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

Bitget App

Trade smarter

Bitcoinsistemi2024/09/26 00:36

By:Mete Demiralp

The company behind the Terra (LUNA) altcoin has released a potentially significant statement regarding the future of the cryptocurrency.

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

Related News Analytics Company Reveals the Best and Worst Altcoins Distributed in Airdrops

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.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!