Do Kwon’s Terraform Labs, the company behind the blockchain protocol Terra, secured court approval on Thursday, to wind down its operations in bankruptcy.
As previously announced, the bankrupt crypto firm faced its Chapter 11 bankruptcy reorganisation hearing on September 19. The Thursday hearing was crucial in determining Terraform Labs’ fate following its ongoing legal battles and financial instability.
Terraform Labs has agreed to settle the US Securities and Exchange Commission (SEC), Reuters reported.
U.S. Bankruptcy Judge Brendan Shannon approved the firm’s bankruptcy plan in Wilmington, Delaware.
