🔴 Terraform Labs files for bankruptcy after LUNA and USTC collapse that wiped out $40 billion in investor funds.

🚨 Founder Do Kwon faces criminal charges in South Korea and SEC civil charges in the US for alleged fraud related to LUNA and USTC.

📈 Terraform states that filing for bankruptcy will allow it to continue supporting the Terra community as it faces multiple legal cases.

📉 LUNA and USTC continue to trade well below their peak prices despite Terraform's bankruptcy filing and plans to move forward.