFL will no longer have the ability to support future chain upgrades.”

Going forward, Terra blockchain’s future will hinge on community-led initiatives, such as the Phoenix Directive.

Meanwhile, the transition from Terraform Labs to community management could significantly affect the Terra ecosystem because the blockchain network has struggled to reach previous heights following the shock collapse of its UST algorithmic stablecoin in 2022. Since then, Terra has become almost a ghost chain, with several projects on the platform struggling for liquidity.

Moreover, Terraform Labs is also selling other assets, including platforms like Pulsar Finance and Station, to meet financial obligations related to its settlement with the US regulator.

Terraform Labs agreed to a $4.5 billion settlement with the SEC in May, including nearly $3.6 billion in disgorgement, a $420 million civil penalty, and about $467 million in prejudgment interest.

In addition, Terraform’s co-founder and former CEO, Do Kwon, also agreed to pay $110 million in disgorgement, $14.3 million in prejudgment interest, and an $80 million civil penalty.

Mentioned in this article

The post Terraform Labs moves $62.81M in BTC amid final wind-down steps appeared first on Top Crypto Game.

]]>
https://topcryptogame.com/terraform-labs-moves-62-81m-in-btc-amid-final-wind-down-steps/feed/ 0
Montenegro prime minister reportedly an early investor in defunct Terraform Labs https://topcryptogame.com/montenegro-prime-minister-reportedly-an-early-investor-in-defunct-terraform-labs/ https://topcryptogame.com/montenegro-prime-minister-reportedly-an-early-investor-in-defunct-terraform-labs/#respond Wed, 19 Jun 2024 14:32:56 +0000 https://topcryptogame.com/montenegro-prime-minister-reportedly-an-early-investor-in-defunct-terraform-labs/ Montenegro’s Prime Minister Milojko Spajić was an early investor in the failed Terra Luna coin and may have lost millions to the ecosystem’s implosion in 2022, according to recent court documents filed by the US Securities and Exchange Commission (SEC). Before becoming prime minister, Spajić was a crypto entrepreneur. In April 2018, just before Terraform […]

The post Montenegro prime minister reportedly an early investor in defunct Terraform Labs appeared first on Top Crypto Game.

]]>

Montenegro’s Prime Minister Milojko Spajić was an early investor in the failed Terra Luna coin and may have lost millions to the ecosystem’s implosion in 2022, according to recent court documents filed by the US Securities and Exchange Commission (SEC).

Before becoming prime minister, Spajić was a crypto entrepreneur. In April 2018, just before Terraform Labs launched in Singapore, he invested $75,000 in the company, making him the 16th of 81 early investors. For his investment, he received 750,000 LUNA tokens at 10 cents each.

At its peak, LUNA’s value soared to $199 per token before crashing in 2022. This could mean Spajić lost over $140 million during this collapse. However, he likely sold some of his holdings and profited before the collapse.

This revelation is surprising since Spajić has never claimed to be a victim of the LUNA crash. In previous statements, he mentioned that a company he worked for was defrauded of $75,000, not his investment.

“Do Kwon is a swindler who defrauded millions, including my friends and the company I worked for, which invested in this project in early 2018,” Spajić said.

Terraform Labs is behind the algorithmic UST stablecoin, whose collapse erased almost $40 billion from the crypto market.

This discovery adds a new twist to the legal troubles of Terraform Labs co-founder Do Kwon in Montenegro. Kwon was convicted and sentenced for using a forged passport and is awaiting extradition to either the US or South Korea.

Meanwhile, Terraform Labs and Kwon have agreed to settle with the SEC for $4.47 billion. The company will cease operations, and Kwon will be permanently banned from the crypto industry. The company CEO, Chris Amani, also urged the community to take over the Terra blockchain, saying:

“The community will need to take over ownership of the chain. I believe there are a couple teams and devs who want to do this and you should be seeing information in the forums soon.”

Terraform Labs is already in bankruptcy, and with assets valued at around $150 million, it is unclear how they will raise the settlement funds.

Mentioned in this article
Posted In: Terra, EU, People

The post Montenegro prime minister reportedly an early investor in defunct Terraform Labs appeared first on Top Crypto Game.

]]>
https://topcryptogame.com/montenegro-prime-minister-reportedly-an-early-investor-in-defunct-terraform-labs/feed/ 0