Terraform Labs Announces it is Ceasing its Operations

Terraform Labs, under the leadership of CEO Chris Amani, has announced its decision to shut down following a $4.47 billion settlement with the United States Securities and Exchange Commission.

The company plans to sell off key projects in the Terra ecosystem and give control of the Terra blockchain to the community.

According to Amani, Terraform Labs had always planned to eventually dissolve and the recent settlement has accelerated this process.

The company was prepared to continue operations if they had won the trial, but the unfavorable outcome has made it impossible to continue.

The decision to dissolve comes after a $4.47 billion settlement with the SEC in relation to the collapse of the algorithmic stablecoin TerraUSD (UST) in 2022.