Terraform Labs received approval from a U.S. bankruptcy judge to begin liquidation. Terraform estimates it will pay stakeholders about $184.50 million and $442.20 million as part of the bankruptcy. In February 2023, the SEC filed charges against Terraform and its co-founder Do Kwon over the algorithmic stablecoin Terra USD (UST), which collapsed a year earlier. The agency said the company deceived and misled investors. Before reaching a settlement, the two sides argued over the amount of the fine. Lawyers for Terraform and Kwon said the fine should be closer to $1 million, while the SEC proposed they pay $5.30 billion.