Bittime -Terraform Labs (TFL), the developer of Terra blockchain, announced the latest operational changes regarding the court ruling in their case with the United States Securities and Exchange Commission (SEC).
Response to SEC Ruling
TFL anticipates receiving a conduct injunction order from the court. This order will prohibit TFL from conducting certain activities in the United States. To comply with the ruling, TFL plans to limit US users' access to some of their products and features starting April 28.
Please note that this policy change will not affect all projects. Projects like Alliance (an open-source Cosmos SDK module) and the Terra blockchain itself are still accessible to US users.
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LUNA Liquidity Withdrawal
In addition to access restrictions, TFL was also required to withdraw their LUNA token liquidity from various platforms due to court orders. This liquidity withdrawal will begin on April 26 with a total value of US$23.8 million.
The withdrawal will be made from three platforms: Astroport, Ura, and White Whale. Each position drawn represents a LUNA token pair. The withdrawn LUNA will be held in a multisig account by TFL for the duration of their bankruptcy process.
Chronology of Cases with SEC
The SEC filed charges against Terraform Labs in February 2023. The trial began in March 2023 and a judge found Terra and former CEO Do Kwon guilty of fraud in early April 2024.
In response to the ruling, the SEC filed various cease-and-desist requests against the defendants on April 19, 2024. These requests include restrictions on the defendants' ability to buy, offer, and sell crypto assets that are considered securities.
In addition, the SEC requested that the defendants not invite other parties to carry out these transactions. The SEC also requested financial fines and penalties totaling US$5.3 billion.
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Terraform Labs Remains Operating
The court decision in the SEC case impacts Terraform Labs' operations. They had to restrict US users' access to some products and withdraw liquidity of LUNA tokens.
Despite being declared bankrupt and experiencing the collapse of its TerraUSD (UST) stablecoin delinking from the dollar peg in May 2022, Terraform Labs still continues to operate and offer certain products.
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Do Kwon: The Founder of the Terra Crypto Ecosystem and Its Controversy
Terraform CFO for Previous Period Sent Back to South Korea
Terra's Downfall: Shadow of $5.3 Billion Fine Intai Do Kwon Over UST Tragedy?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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