Terraform Labs (TFL), the company behind the once-dominant ecosystem, has issued a major warning to Terra Classic users. This follows the market meltdown caused by the collapse of its algorithmic stablecoin UST and its partner cryptocurrency LUNA last year, wiping out $40 billion. The firm manages fallout and transition plans, including system improvements and asset management guidelines, during chapter 11 bankruptcy.
Terra Classic users: calendar this date
Terraform Labs reopened the Shuttle Bridge interface on August 28. Users with wrapped LUNC (Luna Classic) and USTC (TerraUSD Classic) need this platform to move their coins across the blockchain and Ethereum, BNB Chain (BSC), and Harmony.
The notice said, “The new Shuttle Bridge interface to redeem wrapped assets is now open. […] The bridge will stay open until 30 days after the chapter 11 plan takes effect, anticipated to be 30 October 2024. Open the bridge to redeem and utilize your valuables. Please redeem your valuables ASAP to prevent issues.”
This interface allows users to retrieve assets from various blockchains to Terra Classic and redeem wrapped assets before the firm enters bankruptcy. All crypto assets under contracts will be burnt when the bridge shuts. Thus, this is the final chance for users before the bridge closes permanently. The announcement advised Terra Classic Terra Shuttle bridge users to redeem their assets.
The business made another important X news recently. The business announced Proposal 4818, its last blockchain update. In light of its legal and financial reorganization, the corporation plans to end its direct ecosystem development.
The statement added: “Proposal 4818 will be our final chain upgrade as TFL winds down. TFL cannot sustain further chain enhancements after its SEC settlement and chapter 11 plan.
