Terra will reopen the Shuttle Bridge and destroy 150 million LUNA

ChainCatcher news, Terra officials announced on social media that the bankruptcy court has authorized TFL to reopen the Shuttle Bridge to redeem wrapped assets on Terra Classic and to unbond and destroy 150 million LUNA obtained from the Terra community fund. According to the court order, TFL plans to transfer all assets in the Shuttle Bridge wallet to a new wallet and provide a simplified interface to support users in redeeming wrapped assets within 30 days, after which the Shuttle Bridge will be permanently closed and the remaining assets will be destroyed.

The Chapter 11 plan proposed by TFL is expected to take effect as early as late September 2024. Additionally, according to the bankruptcy court order and in accordance with the settlement reached between TFL and the SEC, TFL will begin the unbonding process for 125 million LUNA currently staked by the 49 validators recommended by Terra. The list of these validators has been published. Once LUNA is unbonded, the 125 million LUNA used for staking and the 25 million LUNA used for liquidity provision will be destroyed.