{"id":168994,"date":"2024-07-19T17:31:24","date_gmt":"2024-07-19T17:31:24","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=168994"},"modified":"2024-07-19T17:31:26","modified_gmt":"2024-07-19T17:31:26","slug":"terraform-labs-makes-major-moves-shuttle-bridge-reopens-amid-bankruptcy-recovery","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/terraform-labs-makes-major-moves-shuttle-bridge-reopens-amid-bankruptcy-recovery\/","title":{"rendered":"Terraform Labs Makes Major Moves: Shuttle Bridge Reopens Amid Bankruptcy Recovery"},"content":{"rendered":"
TL;DR<\/p>\n
Terraform Labs (TFL), creator of the failed stablecoin<\/a> TerraUSD, continues to make progress in its restructuring process<\/strong>. The company, which filed for bankruptcy in January this year following the dramatic collapse of TerraUSD, has received a bankruptcy court order allowing it to proceed with its plan to exit Chapter 11.<\/strong> Among the authorized actions are the reopening of the Shuttle Bridge and the burning of millions of LUNA tokens<\/strong>.<\/p>\n TFL\u2019s bankruptcy occurred nearly two years after TerraUSD lost 99% of its value in a short period of 48 hours<\/strong>, causing a crisis in the crypto industry. In its court filing, TFL committed to meeting all its monetary obligations<\/strong> to employees and vendors without the need for additional financing.<\/p>\n 4\/ Undelegating & burning LUNA<\/p>\n Also under the bankruptcy court order, and in compliance with the settlement reached between TFL and the SEC, TFL will begin the undelegation process of the 125M LUNA currently staked with the 49 validators selected by recommendation of the Terra\u2026<\/p>\n — Terra \ud83c\udf0d Powered by LUNA \ud83c\udf15 (@terra_money) July 19, 2024<\/a><\/p><\/blockquote>\n\n