what's terraform labs?
Terraform Labs is a blockchain software company founded in 2018 by Do Kwon and Daniel Shin in Seoul, South Korea. The company developed the Terra blockchain protocol, designed as a decentralized payment platform that utilizes algorithmic stablecoins pegged to fiat currencies. Terra aims to provide efficient, low-cost transactions for payments and DeFi applications by combining proof-of-stake consensus with stablecoin mechanics to maintain price stability without traditional collateral. The protocol's native token, Luna, serves as a reserve asset to support the stablecoins, such as TerraUSD (UST), through arbitrage mechanisms and seigniorage. Users can mint and burn stablecoins against Luna to adjust supply and demand, enabling seamless integration into global payments. Terraform Labs focused on expanding Terra's ecosystem through partnerships and developer tools, emphasizing scalability and interoperability with other blockchains. Following the dramatic depegging and collapse of UST in May 2022, Terraform Labs faced regulatory scrutiny, leading to bankruptcy filing in 2024. The company continues to handle creditor claims and legal resolutions while the Terra community maintains the forked Terra Classic chain.
Terraform Labs' administrator sued Jump Trading and executives for $4B, alleging collapse contribution.
Links
x.com/terra_moneyThe plan administrator overseeing Terraform Labs' wind-down filed a lawsuit against Jump Trading, co-founder William DiSomma, and former crypto division head Kanav Kariya, seeking $4 billion in damages and alleging Jump contributed to Terraform Labs' collapse.
Do Kwon could be extradited to South Korea after serving half his 15-year sentence, facing up to 40 additional years there; judge describes fraud as unusually serious with Kwon publicly lying to markets for four years.
Co-founder Do Kwon receives 15-year prison sentence for $40 billion Terraform fraud, exceeding the 12 years prosecutors requested in December.
The project recruits 2-3 alpha testers for Stripe Terraform integration, entering alpha testing phase with features for code-based Stripe configuration management, templating, deployment, and account setup from prompts.
U.S. prosecutors request 12-year prison sentence for co-founder Do Kwon, contrasting with his prior request for a 5-year cap, with sentencing scheduled for December 11.
Co-founder Do Kwon requests his sentence be capped at five years in the $40B TerraUSD fraud case.
Founder Do Kwon forfeits $15.1M down payment on luxury Singapore penthouse, court also orders his wife to pay extra rent.
Co-founder Do Kwon to plead guilty August 12 in $40B fraud case
Crypto Loss Claims deadline for Wind Down Trust set for May 16, 2025 at 11:59 PM ET. Late submissions not accepted.
Crypto Loss Claims deadline for Wind Down Trust set for May 16, 2025 at 11:59 PM ET. Late submissions not accepted.
Legal proceedings against founder continue uninterrupted despite DOJ organizational changes.
$40B collapse leads to reimbursement claims via basic Google Form portal, raising accountability concerns.
Crypto Loss Claims Portal opens March 31, 2025. Deadline for eligible claims is April 30, 2025 at 11:59 PM ET. Claims require proof of ownership via wallet addresses or API keys.