{"id":17148,"date":"2024-09-20T16:18:29","date_gmt":"2024-09-20T13:18:29","guid":{"rendered":"https:\/\/forklog.com\/en\/terraform-labs-granted-liquidation-approval\/"},"modified":"2024-09-20T16:18:29","modified_gmt":"2024-09-20T13:18:29","slug":"terraform-labs-granted-liquidation-approval","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/terraform-labs-granted-liquidation-approval\/","title":{"rendered":"Terraform Labs Granted Liquidation Approval"},"content":{"rendered":"<p>On September 19, a bankruptcy court in Delaware approved the liquidation plan for the cryptocurrency firm Terraform Labs as part of its bankruptcy proceedings, according to <a href=\"https:\/\/www.reuters.com\/technology\/terraform-labs-approved-bankruptcy-wind-down-after-us-sec-settlement-2024-09-19\/\">Reuters<\/a>.<\/p>\n<p>The judge endorsed the company&#8217;s bankruptcy plan, describing it as a &#8220;welcome alternative&#8221; to further litigation over investor losses.<\/p>\n<p>The decision follows an agreement between Terraform Labs and its co-founder Do Kwon to settle claims with the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> by paying a <a href=\"https:\/\/u1f987.com\/en\/news\/terraform-labs-fined-4-47-billion-by-sec\">$4.47 billion fine<\/a>.<\/p>\n<p>The regulator has agreed to receive funds after investor losses are compensated. Terraform Labs itself struggled to estimate the total damage. Preliminary estimates suggest the collapsed platform could pay between $184.5 million and $442.2 million to all interested parties as part of the bankruptcy process.<\/p>\n<p>In April, during a court proceeding, a jury found Do Kwon and Terraform Labs <a href=\"https:\/\/u1f987.com\/en\/news\/do-kwon-found-guilty-of-fraud-in-sec-case\">guilty<\/a> of deceiving investors and securities fraud.<\/p>\n<p>In South Korea, the entrepreneur faces numerous charges, including violations of capital market laws.<\/p>\n<p>Earlier, Kwon was <a href=\"https:\/\/u1f987.com\/en\/news\/montenegro-to-release-do-kwon-amid-extradition-deliberations\">released from prison<\/a> in Montenegro after serving his sentence for attempting to cross the border with forged documents. He is currently awaiting extradition to South Korea.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On September 19, a bankruptcy court in Delaware approved the liquidation plan for the cryptocurrency firm Terraform Labs as part of its bankruptcy proceedings, according to Reuters. The judge endorsed the company&#8217;s bankruptcy plan, describing it as a &#8220;welcome alternative&#8221; to further litigation over investor losses. The decision follows an agreement between Terraform Labs and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,128,852,26],"class_list":["post-17148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-sec","tag-terra","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17148"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17147"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}