Tuesday, February 18, 2025

Terraform Labs to Close Products and Services in Bankruptcy Wind-Down

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Originally published on: September 25, 2024

As Terraform Labs prepares to wind down its operations following a settlement with the SEC in June, the company has announced plans to close a number of products and services on Oct. 30 if no third parties step up to take them over. Terraform continues to engage in discussions with potential buyers to ensure a smooth transition.

Among the services facing closure are the Luna Foundation Guard, the blockchain explorer, and its API services. Terraform CEO Chris Amani emphasized the importance of the community in taking over ownership and responsibilities as the company moves forward with its bankruptcy plan.

While the Pisco testnet APIs have already been shut down, there is potential for Pulsar Finance to find a buyer. Despite the challenges, Terraform remains hopeful that a solution will be found to keep these services operational.

Terraform filed for bankruptcy earlier this year and has since been working towards fulfilling the terms of its settlement. With a Delaware bankruptcy judge approving the plan, Terraform is now focusing on the next steps in its wind-down process.

Stay tuned for further updates on Terraform Labs and its ongoing transition in the coming weeks.

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