Terraform Labs CEO: Plans to Dissolve Company and Burn Remaining LUNA

IconCryptoNewsTerminal Staff13 Jun, 2024

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Terraform Labs CEO: Plans to Dissolve Company and Burn Remaining LUNA

Terraform Labs to Dissolve, Remaining LUNA to Be Burned Following the Terra-Luna collapse and the settlement with the SEC, Terraform Labs CEO Chris Amani has announced the company's dissolution. In a Telegram message, Amani stated that Terraform Labs will burn all remaining LUNA in its wallets and sell non-essential assets. The Terra and Terra Classic ecosystems will continue to operate under community ownership. Amani encouraged community members to take responsibility for the chains and participate in their development. Terra ecosystem projects will remain independent and are not affected by Terraform Labs' dissolution. This dissolution marks a significant chapter in the Terra saga, as the company responsible for the troubled stablecoins seeks to move forward.

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