Terraform Labs files for bankruptcy protection in the U.S.

PODGORICA, MONTENEGRO – JUNE 16: Do Kwon is taken outside of court on June 16, 2023 in Podgorica, Montenegro. Cryptocurrency TerraUSD and its companion token Luna collapsed in 2022, wiping out approximately 40 billion USD from the cryptocurrency market and Do Kwon, the founder was charged with fraud by American prosecutors following his arrest in Montenegro. (Photo by Filip Filipovic/Getty Images)

Filip Filipovic | Getty Images News | Getty Images

Terraform Labs, the company behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets in 2022, filed for Chapter 11 bankruptcy in the United States, according to court papers filed on Sunday.

Singapore-based Terraform Labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100-$500 million.

This article was originally published by a www.cnbc.com . Read the Original article here. .