Terra’s Deadline Could Skyrocket LUNA Prices – Check out the Opportunity
The bankruptcy proceedings of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) are setting a preliminary deadline for filing crypto loss claims in their Chapter 11 bankruptcy cases. The deadline for submitting claims is August 21, 2024, at 5:00 p.m. (ET) for both individuals and entities.
Unveiling Bar Date
It’s crucial to file claims before this date to be recognized as a creditor for voting on the debtors’ reorganization plan. Claims must be made against TFL for losses before January 21, 2024, and against TLL for losses before July 1, 2024.
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The bankruptcy proceedings are expected to positively impact the market values of LUNA, LUNC, and USTC. To support this, Terra plans to reopen the shuttle bridge for redeeming wrapped assets on Terra Classic and will initiate token burns in TFL and LFG wallets. These actions are anticipated to contribute to a bullish trend for these cryptocurrencies.
Despite a slight decline in LUNA’s trading value by 1.4% over the last 24 hours to $0.43, the trading volume has surged by 44%, indicating growing interest among traders with a market cap of $344 million. Similarly, LUNC has dropped 2.7% to $0.0000865, and USTC has decreased by 1.5% to $0.0197.
As the preliminary bar date approaches, these anticipated measures in the bankruptcy case are fostering hope for the recovery and stabilization of the Terra ecosystem.
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Tolu Zach is a multifaceted professional with expertise in both crypto content creation and medical laboratory technology. With a unique blend of analytical skills and industry knowledge, Tolu navigates the complexities of cryptocurrency while maintaining a pivotal role in healthcare. Trusted for insightful analysis and accurate diagnostics, Tolu excels in diverse fields.
