cryptonews.net
Terraform Labs (TFL) on Wednesday revealed its plan to shut down its operations, products, and services if talks with third parties fail. The beleaguered company and its CEO Chris AMANI confirmed they received an order from a bankruptcy court to cease operations following a settlement with the SEC.
In a post on social media platform X on September 25, Terraform Labs announced progress in talks with third parties to outsource some of its products and services. With confirmation from Terra CEO Chris Amani, the company’s products and services will be shut down on October 30, 2024. TFL hints that third-party talks are unlikely to succeed, possibly due to scrutiny from the US SEC and low interest in the products. The company is selling four businesses: Enterprise Protocol, Warp Protocol, Station Wallet, and Alliance Hub.
The services being considered for acquisition are Finder Block Explorer, Foundation, IBC Relayers and Mantlemint, FCD and API. Despite the benefits of the services in the industry, the infrastructure requirements for the services remain a challenge for potential parties. In light of this news about LUNC, the community is planning to burn tokens. This date coincides with the closure of the Shuttle Bridge interface for burning crypto assets such as wLUNC in contracts. Additionally, TFL has completed its last upgrade and no longer has the ability to support future chain upgrades. Community-backed initiatives will manage the maintenance and operation of the chain.
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