#XmasCryptoMiracles

What Happened: $LUNC Kwon co-founded Terraform Labs lodged an official request for Chapter 11 bankruptcy protection with the United States Bankruptcy Court for the District of Delaware, reported Coin telegraph on Monday.

The filing comes amidst a wave of substantial legal difficulties the firm is currently battling. Terraform Labs’ CEO, Chris Amani, pronounced the move as a necessary measure for the company to maintain operations while addressing the pending legal matters.

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Amani took the opportunity to underscore the tenacity of the Terra community and its ecosystem in the face of difficulty. He asserted that the bankruptcy protection would safeguard their capacity to carry on collaborating with the community on infrastructure, inventive tools, and products, and additional ecosystem support.

Reports reveal that the now insolvent firm has a range of $100 to $500 million in both projected assets and obligations.