Terraform Labs files for Chapter 11 bankruptcy as Borroe Finance ICO surpasses $2.7 million

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.