Dear reader,
Terraform Labs’s recent Chapter 11 bankruptcy filing adds a new chapter to the saga of the 2022 collapse of stablecoin TerraUSD. The Singapore-based company, now navigating legal complexities in both the US and Singapore, lists assets and liabilities between US$100 million and US$500 million.
Despite the financial turmoil, Terraform Labs commits to honouring obligations to employees and vendors without seeking additional funding. The filing aims to facilitate the execution of the company’s business plan amid ongoing legal battles, including litigation involving the Securities and Exchange Commission.
The SEC’s civil case, tied to the collapse of TerraUSD and Luna, postponed due to co-founder Do Kwon’s extradition proceedings, underscores the global impact of the alleged US$40 billion cryptocurrency fraud.
Terraform Labs faces a challenging road ahead, balancing legal obligations while planning the expansion of Web3 offerings.
Sainul,
Editor.
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News
Terraform Labs files for bankruptcy protection in US
The firm behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets in 2022, filed for Chapter 11 bankruptcy in the US; Singapore-based Terraform Labs listed assets and liabilities in the range of US$100-500M.
Clime Capital raises US$127M in first close of new greentech fund
Key investors include Allied Climate Partners, Australian Development Investments, and the Global Energy Alliance for People and Planet; The fund will be putting money into renewable energy, energy efficiency, electric mobility, and electrical grid businesses.
Insignia backs US$6M round of SG bookkeeping startup Bluesheets
Bluesheets helps businesses process financial data through automated workflows; As of mid-2022, Bluesheets had over 10,000 corporate clients, including Fidelis Capital, Guzman y Gomez, and Osome.
French digital asset firm Flowdesk raises US$50M to secure licenses in SG, US
Investors are Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple; Flowdesk offers services such as market making as a service (MMaaS), OTC trading, and treasury management.
TikTok usage is starting to slow — is TikTok Shop to blame?
While TikTok’s growth remains positive, that growth is decelerating; In 2022, TikTok’s MAUs grew an average of 12% y-o-y per quarter, but this figure fell to 3% y-o-y per quarter in 2023.
FinAGG raises US$11M to expand MSME financing in India
Lead investors are BlueOrchard and Tata Capital; Founded in 2019, FinAGG has reached over 85K borrowers in 100 Indian cities, disbursing over US$629M to date; The firm also provides loan management systems customised to the needs of local and international financial institutions.
Hackers breached Microsoft to find out what Microsoft knows about them
The firm said the hacking group, Midnight Blizzard, widely believed to be sponsored by the Russian government, hacked some corporate email accounts, including those of the company’s senior leadership team and employees in its cybersecurity, legal, and other functions.
Animoca partners with Honda to co-develop vehicle-related gameplay
Honda and Darewise (an Animoca subsidiary) will co-develop new gameplay and game assets for Life Beyond, including in-game items, activities, and Ordinals featuring Honda.
Razer Fintech taps BillEase for BNPL
Through the partnership, clients of Razer Merchant Services will be able to offer BillEase’s BNPL services to their customers; These include card-free installment options that enable users to pay within 10 to 20 days or over the course of several months.
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The post Ecosystem Roundup: Terraform Labs files for bankruptcy protection | Clime Capital’s greentech fund hits first close at US$127M appeared first on e27.