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Terraform Labs Declares Bankruptcy in Delaware

Terraform Labs Pte. has filed a voluntary petition in Delaware for Chapter 11 bankruptcy, according to documents filed on Jan. 21. The embattled cryptocurrency firm behind the failed stablecoin TerraUSD declared in the filing it has between $100 to $500 million in estimated assets and the same amount in liabilities. TerraUSD, a dollar-pegged cryptocurrency and Terra's LUNA token collapsed in May 2022, destroying billion of dollars in investor wealth. "The filing will allow TFL to execute on its business plan while navigating ongoing legal proceedings, including representative litigation pending in Singapore and U.S. litigation" Terraform Labs said in a statement. 


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