Global #Terraform Labs

The Avalanche Foundation has successfully completed the repurchase of 1.97 million AVAX tokens from the now-defunct Luna Foundation Guard (LFG), marking a significant step in stabilizing the Avalanche ecosystem.

Terraform Labs has officially shut down following the acceptance of its bankruptcy plan, marking the end of a tumultuous chapter for the company and its investors.

Terraform Labs, the company behind the troubled cryptocurrency ecosystem Terra, has reportedly reached a $4.5 billion settlement with the U.S. Securities and Exchange Commission (SEC) according to industry sources.

Bankrupt Terraform Labs and its disgraced founder, Do Kwon, have reached a landmark $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) following a jury verdict finding them liable for defrauding cryptocurrency investors in the infamous collapse of TerraUSD (UST) and LUNA.

As per a recent article by Bloomberg, Do Kwon, the founder of Terraform Labs, and the Securities and Exchange Commission (SEC) contested the substantial $5.3 billion penalty that was suggested in the complaint.

Attorneys for Terraform Labs claimed that since the Luna Foundation Guard (LFG) is currently a non-entity in this matter, the SEC should properly pursue the penalty from them.

According to reports, the U.S. Securities and Exchange Commission (SEC) intends to punish the discredited founder of the Terra ecosystem billions of dollars.

The Council of the Supreme Court will now decide whether to extradite Kwon to South Korea, where his sentence might be less severe than those in the United States.