Terraform Labs sets October 30 deadline for Terra Classic users

Terraform Labs (TFL), the entity behind the Terra Classic ecosystem, has issued a critical notice to users following the collapse of its algorithmic stablecoin UST (CRYPTO:UST) and cryptocurrency LUNA (CRYPTO:LUNA), which led to a $40 billion market wipeout last year. 

Currently undergoing Chapter 11 bankruptcy proceedings, the company is focused on managing its transition plans, including system updates and asset management. 

On August 28, Terraform Labs announced the reopening of the Shuttle Bridge interface, a platform crucial for holders of wrapped versions of Luna Classic (CRYPTO:LUNC) and TerraUSD Classic (CRYPTO:USTC). 

This bridge facilitates transfers between the Terra Classic blockchain and other major blockchains like Ethereum, BNB Chain (BSC), and Harmony. 

The Shuttle Bridge will remain open until 30 days after the effective date of the Chapter 11 plan, estimated to be around October 30, 2024. 

Users are urged to redeem their assets through the bridge before it permanently closes. 

After this date, any crypto assets still in the contracts will be burned. 

Terraform Labs emphasised the importance of this window, advising users to act promptly to avoid losing their assets. 

Additionally, Terraform Labs has announced its final planned blockchain upgrade, Proposal 4818, as part of its strategy to conclude direct involvement in the ecosystem due to ongoing legal and financial restructuring. 

This upgrade, expected to be the last under Terraform Labs, marks a significant shift from TFL-led development to community-driven initiatives. 

Going forward, community groups like the Phoenix Directive are expected to take over the maintenance and operational responsibilities of the Terra Classic blockchain. 

This transition signifies a new phase for the platform, as the community assumes a larger role in its future development and sustainability. 

At the time of reporting, the Terra Luna Classic price was $0.00008365.