Terraform Labs Sets August Deadline for Bankruptcy Claims: Impact on LUNC and USTC Investors

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Terraform Labs announced on its official X account that the deadline for filing claims in TFL and TLL’s Chapter 11 bankruptcy lawsuits is August 10 at 09:00 UTC. The business advised Terraform Lab’s claimants to submit their paperwork by this date. Terraform Labs, which created TerraUSD, filed for Chapter 11 bankruptcy with the Delaware bankruptcy court on January 21, according to Reuters. 

However, Terraform Labs sees its Chapter 11 petition as a strategic move to continue operations and address pending litigation in Singapore and the US, particularly with the SEC. Despite challenges, Terraform Labs has expanded its Web3 offerings with recent acquisitions like Pulsar Finance, a cross-chain portfolio manager, and the launch of Station v3, a new cryptocurrency wallet, demonstrating strong growth commitment.

1/ Important Notice for the Terra Community:

The General Bar Date for filing claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set to August 9, 2024, at 5:00 p.m. (ET).