COURT ORDER ON TERRA CLASSIC: SHUTTLE BRIDGE REOPENS, 150 MILLION LUNAS BURNED 🚀
Amid the ongoing bankruptcy process of Terraform Labs (TFL), a court order has allowed TFL to reopen Shuttle Bridge to recover wrapped assets in Terra Classic. This bridge is a key infrastructure that enables the transfer of assets between Terra and other blockchains. The court order allows users to recover their assets for a period of 30 days. At the end of this period, Shuttle Bridge will be permanently closed and all unused assets will be destroyed.
In addition, another regulation was approved by the same court, allowing TFL to burn 150 million LUNA. This move aims to stabilize the price and restore investor confidence by reducing the circulating supply of LUNA in Terra Classic. It is also planned to remove 125 million LUNA from validators and burn them.
These developments are drawing attention as part of the restructuring efforts of the project led by Kwon after the collapse of the Terra ecosystem. However, there are also regulatory criticisms; in particular, the fact that the SEC is in a receivership position has been criticized by some industry leaders.
🔥🔥🔥In conclusion, the reopening of the Shuttle Bridge and the burning of LUNA are significant developments for the Terra Classic community‼️
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- The information contained in this article is never investment advice and is for accurate and up-to-date information purposes. STAY TUNED‼️ Be sure to do your own research❗️
References:
• Crypto Intelligence News, 2024. Terra’s Bankruptcy Court Order Spurs Major Reopening of Shuttle Bridge and Destruction of 150 Million LUNA Tokens. [Accessed: October 24, 2024].
