Terraform Labs Could Shut Down Several Products and Services

Terraform Labs issued a warning on September 25 that they will be shutting down various products and services on October 30 unless third parties take them over.

This decision is a result of Terraform’s plan to wind down after reaching a settlement with the SEC in June.

The company has been in talks with third parties, but the progress has not been satisfactory.

Their tweet serves as a reminder to the Terraform community and potential buyers that their time to take action is limited. Four services and four products are currently being discussed, including the Luna Foundation Guard which is still overseen by Do Kwon.

This decision to find new owners for these products and services was announced by Terraform CEO Chris Amani on June 12, after their settlement with the SEC:

“We were well positioned to accelerate things if we had won the trial, but unfortunately, we lost and as a result, can no longer operate.”

Despite this setback, the company remains committed to their goal of building innovative products.