Terraform Labs’ Chapter 11 Case: Key Developments and Implications for LUNA
- Terra to reopen the Shuttle bridge and move assets to secure wallets, available for redemption until 30 days post chapter 11 plan effectiveness.
- TFL to un-delegate and burn 150 million LUNA tokens as part of SEC settlement, affecting 49 validators recommended by the Terra Delegation Committee.
- The chapter 11 plan is pending court approval, expected to be effective by late September 2024, marking significant changes for Terra users.
Terraform Labs (TFL), the company behind the troubled Terra blockchain, has received court approval to reopen its Shuttle Bridge as part of its ongoing bankruptcy proceedings. This move allows users to redeem certain assets and marks a significant step in TFL’s restructuring efforts.
1/ Dear Terra community,
— Terra
We would like to inform you about a recent bankruptcy court order in TFL’s chapter 11 case authorizing TFL to do the following: 1) Reopen the Shuttle bridge for the redemption of wrapped assets on Terra Classic; 2) Undelegate & burn the 150M LUNA…Powered by LUNA
(@terra_money) July 19, 2024
Under the court order, TFL will reopen the Shuttle Bridge, enabling users to redeem wrapped assets on Terra Classic. Asse…
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