Terra’s Key Deadline Could Boost LUNA Prices: Don’t Miss Your Chance to Claim!

The post Terra’s Key Deadline Could Boost LUNA Prices: Don’t Miss Your Chance to Claim! appeared first on Coinpedia Fintech News

Excitement is building in the crypto world as Terra announces a critical deadline for filing claims related to its bankruptcy case. The upcoming date for submitting crypto loss claims could pave the way for a potential recovery in LUNA, LUNC, and USTC prices. Here’s what you need to know to make sure you claim your loss. 

Preliminary Crypto Loss Bar Date

The Preliminary Crypto Loss Bar Date for filing Crypto Loss Claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is set for August 21, 2024, at 5:00 p.m. (ET) for individuals and entities to file their crypto loss claims as part of its Chapter 11 bankruptcy proceedings. 

This data is essential for those looking to have their claims considered in the Chapter 11 voting process. TFL has highlighted that those who do not file their claims by the deadline will not be recognized as creditors for voting on the debtors’ reorganization plan. 

Who Needs to File?

If you have a Crypto Loss Claim against Terraform Labs (TFL) that emerges before January 21, 2024, or against TLL that arose before July 1, 2024, you must file by the Preliminary Crypto Loss Claims Bar Date. 

This step is necessary to ensure your claim is included in the Chapter 11 plan voting process. However, claims must be submitted by this date to be considered in the bankruptcy plan.

Impact on LUNA, LUNC, and USTC

The bankruptcy proceedings are expected to influence the market values of LUNA, LUNC, and USTC positively. 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 could contribute to a bullish trend for these cryptocurrencies.

Currently, LUNA has experienced a slight decline of 1.4% over the last 24 hours, trading at $0.43. Despite this, 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.

What’s Next?

As the Terra community awaits the preliminary bar date, the anticipated steps in the bankruptcy case are fueling hopes for recovery and stabilization of the Terra ecosystem.

Keep an eye on further announcements for detailed instructions and updates on how the Chapter 11 plan will proceed.