Terraform Labs said the bankruptcy filing will help the company file an appeal against the SEC

Current Terraform Labs CEO Chris Amani said the bankruptcy filing will help the company appeal a lawsuit from the US Securities and Exchange Commission (SEC).

Bankruptcy would allow the firm to appeal without having to post an expensive lien that would force Terraform Labs to close.

According to him, the company’s reserves include $28 million in Bitcoin, $7 million in various cryptocurrencies and $87 million in Luna.

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