According to Terraform's statement on the social network X, the opening of the Shuttle Bridge will allow users to redeem assets blocked on Terra Classic. Shuttle Bridge allowed assets to be transferred between Terra and other blockchains, but the service was closed. Terraform Labs plans to transfer all assets stored in the Shuttle Bridge wallet to a new wallet and introduce a simplified interface for a simpler repayment process.
Terraform reported that within 30 days, users will be able to release their blocked assets from the Shuttle Bridge wallet. After this period, Terraform will permanently close the Shuttle Bridge, and all remaining assets in the wallet will be destroyed.
To reduce the supply of LUNA tokens in circulation, the court allowed the company to cancel the distribution of tokens and destroy 150 million LUNA tokens received from Terra financing. The destruction will take place as part of a strategy to stabilize the LUNA exchange rate, the company said. In addition, Terraform will begin the process of deactivating 125 million LUNA, which were entered into the stake by 49 validators. After deactivation, these 125 million LUNA and 2.5 million LUNA used to provide liquidity will be destroyed.
The plan proposed by Terraform Labs has not yet received full approval from the bankruptcy court. It is expected that it will enter into force no earlier than the end of September 2024.
In June, Terraform Labs and its co-founder Do Kwon agreed to pay a $4.47 billion fine to the U.S. Securities and Exchange Commission (SEC). It recently became known that the Prime Minister of Montenegro, Milojko Spajic, turned out to be one of the early investors of Terraform Labs, although the politician claims that he did not invest money in the failed crypto project.