A decade ago, both Fisker Automotive and Coda sold themselves off to other buyers in their Chapter 11 restructurings.
Now known as Nu Ride Inc., the reconstituted version of Lordstown Motors will also pursue “potential business combinations,” though it did not say what kinds of mergers it is seeking.
It sold the former General Motors factory it once owned to Foxconn; the assets related to its electric pickup truck were snapped up by Lordstown founder Steve Burns.
Lordstown Motors sued Foxconn in June 2023 when it initially filed for bankruptcy protection.
Lordstown’s lawsuit has more or less been on hold while the Chapter 11 proceedings played out.
Singapore-based Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022.
According to a court document filed today, Terraform Labs’ estimated assets and liabilities range from $100 million to $500 million, while the number of creditors is between 100 and 199.
Terraform Labs plans to continue expanding its Web3 business, according to its statement.
Founded in 2018, Terraform Labs wiped out at least $40 billion in market value and collapsed the crypto industry in May 2022.
The bankruptcy filing comes four days after the U.S. SEC agreed to postpone the civil trial against Do Kwon Terraform Labs co-founder over an alleged $40 billion cryptocurrency fraud to March 25 from January 29.
Solana Mobile is swinging for the stars after it announced a second, cheaper web3 phone phone dubbed “ Chapter 2 ” earlier this week.
Demand for the Chapter 2 is apparently so high, Solana Mobile hit its 7-day sales goal within the first 24 hours, Raj Gokal, co-founder of Solana and president of Solana Labs, exclusively told TechCrunch.
In the first 24 hours after the phone was announced, Solana Mobile saw over 25,000 preorders, and by the 30-hour mark, it had 30,000 preorders, Gokal said.
“For developers, Solana Mobile is creating a massive opportunity for crypto app teams looking to incentivize their users,” Gokal said.
“Giving back to the community has a snowball effect: As more developers start releasing crypto-incentivized apps to Solana Mobile users, we’ll see even greater adoption,” Gokal said.
If you lost access to your money when the crypto firm holding your assets filed for bankruptcy, it’s possible that you won’t be able to get it back. Assets held…
