New Development on the Fate of Terra (LUNA) – Developers Released an Official Statement

Terraform Labs, the developer of Terra (LUNA) blockchain products, has announced that it is in talks with third-party organizations to take over the operations of some of its products and services.

However, if these negotiations do not result in a successful transfer, Terraform Labs will shut down these services by October 30, 2024.

The company’s official statement, shared via its X (formerly Twitter) account, outlined the affected products and services:

Products

• Enterprise DAO
• Warp Protocol
• Station Wallet
• Alliance Hub

Services

• Finder Block Explorer
• Foundation
• IBC Relayers
• Mantlemint, FCD and API Services

Terraform Labs won court approval for bankruptcy last week after reaching a settlement with the SEC. The company agreed to pay a $4.47 billion fine to the SEC in January.

Terraform Labs was the company behind the Terra (LUNA) token, which went bankrupt in 2022, setting off the collapse of a nearly $40 billion ecosystem. The company, previously led by founder Do Kwon, was placed into bankruptcy management following the collapse.

Terraform Labs stated that negotiations are ongoing, but if agreements cannot be finalized, these products and services will be discontinued by the end of October.

*This is not investment advice.