Terra to reopen Shuttle Bridge and destroy 150 million LUNA

On July 19, Terra officially announced on social platforms that the bankruptcy court has authorized TFL to reopen Shuttle Bridge to redeem the encapsulated assets on Terra Classic, and to cancel the commission and destroy the 150 million LUNAs obtained from Terra community funding. According to the court order, TFL plans to transfer all the assets in the Shuttle Bridge wallet to the new wallet, and provide a simplified interface to support users to redeem the encapsulated assets within 30 days, and then permanently close Shuttle Bridge and destroy the remaining assets.
TFL's proposed Chapter 11 program is expected to take effect as early as late September 2024. In addition, pursuant to the Bankruptcy Court order, and in accordance with TFL's settlement with the SEC, TFL will begin the de-authorization process for 125 million LUNAs currently pledged by 49 validators recommended for selection by Terra. A list of these validators has been made public. Once LUNAs are de-commissioned, both the 125 million LUNAs used for the commission and the 25 million LUNAs used for liquidity provision will be destroyed.