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"Terraform Labs Files for Chapter 11 Bankruptcy Protection in the U.S."

Terraform Labs, the company behind digital assets TerraUSD and Luna, has filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022. The company plans to continue its operations and support litigation pending in Singapore and the U.S. involving the Securities and Exchange Commission. The bankruptcy filing comes after the SEC postponed the civil trial against Terraform Labs and co-founder Do Kwon over an alleged $40 billion cryptocurrency fraud. Kwon, who owns a 92% stake in the company, is currently in custody in Montenegro and could be extradited to the U.S. or South Korea.