TERRAFORM LABS TO LIQUIDATE AND BURN LUNC BY OCTOBER 30

Terraform Labs (TFL) and CEO Chris Amani have announced plans to shut down by October 30, 2024, following a bankruptcy court order and settlement with the SEC. Ongoing negotiations with third-party companies to take over some of its products and services may prevent the shutdown, but if talks fail, TFL will liquidate key assets.

The Terra Luna Classic (LUNC) blockchain's maintenance will transition to the community, with Binance's LUNC burn mechanism boosting market sentiment. LUNC's price has risen 2% in the past 24 hours, while LUNA is up 1%, reflecting growing interest amid TFL's closure plans.

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