šš„ Major event in sight! Terraform Labs announces a crucial date for recovering your cryptos! š„š
Terraform Labs, the crypto giant, finally sets a deadline for submitting refund requests in its bankruptcy case. This announcement could well mark a decisive turning point for the recovery of $LUNA , $LUNC and $USTC ! šš°
š Essential details for crypto creditors
Terraform Labs has unveiled a major update for its community. Individuals or entities with crypto redemption claims against Terraform Labs debtors may now submit such claims for Chapter 11 voting purposes. This move is expected to support the gradual price recovery of LUNA, LUNC, and USTC, as Terra prepares to compensate creditors.
š Crypto Refund Request Deadline
In an official statement, Terraform Labs announced that initial applications must be submitted by August 21 at 5:00 p.m. ET. āIf you have a crypto loss claim against TFL from before January 21, 2024, or against TLL from before July 1, 2024, please submit them before the deadline to be considered in the Chapter 11 framework," TFL said.
ā ļø Holders who do not submit their requests on time will not be considered creditors for voting on the debtors' plan. The status of creditors will be addressed in the Chapter 11 plan for acceptance or distribution of applications.
š Impact on LUNA and LUNC prices
TFL's bankruptcy proceedings are seen as a positive sign for LUNA and LUNC prices. TFL plans to reopen the transfer bridge for retrieving wrapped assets on Terra Classic and plans to burn tokens in TFL and LFG wallets.
Currently, LUNA is down 2% in the last 24 hours, trading at $0.4231 with a low of $0.4184 and a high of $0.448. Despite this, trading volume increased by 51%, showing growing interest among traders.
Likewise, LUNC fell 4% to $0.0000845 from a high of $0.00009209. USTC also saw a 3% decline, now trading at $0.01927.
Upcoming deadlines and strategic moves by Terraform Labs are crucial to the potential recovery of LUNA, LUNC and USTC in the crypto market.
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