The case between Terraform Labs (TFL) and the SEC is seeing new developments as TFL navigates its Chapter 11 bankruptcy. A key deadline has been set for October 31, 2024, marking the final opportunity for private wallet holders to withdraw their tokens from the Terra Classic shuttle bridge. This bridge, which facilitates the transfer of wrapped assets like LUNA Classic (LUNC) across networks like Ethereum and BNB Chain, will permanently burn any remaining assets after this date.

This asset burn is part of a larger restructuring plan aimed at transitioning the Terra Classic ecosystem to community-led maintenance. As TFL winds down its involvement with Terra Classic, the shuttle bridge's closure highlights the need for holders of wrapped assets to act promptly.