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CryptoIntelligence 2024-07-27 09:36:36

Terra’s Bankruptcy Court Order Spurs Major Reopening of Shuttle Bridge, Destruction of 150 Million LUNA Tokens

Terra’s Bankruptcy Court Order Spurs Major Reopening of Shuttle Bridge, Destruction of 150 Million LUNA Tokens

Terra has made significant strides in its restructuring efforts following a bankruptcy court order in Terraform Labs’ (TFL) Chapter 11 case. The court has authorized TFL to take crucial steps, including reopening the Shuttle Bridge and destroying a substantial amount of LUNA tokens. In a post on X, the blockchain platform noted that TFL will reopen the Shuttle Bridge, allowing users to redeem sealed assets on Terra Classic as part of the court’s directives. The Shuttle Bridge, a key infrastructure for transferring assets between Terra and other blockchains, had previously been closed. TFL plans to transfer all assets held in

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