Terraform Labs (TFL), the development company of the Terra blockchain, has issued a statement to the Terra community about significant changes following recent financial difficulties. The announcement detailed measures such as reopening the Shuttle bridge and burning 150 million LUNA tokens.
In line with the recent bankruptcy court decision, TFL has the authority to reopen the Shuttle Bridge to redeem wrapped assets in Terra Classic. The company plans to move all assets in Shuttle bridge wallets to new, more secure wallets. Additionally, a simplified Shuttle bridge interface will be available, allowing wrapped assets to be transferred from bridge wallets for 30 days from the date of TFL's Chapter 11 plan going into effect.
At the end of this period, TFL plans to permanently close the Shuttle bridge and burn all remaining assets. However, the proposed Chapter 11 plan has not yet been approved by the bankruptcy court and is not expected to go into effect until the end of September 2024 at the earliest.
In line with the settlement reached with the SEC, TFL will begin the process of de-delegating the 125 million LUNA currently staked with 49 validators selected with the recommendation of the Terra Delegation Committee. After LUNA is taken back, both the 125 million LUNA used for delegation purposes and the 25 million LUNA allocated for liquidity provision will be burned.
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