CoinVoice recently learned that Terra officially announced on the social platform that the bankruptcy court has authorized TFL to reopen Shuttle Bridge to redeem the encapsulated assets on Terra Classic and cancel the delegation and destroy the 150 million LUNA obtained from Terra community funding. According to the court order, TFL plans to transfer all assets in the Shuttle Bridge wallet to a new wallet and provide a simplified interface to support users to redeem encapsulated assets within 30 days, and then permanently close Shuttle Bridge and destroy the remaining assets.
TFL's proposed Chapter 11 plan is expected to take effect as early as late September 2024. In addition, pursuant to the bankruptcy court order and in accordance with the settlement reached between TFL and the SEC, TFL will begin the de-authorization process for the 125 million LUNA currently staked by 49 validators selected by Terra's recommendation. The list of these validators has been announced. Once LUNA is de-commissioned, both the 125 million LUNA used for delegation and the 25 million LUNA used for liquidity provision will be destroyed. [Original link]
