Terraform Labs (TFL), the company behind the collapsed TerraUSD and LUNA tokens, is getting ready to shut down its operations. A recent court order has given them permission to take some important steps before they disappear.
Reopening the Shuttle Bridge and Burning LUNA
TFL is allowed to reopen the Shuttle bridge, which lets users transfer Terra assets to other blockchains like Ethereum and Binance Smart Chain. They’ll move all the assets in the Shuttle Bridge wallets to safer places and make it easier for users to get their tokens back. After 30 days, the bridge will be shut down permanently, and any remaining assets will be burned.
TFL also plans to burn 150 million LUNA tokens they received from the Terra Community Grant. They’ll also undelegate and burn 125 million LUNA tokens that were staked with validators.
TFL Winds Down Operations
This court order comes after TFL settled with the SEC for $4.47 billion. The company’s CEO, Chris Armani, said they’re disappointed with the outcome of the trial but are moving forward with their plans to close down and transfer ownership of the chain to the community.
Do Kwon, TFL’s former CEO, is still facing legal troubles in Montenegro. The Supreme Court overturned his extradition to South Korea, but the case is still being reviewed.
LUNA’s Price
LUNA’s price has dropped by 2% in the last 24 hours, but it’s still up 24% and 32% over the past week and two weeks, respectively.
