Terraform Labs, the developer of stablecoin TerraUSD and associated coin Luna, has unexpectedly filed for Chapter 11 bankruptcy.
This development happened while Borroe Finance's initial coin offering (ICO) is nearing $2.7 million, introducing innovative Web3 financing ideas.
Terraform Labs is based in Singapore and the news comes amid price drops for Terra Classic, which fell by 34% in 2024.
However, despite these humps, Borroe Finance continues to draw substantial investment, indicating investors' confidence in its ICO.