Terraform Labs, developer of the Terra (LUNA) blockchain, announced the acquisition of cross-chain portfolio management and analytics startup Pulsar Finance. This announcement comes amid ongoing legal disputes between Terraform Labs and its founders.
The cryptocurrency developer has been dogged by legal issues since the collapse of algorithmic stablecoin TerraUSD, a key element of the Terra blockchain, in May last year. The United States Securities and Exchange Commission (SEC) filed a lawsuit against Terraform in February, alleging that it sold unregistered crypto asset securities and defrauded investors.
Do Kwon, former CEO of Terraform Labs, was convicted by a court in Montenegro in June for using a fake Costa Rican passport to leave the country. Terraform's former COO, Chris Amani, took over from Kwon in July.
Amani said in a written statement that the acquisition of Pulsar provides immediate support to the company, allowing it to quickly bring cross-chain applications to market. “Acquiring Pulsar not only enriches our technology stack, but also adds an incredibly talented team led by three innovative entrepreneurs with a proven track record of building and launching successful applications,” said Amani.
Amani also said:
“Terraform Labs never stopped developing, but after Do's departure we had to take some time to adapt our strategy. The core principle behind TFL has always been to provide benefit. We are now focusing on applying this principle to the development of a blockchain ecosystem.”
*This is not investment advice.