Terraform Labs may discontinue products, services in bankruptcy.

Terraform Labs will close a number of products and services on October 30, if no third parties step up to take them, the company warned on September 25 X. The selloff is part of Terraform's wind-down after settling with United. State Securities and Exchange Commission (SEC) in June.

“Discussions with third parties are ongoing,” Terraform said. Apparently, the discussions aren't going well, and the tweet reminds both the Terraform community and buyers of Terraform products that their time to act is limited.

Network bit on the block

Terraform listed four services and four products under discussion. The services include the Foundation – Luna Foundation Custodian, Do Kwon Executive Director, Blockchain Browser and Application Programming Interface (API) services.

The planned raids have been in the works for some time. After reaching a settlement with the SEC on June 12, Terraform CEO Chris Amani announced the company's intentions:

“I'm incredibly proud of how we've brought this company and ecosystem together and continued to build new products through it all. If we'd won the trial, we'd have been in a good position to accelerate things, but unfortunately we lost, so we can't do it.”

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Community will be busy, buyers can be seen.

The Terraform community will be asked to assume some responsibility for meeting the terms of the bankruptcy. “The community needs to take over the ownership of the chain. I believe there are a couple groups and divs that want to do that and you should see information on the forums soon,” Amani said in June. The community will logically take over the basic services of the network.

Pisco testnet APIs will be shut down in early September due to Terraform's bankruptcy plan. Although the sale was mentioned in June, Pulsar Finance may already have a buyer for the rest of the list of products up for sale.

Terraform filed for bankruptcy in the United States in January. It settled with the SEC in June, agreeing to pay $4.47 billion, including disgorgement, penalties and interest. On September 20, a Delaware bankruptcy judge approved Terraform's bankruptcy plan.

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