Terraform Labs' latest bankruptcy filing gives it a do-or-die appeal to the U.S. SEC

Terraform Labs recently filed for bankruptcy protection in a U.S. court, giving the company a do-or-die appeal to the U.S. Securities and Exchange Commission (SEC), Reuters reports. Currently, Terraform Labs reportedly holds $28 million worth of bitcoin, $7 million worth of other cryptocurrencies, and $87 million worth of Lunar (LUNC), and the amount it owes in restitution goes beyond that. Typically, a bond of 110% of the damages is required to proceed with an appeal, but the company says it was able to avoid the bond by filing for bankruptcy earlier. "The SEC will not be able to afford to appeal the case, which ends in March," Theraform Labs argued in a court filing. In its upcoming appeal, Terraform Labs plans to argue that the case is outside the SEC's jurisdiction because Lunar-Terra has no securities, while saying it will continue with its blockchain project. The SEC declined to comment on Terraform Labs' claims.