Terra CEO Announces Company Shutdown Following SEC Agreement
Chris Amani, the CEO of Terraform Labs, made a significant announcement regarding the future of the company in the wake of the SEC-Terra (LUNA) agreement.
In a surprising turn of events, Terra’s algorithmic stablecoin UST suffered a major crash in 2022, resulting in substantial financial losses. Following investigations into Terra founder Do Kwon and Terraform Labs, a settlement of $4.47 billion was reached in the SEC-Terra case.
Despite the impact of this agreement on the cryptocurrency market, Chris Amani revealed that Terraform Labs intends to shut down its operations and hand over management to the community. Amani stated that it was time for TFL to disband, emphasizing that they would completely terminate operations.
In regards to TFL’s native token, LUNA, Amani pledged to sever the direct relationship with the token and burn any remaining funds in their wallets. He expressed gratitude to the supporters and the TFL team, acknowledging that the decision to disband had always been part of their plan.
A community proposal to burn unclaimed LUNAs will be forthcoming, as Amani emphasized the need for the community to take charge in the aftermath of the settlement. The CEO’s announcement marks a significant turning point for Terraform Labs, as they prepare to wind down operations and transition towards a new chapter.