Terraform Labs has announced that the Terra Shuttle Bridge will shut down permanently on October 30, 2024. This closure is a critical milestone as the company winds down operations following its Chapter 11 bankruptcy proceedings. Users have a limited opportunity to redeem their wrapped assets (like LUNC and USTC) before all remaining crypto assets will be burned once the bridge closes.

If you hold any assets on the Terra Classic platform, it's essential to take action before the deadline to avoid losing access to your funds. For further details, check out the full announcement .

#Terra #Terrashuttlebridge #TFL #TerraformLabs #Terraform

#Terraform Labs Fights Back: $5.3 Billion SEC Fine Faces $1 Million Counterpunch

Terraform Labs (#TFL ) is throwing punches back at the SEC's hefty $5.3 billion fine for Do Kwon's alleged fraud with #TerraUSD (#UST ). Their lawyers argue the penalty should be slashed to just $1 million, a 99% reduction.

The crux of their defense? The Luna Foundation Guard (LFG), not TFL, held the funds from the UST sales. TFL's lawyers claim the SEC should have pursued LFG directly for disgorgement (returning those funds).

This counters the SEC's demands for $4.7 billion in disgorgement and prejudgment interest, plus $520 million in civil penalties.

This legal battle adds another layer to the Terraform Labs saga. The company and Do Kwon were found guilty by a jury in April, leading to his current extradition fight in Montenegro.

The ripple effects of Terraform Labs' collapse in 2022 are still felt, with companies like BlockFi, Celcius, and #FTX all facing bankruptcy.

Will TFL's legal counteroffensive land? Only time will tell, but this fight is far from over.

JUST IN🚨

Mr Thomas Blanc submits his objections to #TFL bankruptcy plan:

#Terraformlabs #TFL #LUNC #LUNA