Terraform Labs will ban US users and withdraw $23.8 million in LUNA liquidity from three platforms

Odaily News Terraform Labs (TFL) has announced changes to its operations following a court ruling by the U.S. SEC against it. TFL said it expects to receive a conduct injunction soon that would prohibit it from conducting certain activities in the United States. The company added that it will prepare for the injunction by blocking U.S. users from accessing some products and features starting the week of April 28. TFL called the development “disheartening” and said it is “opposed to geo-blocking in principle,” but has no choice but to adapt. Some projects will not be affected by this policy change, including Alliance, an open-source Cosmos SDK module, as well as the Terra blockchain itself. As a result of the injunction, TFL will also begin withdrawing $23.8 million worth of LUNA liquidity from three platforms (Astroport, Ura, and White Whale) on April 26, and will store the withdrawn LUNA in a multi-signature account through bankruptcy proceedings. (Crypto Slate) Earlier, after a jury found Terraform Labs and Do Kwon liable for civil fraud charges in a lawsuit with the U.S. SEC, the SEC filed a motion requiring them to disgorge $5.3 billion in ill-gotten gains and civil penalties.