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Terraform Labs, the company that from the crypto market with the collapse of its TerraUSD and Luna stablecoins, has finally filed for Chapter 11 bankruptcy protection on Sunday. reports that the crypto firm's estimated assets and liabilities are both in the range of $100 million to $500 million, with the estimated number of creditors being somewhere between 100 and 199. Co-founder and former CEO Do Kwon is listed as the majority shareholder at 92 percent, with an address registered in Singapore — where the company is incorporated.
Following the for traveling with forged passports last March, Kwon is currently still in jail until his extradition to the US — likely by mid-March, according to Bloomberg — where he will face . The entrepreneur is also wanted in his home country, South Korea, for similar charges, which reportedly led to him, his family and some key Terraform Labs personnel fleeing to Singapore between April and May 2022. Shortly before Interpol placed him on the in September that year, Kwon denied that he was "on the run," but the eventual discovery of his fake passports would suggest otherwise.
Kwon will likely join the fate of other big names in the crypto downfall, namely of FTX fame and former Celsius Network chief . Meanwhile, Coinbase continues its the SEC's accusation of it illegally running an unregistered national securities exchange, broker and clearing agency. Bloomberg analyst Elliott Stein that Coinbase may likely win full dismissal as soon as this quarter, if not by the end of Q2.
This article originally appeared on Engadget at
Console Bang News!
Following the for traveling with forged passports last March, Kwon is currently still in jail until his extradition to the US — likely by mid-March, according to Bloomberg — where he will face . The entrepreneur is also wanted in his home country, South Korea, for similar charges, which reportedly led to him, his family and some key Terraform Labs personnel fleeing to Singapore between April and May 2022. Shortly before Interpol placed him on the in September that year, Kwon denied that he was "on the run," but the eventual discovery of his fake passports would suggest otherwise.
Kwon will likely join the fate of other big names in the crypto downfall, namely of FTX fame and former Celsius Network chief . Meanwhile, Coinbase continues its the SEC's accusation of it illegally running an unregistered national securities exchange, broker and clearing agency. Bloomberg analyst Elliott Stein that Coinbase may likely win full dismissal as soon as this quarter, if not by the end of Q2.
This article originally appeared on Engadget at
Console Bang News!