Terraform Labs Shuttle Bridge Update
Terraform Labs is excited to announce the opening of the new Shuttle Bridge bridge, allowing users to redeem assets previously locked on the Terra Classic platform. The Shuttle Bridge service is now available in a new wallet with a simplified interface for a more convenient redemption process.
Users have 30 days to redeem their assets from the Shuttle Bridge wallet before all remaining assets are destroyed, and the service is permanently closed.
LUNA Token Supply Reduction
Terraform Labs has revealed plans to reduce the supply of LUNA tokens. The company has been granted permission to cancel the distribution of tokens and destroy 150 million LUNA tokens from Terra’s funding to stabilize the token’s price. Additionally, the deactivation process of 125 million LUNA tokens staked by 49 validators has begun. After deactivation, these tokens, along with 2.5 million LUNA used for liquidity, will be destroyed.
Approval from the bankruptcy court is pending, with the implementation expected by the end of September 2024.
Terraform Labs and SEC Fine
In recent news, Terraform Labs and co-founder Do Kwon have agreed to pay a $4.47 billion fine to the U.S. Securities and Exchange Commission (SEC). It has also come to light that the Prime Minister of Montenegro, Milo Djukanovic, was an early investor in Terraform Labs, denying involvement in the failed project.
