Terraform Labs Declares Bankruptcy Amid $40B Crypto Market Collapse 🚨

Crypto Firm Terraform Labs , Files for Bankruptcy.<br />Terraform Labs was previously responsible for a <br />$40 billion crypto market loss when its TerraUSD <br />and Luna stablecoins collapsed, Engadget reports. .<br />On Jan. 21, the company filed for <br />Chapter 11 bankruptcy protection.<br />'Bloomberg' estimates that Terraform Labs' <br />"assets and liabilities are both in the range of <br />$100 million to $500 million," according to Engadget. .<br />The crypto firm's number of creditors is estimated to be between 100 and 199. .<br />Last March, former CEO Do Kwon was arrested <br />in Montenegro for using a forged passport.<br />He is still in jail and awaits <br />extradition to the U.S.<br />He will likely be brought to America by mid-March to be tried for securities <br />fraud charges, 'Bloomberg' reports. .<br />South Korea, Kwon's home country, <br />has issued similar charges.<br />which is what reportedly led Kwon, <br />his family and some Terraform Labs employees to leave Singapore in 2022.<br />Kwon denied being "on the run" but was <br />later placed on Interpol's "red notice" list, at which point his fake passport was discovered. .<br />Engadget reports that the disgraced <br />CEO will likely meet a fate similar to <br />that of Sam Bankman-Fried of FTX <br />and Celsius Network's Alex Mashinsky.<br />Engadget reports that the disgraced <br />CEO will likely meet a fate similar to <br />that of Sam Bankman-Fried of FTX <br />and Celsius Network's Alex Mashinsky.<br />Engadget reports that the disgraced <br />CEO will likely meet a fate similar to <br />that of Sam Bankman-Fried of FTX <br />and Celsius Network's Alex Mashinsky