Terraform Labs CEO Chris Amani announced that the company is shutting down.

According to Amani, the firm plans to sell its projects in the Terra ecosystem, including Pulsar Finance, Station Wallet and Enterprise DAO.

All LUNA that remains in the company's wallets will be burned.

He also added that the Terra and Terra Classic blockchains can continue to operate under community control.

Yesterday, Terraform agreed to pay $4.47 billion to settle a lawsuit from the Securities and Exchange Commission (SEC).