Terraform Labs, the parent company of the defunct stablecoin TerraUSD, has submitted a petition for Chapter 11 bankruptcy protection in the United States. What Happened: Do Kwon co-founded Terraform Labs lodged an official request for Chapter 11 bankruptcy protection with the United States Bankruptcy Court for the District of Delaware, reported Cointelegraph on Monday. The filing comes amidst a wave of substantial legal difficulties the firm is currently battling. Terraform Labs’ CEO, Chris Amani, pronounced the move as a necessary measure for the company to maintain operations while addressin…
