By press time, LUNC had dropped significantly by 10.21% on the previous day following Crypto.com’s announcement that the cryptocurrency would be delisted.
LUNC Delist: Crypto.com Confirms Delisting The Coin Due to Bankruptcy Filing
Investors were notified by email of the delisting, which was set to happen on February 15. When the material was first released, there were questions regarding its veracity and possible email spoofing because there had been no prior official notification.
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Terraform Labs Files for Chapter 11 Bankruptcy
As soon as Crypto.com confirmed the delisting without releasing an official statement via their website or social media accounts, the rumors were verified. Only a few hours after Terraform Labs, the company that created Terra Classic, filed for Chapter 11 bankruptcy protection in the US, the situation became worse.
With assets and liabilities between $100 and $500 million, Terraform Labs filed for bankruptcy on Sunday. During the bankruptcy procedures, the company plans to continue growing its offerings and fulfill all of its financial obligations to suppliers and employees without taking on any further debt.
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