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What method will Terraform Labs use to return funds to creditors by the end of 2024?
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Terraform Labs Secures Court Approval for Bankruptcy Wind-Down After $4.47 Billion SEC Settlement: Reuters
Sep 19, 2024, 07:29 PM
Terraform Labs has received court approval to wind down its operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The settlement, valued at $4.47 billion, resolves accusations that the company defrauded cryptocurrency investors who lost approximately $40 billion when the TerraUSD and Luna tokens collapsed in 2022. The bankruptcy process, which was filed in January 2024, aims to return between $184.5 million and $1.2 billion to creditors. The approval was reported by Reuters and included a judge signoff.
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