Terraform Labs moves $62.81M in BTC amid final wind-down steps
A crypto wallet linked to bankrupt Terraform Labs transferred 1,075 BTC, valued at approximately $62.81 million, to a new address on September 2. This transfer aligns with Terraform Labs' plan to wind down operations following a settlement with the SEC. After the transfer, the wallet contained around $2 million in altcoins, primarily Convex Finance’s CVX token and Governance OHM (GOHM) token. On August 27, Terraform Labs announced Proposal 4818, the final chain upgrade for the Terra blockchain, as it prepares to cease operations. Future support for the blockchain will rely on community-led initiatives. Terraform Labs is also selling assets to meet financial obligations from its $4.5 billion SEC settlement, which includes significant penalties and disgorgements for co-founder Do Kwon. The Terra ecosystem has struggled since the collapse of its UST stablecoin in 2022, leading to liquidity issues for projects on the platform.
