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Cryptocurrency News Articles
Terra Luna Classic (LUNC) Faces Crucial Turning Point as TerraForm Labs Agrees to Wind Down Business
Sep 11, 2024 at 02:00 am
Terra Luna Classic (LUNC) faces a crucial turning point as the investors affected by Terra Luna's system crash in May 2022 are filling up their crypto claims
TerraForm Labs to Burn Assets, Paving Way for LUNC’s Biggest Burn Ever
Terra Luna Classic (LUNC) is at a critical juncture as investors impacted by the Terra Luna system crash in May 2022 file their crypto claims.
As part of its Chapter 11 bankruptcy filing, TerraForm Labs is set to wind down its operations by the end of October 2024, burning all assets originally issued. Post this date, TerraForm Labs will no longer be able to access any digital funds on Columbus-5 or Phoenix-1-based chains.
“The judgment requires the defendants to burn or destroy private keys in TerraForm’s possession to wallets or blockchain assets holding UST, MIR, LUNA, Wrapped LUNA, and LUNA 2.0,” reads the concluding statement from the U.S. Securities and Exchange Commission (SEC).
Recently, TerraForm Labs was directed to reopen the Shuttle Bridge, which was closed during the tumultuous events of Terra Luna’s UST de-peg in May 2022. This temporary reopening of the DeFi protocol allowed users to claim their wrapped assets on LUNC, as per the court’s directive.
According to on-chain data from Terra Finder, the community has successfully withdrawn 2.58 billion LUNC tokens from the Shuttle Bridge thus far.
As the $4.5 billion settlement in the legal case against TerraForm Labs obliges the Web3 company to cease its operations, the assets in protocols like Anchor or Mirror are set to be burned soon. According to HappyCatKripto, a popular YouTuber and LUNC validator, four known wallets are linked to the Mirror protocol, each holding over 500M tokens.
Combined with the funds in the Anchor protocol, the Terra Classic tokens awaiting incineration amount to a staggering 275 billion coins, valued at roughly $22 million. This presents the potential for one of the grandest LUNC burns ever, with over a quarter of a trillion Terra Luna Classic tokens set to be burned in a single event.
“Getting those burns early will really provide the momentum we need,” HappyCatKripto stated. Such a burn would, of course, be best executed in coordination with Binance and other exchanges involved in the chain’s restoration efforts.
To achieve this, the validator urged the community to migrate Mirror and Anchor protocol contracts to a new code using a governance model similar to Risk Harbor. Both governance proposals are currently open for voting and discussion, while the timeline for this grandiose burn is yet to be determined.
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