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International Business Times

Business

Marvie Basilan

Terraform Labs Says Bankruptcy Filing 'Critical' In Its SEC Lawsuit Appeal

Terraform Labs SEC Terraform Do Kwon Lawsuit TfL UST United States Crypto blockchain

South Korean entrepreneur Do Kwon (C) founded Terraform Labs, whose remarkable implosion shook global crypto markets in 2022. (Credit: AFP)

KEY POINTS

CEO Amina wrote in a filing that Chapter 11 was 'critical' to helping TFL resolve claims against it
Terraform Labs filed for bankruptcy on Jan. 21
SEC accused Terraform and its founder of staging a crypto assets fraud

Blockchain company Terraform Labs (TFL) said Tuesday that its bankruptcy filing 10 days ago will help in its bid to appeal a lawsuit filed by the Securities and Exchange Commission (SEC) last year that alleged the crypto company and its founder Do Kwon of a staging a crypto assets fraud.

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