TERRAFORM LABS to Burn 150 Million LUNA As Ordered by Court
CryptoNewsTerminal Staff19 Jul, 2024
TERRAFORM LABS to Burn 150 Million LUNA As Ordered by Court
TERRAFORM LABS announced via an official post that it will be reopening the Shuttle Bridge platform, a web frontend that allows users to transfer UST stablecoin, as ordered by the court. Terraform Labs will also provide another interface for users to swap their assets after moving all assets held in Shuttle Bridge wallets to safety. After this, Shuttle Bridge will be permanently closed and all remaining assets will be burned. 150 million LUNA in total will be burned, including 125 million LUNA staked by 49 validators and 25 million used for liquidity provision.