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News

Terraform Labs Acquisition Now Expands Though Legal Dispute Remains

November 13, 2023 - Around 2 mins mins to read

Key Points:

  • Terraform Labs has confirmed its acquisition of Pulsar Finance, a cross-chain portfolio management startup.
  • The Terraform Labs acquisition occurs amid ongoing legal battles, particularly with the SEC, over the collapse of TerraUSD last year.
  • Former head Do Kwon’s legal troubles led to Chris Amani taking over as COO.
According to The Block, Terraform Labs, the distinguished developer behind the Terra blockchain, has officially confirmed its acquisition of Pulsar Finance, a pioneering cross-chain portfolio management and analytics startup.
Terraform Labs Acquisition Expands Though Legal Dispute Remains

Terraform Labs Acquisition: Pulsar Finance Joins the Fold

This strategic Terraform Labs acquisition is set against the backdrop of ongoing legal challenges the company faces, primarily linked to the collapse of the algorithmic stablecoin TerraUSD in May of the previous year—a significant component of the Terra blockchain.

In a noteworthy development, Do Kwon, Terraform Labs’ former head, was convicted in June by a Montenegro court for attempting to use a counterfeit Costa Rican passport to exit the country. Following Kwon’s legal troubles, Chris Amani assumed the role of Terraform’s COO in July.

Terraform Labs Faces SEC Amidst Pulsar Integration

The most prominent legal battle involves the United States Securities and Exchange Commission (SEC), which filed a lawsuit against Terraform in February, alleging the sale of unregistered crypto asset securities and investor fraud. Both parties have recently sought a summary judgment, potentially expediting a verdict without a full trial. Terraform’s legal team contends that the SEC lacks evidence of the sale of securities.

Commenting on the Terraform Labs acquisition, Amani highlighted its immediate advantages, stating that incorporating Pulsar into their ecosystem not only enhances their technological capabilities but also brings on board a highly skilled team led by three innovative entrepreneurs with a proven track record. The Terraform Labs acquisition positions Terraform to swiftly introduce cross-chain applications to the market, marking a pivotal moment in the company’s trajectory.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Chris Amani

do kwon

Terra

Terraform Labs

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.