Terraform Labs (TFL), Terra Classic (LUNC) It will end the Shuttle Bridge on January 31. Terra Shuttle acted as a bridge between other networks and the Terra network.
Users must withdraw their assets on Terra Shuttle to the LUNC Network before January 31st
Terraform Labs warned that all users must migrate their wrapped assets back to the Classic chain before January 31st.
To give information on the subject, the Shuttle bridge is the user’s assets in the Terra Classic chain. Ethereum, It allowed them to trade with wrapped versions that they could use on Binance Smart Chain (BSC) and Harmony.
However, analysts state that the Shuttle in question is in a state of bankruptcy and is stuck inside with 120 million USDC and $80 million worth of other coins. According to analysts, this amount seems to be left to Terraform Labs for now. Analysts warn all users to withdraw their funds from Shuttle.
Another 120 million USTC worth approximately US$2.6 million was marked as lost.
TFL needs to purchase 120 million USTC to cover all Shuttle users’ wrapped assets.
More than 78,000 wallets still hold wrapped assets on ETH, BSC or ONE via Shuttle. Major CEXs, including Binance, are still tied to Shuttle. TFL cannot confirm what will happen to $80 million after January 31, 2023. It is alarming that no assets have been confirmed by TFL that they will be misused.
These assets ultimately belong to thousands of individual investors, many of whom have already suffered from the collapse of LUNA.
*Not investment advice.
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