Blockchain Gaming
Terra's Restructuring Efforts and Token Destruction
Saturday. July 20 at 3:30 AM
1 min. readTerra has made significant progress in its restructuring efforts following a court order in Terraform Labs’ Chapter 11 case. The court has allowed TFL to reopen the Shuttle Bridge and destroy a large number of LUNA tokens. This marks a crucial moment for the company. TFL will reopen the Shuttle Bridge as directed by the court, enabling users to redeem assets on Terra Classic. The company plans to transfer assets to a new wallet and simplify the redemption process. Users have a 30-day window to redeem their assets before the bridge closes permanently. Additionally, TFL will cancel and destroy 150 million LUNA tokens to stabilize their value. These actions are part of TFL's strategy to recover from bankruptcy and establish itself as a reliable player in the crypto industry. The company has also settled with the SEC to address regulatory concerns and ensure compliance with securities laws.