Bankrupt crypto firm Terraform Labs is looking to sell four of its businesses as part of a $4.5 billion deal with the United States securities regulator that sees it winding down operations.

Terraform said on July 9 that it is “actively exploring options” to sell its portfolio tracking platform Pulsar Finance, crypto wallet platform Station, the no-code decentralized autonomous organization (DAO) management platform Enterprise and its smart contract automation protocol Warp.

Bankrupt crypto company Terraform Labs is looking to sell four of its businesses as part of a $4.5 billion deal with the United States securities regulator that sees it winding down its operations.

Terraform said Saturday that it is “actively exploring options” to sell its portfolio tracking platform Pulsar Finance, crypto wallet platform Station, the no-code decentralized autonomous organization (DAO) management platform Enterprise and its smart contract automation protocol Warp.

Terraform acquired Pulsar Finance in November 2023, just months before it filed for Chapter 11 bankruptcy in Delaware in January. The company launched Enterprise a year earlier in November 2022.

It still actively develops its Warp protocol and Station wallet, with their last respective updates in February and March.

The sale is an effort to “maximize value for its creditors and other stakeholders” and is part of its “broader wind-down of operations under the terms of its settlement with the US Securities and Exchange Commission,” Terraform added.

Last month, Terraform settled with the SEC for $4.5 billion — agreeing to pay nearly $3.6 billion in disgorgement, a $420-million civil penalty and around $467 million in prejudgment interest.

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The deal also saw Kwon and Terraform essentially banned from the crypto industry, ending the SEC’s February 2023 lawsuit charging them with securities law violations and fraud.

Terraform created a cryptocurrency, Terra Luna Classic (LUNC), which was interconnected with the US dollar algorithmic stablecoin TerraUSD (UST), now called TerraClassicUSD (USTC), which lost its peg to the dollar in May 2022.

The way Terraform’s ecosystem was designed meant the depeg caused an unstoppable death spiral for the prices of USTC and LUNC, as the price of one was meant to balance the other. Both are now essentially down 100%.

The price of its current token, Terra LUNA $0.38 , didn’t move on the news and is down 3% on the week to $0.37 — it is also down 98% since its May 2022 peak of $18.87, per CoinGecko.

LUNA

$0.38

Terraform invited those interested in buying its businesses to contact its investment banker, CAVU Securities.

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