Three Arrows Demands $1.3 Billion From Bankrupt Terraform Labs

Quick Summary:

The brains behind the controversial TerraUSD and LUNA coins, TerraForm Labs, are now said to be the target of an eye-popping $1.3 billion lawsuit filed by Three Arrows Capital (3AC) in efforts to recoup damages from the catastrophic breakdown of the digital assets in May of 2022.

What was once a glorious reputation now lay in tatters, and there was a need to recover all the losses of this hedge fund.

Shortly after the crash, 3AC itself was declared bankrupt by a British Virgin Islands court, which appointed liquidators from Teneo to manage its remaining assets.

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Article Details

Author / Journalist: Christian Encila

Category: Crypto

Markets: HungaryEl SalvadorSouth KoreaUnited States

Topics: Terraform Labs Three Arrows 3AC Crypto News LUNA Do Kwon

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-13 @ 19:00:23 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 489 words

Reading Time: 3 minutes read

Sentences: 32 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 22068641

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About Bitcoinist

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Official Website: bitcoinist.com

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News Last Updated: 11 hours ago

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