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Terra's algorithmic stablecoin UST crashed dramatically in 2022, causing billions of dollars in losses.
Since then, investigations have been carried out against Terra founder Do Kwon and Terraform Labs, and a $4.47 billion settlement was reached in the SEC-Terra case.
While this agreement made a big splash in the cryptocurrency market, Terraform Labs' CEO Chris Amani said that they planned to terminate the company's operations and asked the community to take over the management.
Stating that it is time for TFL to be disbanded, Armani said: “We will terminate the operations completely.” said.
Stating that they are planning closely for TFL's native token, LUNA, and pledging to put an end to TFL's direct relationship with the token, Armani said, “Everything left in our wallets will be burned by TFL.”
“TFL has always intended to disband at some point and the time is right.
We will terminate operations completely. We would like to especially thank the madmen and the TFL team who supported us throughout this process.
If we had won the case we would have been in a good position to expedite things but unfortunately we lost and as a result we can no longer operate.
A community proposal for TFLs to burn unclaimed LUNAs will be posted shortly. Anything left in our wallets will be burned by TFL.
At this point, the community needs to take over. “
1/ With the proposed settlement now public, i can finally share some details about what is next for TFL.
— Chris Amani | Terra (@fleece_cannon) June 12, 2024
*This is not investment advice.