Important notice from Terra! These user assets will be destroyed directly and permanently closed. Hurry up and withdraw them.
Terra was co-founded by Do Kwon and Terraform Labs in South Korea. The Terra blockchain mainnet was released in 2019, using LUNA as its native cryptocurrency. In some ways, Terra is similar to smart contract blockchains such as Ethereum because it allows smart contracts to be created and deployed on the Terra blockchain.
Terra announced on July 19 that the bankruptcy court order in TFL's Chapter 11 case authorized TFL to do the following:
1. Reopen the Shuttle Bridge to redeem the wrapped assets on Terra Classic;
2. Cancel the delegation and destroy 150 million LUNA obtained from Terra community funding.
On August 28, Terra stated on the social platform that the new Shuttle Bridge interface is now open and can be used to redeem wrapped assets.
Reopening the bridge allows users to transfer LUNC and USTC assets that were bridged to Ethereum Mainnet, BNB Chain (BSC), and Harmony Network back to Terra Classic.
The bridge will be open from now until 30 days after the effective date of Terraform Lab's Chapter 11 bankruptcy plan (estimated to be around October 30, 2024, based on the expected effective date of September 30, but this date is subject to change).
Opening the bridge provides users with the opportunity to redeem their assets and use them as needed. Please be sure to redeem your assets as soon as possible.
After the bridge is closed, user assets still in the contract will be destroyed and the bridge will be permanently closed.
