Key Points:
Terra Shuttle Bridge reopening paves the way for transferring the assets from a number of other networks back to Terra Classic. More precisely, the reopening will pave the way to transfer the LUNC and USTC assets previously bridged to Ethereum's mainnet, BNB Chain, and Harmony network back to Terra Classic.
Terraform Lab's Chapter 11 bankruptcy plan will have an effective date when the Shuttle Bridge will remain open for a further continuous period of 30 days. Based on the projected date of September 30, 2024, the effective date will be about October 30, 2024, although that could be changed. The Terra Shuttle Bridge reopening period is, in effect, a critical window during which users will be able to redeem their assets before the bridge is permanently closed.
Read more: Polygon & Terra Classic: Whale Activity & USTC Peg Restoration
They are encouraging the users to take immediate action to ensure that they can claim their assets as soon as possible. Any asset that remains in the contract once the bridge closes will be destroyed forever, as the bridge will be completely shut down. This move means taking swift action and ensuring that a person doesn't lose a valuable asset, which is essential.
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