• Terraform Labs is selling assets including Pulsar, Station, Enterprise, and Warp as part of its Chapter 11 bankruptcy.
  • According to the company, this initiative represents efforts to maximize value for its creditors and other stakeholders.

Bankrupt blockchain technology firm, Terraform Labs has recently announced that it has initiated a strategic sale of its assets, including its subsidiary, Proximity Panorama, LDA, as part of its ongoing Chapter 11 case with the U.S. Securities and Exchange Commission (SEC).

According to Terraform's official announcement, the company is actively looking to sell several of its businesses. Pulsar, a portfolio tracker with over 100 blockchains and an indexing SDK for easy data integration; Station, a non-custodial interchain hot wallet for the Cosmos ecosystem with over 600,000 downloads; Enterprise, a no-code platform for managing DAOs, including treasury and governance; and Warp, a decentralized protocol for automating smart contract execution based on conditions.

Not to mention, Terraform bought Pulsar Finance in November 2023, shortly before filing for Chapter 11 bankruptcy in Delaware in January. Terraform had introduced Enterprise in November 2022.

“The sale process represents a significant step in TFL's efforts to maximize value for its creditors and other stakeholders, as part of its broader wind-down of operations,” reads the official announcement.

Last month, Terraform and its former CEO, Do Kwon, reached a settlement agreement with the SEC involving $4.5 billion in disgorgement and civil penalties. The settlement permanently bans Kwon and Terraform from buying and selling crypto asset securities, including all tokens in the Terra ecosystem. 

Edited by Harshajit Sarmah