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Terraform Labs

CryptoSingapore
💀 Dead / Bankrupt
Peak $1 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    ~2021
  2. 📈
    Peak valuation
    $1 Billion ’22
  3. 💔
    Became a Unitard
    May 2022
  4. 💸
    Last valuation
    ~$0
Current status
Collapsed 2022; wound down 2024; fraud

How it happened

Terraform Labs created the Terra blockchain and its algorithmic stablecoin TerraUSD (UST) along with the LUNA token, briefly reaching a multi-billion-dollar ecosystem. In May 2022 UST lost its dollar peg and LUNA collapsed to near zero, erasing tens of billions in value. Founder Do Kwon faced fraud charges, and the company wound down in 2024.

Source: Global Venturing