Key Takeaways:
- Terraform Labs may shut down key services by October 30 unless third parties assume control.
- The company is winding down after a $4.47 billion SEC settlement, with slow ongoing negotiations.
- Core services at risk include Luna Foundation Guard, blockchain explorer, and API services.
Terraform Labs has announced the potential closure of several key products and services by October 30 unless third parties step in to take over operations.
The company, which is winding down after a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) in June, revealed ongoing but slow negotiations in a recent update.
Dear Terra Community,
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) September 25, 2024
Terraform Labs continues with progress with 3rd party discussions to take over operations of some of our products and services. However, in the case that they are not successful, we will be shutting down those products on October 30, 2024.
The products and…
The services at risk include the Luna Foundation Guard, blockchain explorer, and API services, with Luna Foundation still led by Do Kwon.
Terraform CEO Chris Amani had outlined this post-settlement strategy in June, expressing pride in the company’s resilience.
Community involvement is expected to be crucial, with some developers showing interest in managing the chain.
Terraform has already shut down its Pisco testnet APIs, while another product, Pulsar Finance, may have been sold.
The company filed for bankruptcy in January, with its plan approved by a Delaware judge in September.
Further updates will be provided to the Terraform community as discussions continue.
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