Terraform Labs, the developer behind Terra blockchain, announced its dissolution and plans to sell its projects within the Terra ecosystem, such as Pulsar Finance, Station Wallet, and Enterprise DAO. This decision follows a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) related to the 2022 collapse of the UST stablecoin. CEO Chris Amani stated that Terraform Labs will cease operations completely and proposed a community proposal to destroy all unclaimed Luna tokens. He also suggested that the Terra and Terra Classic blockchains could continue under community control with a community-led governance model.

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In a recent announcement from TechFlow, Chris Amani, the CEO of Terraform Labs (the developer of the Terra blockchain), revealed the company's plan to dissolve and sell its projects in the Terra ecosystem, including Pulsar Finance, Station Wallet, and Enterprise DAO. He stated on the social media platform X, "TFL will cease operations entirely." This decision comes after Terraform reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) related to the UST algorithmic stablecoin event in 2022. Amani mentioned that the company will propose a community vote to burn all unallocated Luna tokens. He also suggested that Terra and Terra Classic blockchains could continue to operate under community control, advocating for a community-driven governance model.

Terraform Labs to Dissolve and Destroy Unclaimed Luna Tokens