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Terraform Labs Gets Court Approval to Shut Down, Because Who Needs Actual Value When You Can Just Make Up $40 Billion and Watch It All Go Poof?

BitcoinCrypto NewsEthereum Doug Martinez September 24, 2024

An illustration of a sinking ship with a massive hole in it, surrounded by waves labeled 'Losses' ($40 billion) and debris marked '$4.47 billion settlement'. In the background, a figure (Do Kwon) is shown running away from the wreckage while holding a briefcase.

Just when you thought it was safe to go back in crypto-land… Terraform Labs, the creators of that lovely $40 billion crater known as Luna Classic (LUNC), have finally been granted permission by a Delaware court to shut down their operations. And let’s be real, about time too! The company had been clinging on for dear life after its collapse sent shockwaves through the crypto market and left investors with significant losses. But hey, at least they got to settle with the SEC for $4.47 billion – that’s gotta count for something… right? I mean who needs actual value in their currency when you can just create it out of thin air and watch as people throw money at it like a bunch of crypto-fools?.

Source: bitcoin.com

Terraform Labs Gets Court Approval to Wind Down Operations in Bankruptcy
https://news.bitcoin.com/terraform-labs-gets-court-approval-to-wind-down-operations-in-bankruptcy
Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The company had been at the center of a scandal that left cryptocurrency investors facing significant losses after the Terra ecosystem collapsed. Terraform Labs has been granted approval to wind down its operations as part of a bankruptcy process following an agreement to settle with the U.S. […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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