Token Burning Statement from Terra (LUNA) Developers – Token Holders Have Things to Do
Terra (LUNA) developers made a statement about bankruptcy proceedings and token burns in an official announcement.
Terraform Labs (TFL), the development company behind the Terra blockchain, has released a statement outlining the significant changes following their recent bankruptcy. The announcement addressed to the Terra community details the reopening of the Shuttle bridge and the burning of 150 million LUNA tokens.
Under a recent bankruptcy court decision, TFL was authorized to reopen the Shuttle bridge to redeem wrapped assets in Terra Classic. The company plans to move all assets held in Shuttle bridge wallets to new, more secure wallets. A simplified Shuttle bridge interface will be available.
