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Terraform Labs: The Crypto Company That Somehow Managed to Bleed Money for Almost Two Years Before Realizing It Was a Bad Idea

An illustration of a sinking ship with its hull cracked open revealing an empty treasure chest at its center; flames engulfing part of the vessel's stern while smoke billows out from other areas; debris scattered across the water around it. In the background, a faint outline of a cityscape can be seen through the haze and darkness. The sky above is painted with hues of orange-red as if reflecting the intense heat emanating from the shipwreck. A few seagulls fly overhead in distress amidst the chaos below; their silhouettes stark against the fiery backdrop.

Well folks it looks like another crypto company is about to meet its maker! Terraform Labs’ impending bankruptcy hearing could be the nail in the coffin for this failed project that has been hemorrhaging cash since 2022. What’s surprising isn’t that they’re failing but how long it took them to realize their business model was a joke.

Source: bitcoin.com

The Chapter 11 bankruptcy reorganization hearing for Terraform Labs Pte. Ltd. and Terraform Labs Limited is set for Sept. 19, 2024, at 10 a.m. EDT. This hearing will be pivotal in shaping the future of the crypto company, which has encountered substantial hurdles since the Terra ecosystem’s collapse in 2022. Terraform Labs (TFL), the driving force behind the Terra blockchain, is nearing a significant Chapter 11 bankruptcy hearing on Sept. […]

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