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Terraform Labs, the blockchain firm behind the notorious Terra ecosystem, has filed for bankruptcy in the U.S. a month after a court ruled that the firm violated the U.S. laws. In court documents filed on Jan. 21, the Singapore-based blockchain firm Terraform Labs disclosed liabilities ranging from $100 million to $500 million. Among the creditors holding the largest unsecured claims are Nansen CEO Alexander Svanevik of Standard Crypto and Ashley Swaren, a commercial lead at TokenTerminal Rasmus Savander. The filing will reportedly allow the firm to execute on its business plan while navigating ongoing legal proceedings, including “representative litigation pending in Singapore and U.S. litigation” involving the U.S. Securities and Exchange Commission (SEC), Terraform Labs said in a statement, according to Reuters. Following this news, the price of LUNA slid by over 5%, dropping to $0.62 according to CoinGecko data. You might also like: Crypto.com delists Terra ...

The founder of Terraform Labs is fighting a court order mandating his extradition to either South Korea or the U.S. for criminal prosecution. Do Kwon, a former international fugitive, submitted an appeal on Dec. 6, contesting the approval of his extradition issued by a High Court of Podgorica, Montenegro’s capital city.  The Terraform Labs founder reportedly stated that he does not submit to the court ’s ruling on his transfer to South Korea, his home country, or the U.S., where he is embroiled in litigation with the Securities and Exchange Commission (SEC).  Authorities must now consider his appeal and review the initial extradition order. Kwon’s filing at a Montenegrin Court of Appeal was submitted 11 days before authorities were set to decide his extradition destination on Dec. 15.  A Podgorica court previously ordered his removal from the country as crypto.news reported, following his incarceration in a Balkan prison for travel document forgery. You might a...

Terraform Labs founder Do Kwon has asked a US court to deny the Securities and Exchange Commission’s (SEC) request to question him in the US before mid-October on account of him still being detained in Montenegro. Kwon’s legal team claimed in a filing that the SEC ’s request to grill him over the collapse of the Terra ecosystem is “impossible,” pointing to the fact that he still has no definite release date or scheduled extradition. They also object to the idea of Kwon being asked to provide a written testimony, branding it “inconsistent with his right to due process under the United States Constitution.” Do Kwon faces ‘grim’ year in Montenegro jail, lawyer says Read more: Explained: SEC allegations against Do Kwon and Terraform Labs Kwon has, however, thrown the SEC a lifeline, stating that he’s not entirely opposed to the idea of a deposition — provided it takes place in Montenegro. This would involve a Montenegrin court asking question s on the SEC ’s beh...