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‼️🔴 LUNC, LUNA USTC and Chapter 11🔴‼️
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Terra Sets Deadline for Crypto Loss Claims Amid Chapter 11 Bankruptcy
Terraform Labs (TFL) has provided an important update for the Terra community regarding the filing of crypto loss claims in its Chapter 11 bankruptcy case. Here are the key highlights:
Claim Filing Deadline: The deadline for filing crypto loss claims is August 21 at 5:00 pm ET. Only claims against TFL arising before January 21, 2024, and against TLL before July 1, 2024, are eligible. Late claims will not be considered for voting in the bankruptcy plan.
Recovery Prospects: The announcement is seen as a positive move for the Terra ecosystem, with expectations of a potential recovery in the prices of LUNA, LUNC, and USTC. TFL plans to reopen the shuttle bridge for redeeming wrapped assets on Terra Classic and burn tokens held in TFL and LFG wallets.
Market Impact: Despite the announcement, LUNA's price fell by 2% to $0.4231, LUNC dropped by 4% to $0.0000845, and USTC declined by 3% to $0.01927 in the last 24 hours. However, trading volumes have increased, indicating growing interest from traders.
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