Bitpanda Supports Terra 2.0 (LUNA) Airdrop for Terra Classic (LUNC) Holders

Bitpanda recently confirmed that it will support the Luna (LUNA) Airdrop for Terra Classic (LUNC) holders.

This means that Bitpanda is supporting the new Terra 2.0 blockchain and have listed LUNA.

For Bitpanda users who held tokens of the Terra project (now LUNC tokens), Bitpanda says it  will “handle the airdrop for you and you will get the new LUNA tokens credited to your Bitpanda (broker) account.”

In an update dated June 3, 2022, Bitpanda noted that the unlocked LUNA airdrop based on the post-attack snapshot – “as per the Terra Ecosystem Revival Plan – is on its way.”

All eligible users will “receive an email confirming the funds have been deposited on their LUNA wallets.”

In an earlier update shared on June 2nd, 2022, the firm noted that at Bitpanda, “the safety of [their] community and their assets is paramount.”

They claim to store users’ funds in “a highly-secure offline storage environment and we have received the full amount of LUNA for all users entitled to the airdrop based on the pre-attack snapshots, subject to the Terra Ecosystem Revival Plan conditions.”

Bitpanda is committed “to distributing these funds immediately, but cannot as they are currently locked by Terra as per the linked airdrop plan conditions.”

They are in close contact with the Terra team “to unlock these funds.”

Once they have resolved this with Terra, Bitpanda says it “will credit all eligible users with their LUNA entitlement.” The post-attack snapshots funds “are not affected and we will distribute them as soon as possible.”

What happened to Terra (LUNA)?

On May 9, 2022, the original Terra blockchain “crashed after its stablecoin TerraUSD became unpegged from the US dollar and TerraUSD and its sister coin, previously known as Terra (LUNA), experienced severe price drops.”

On May 25, 2022, the Terra community “passed the genesis of a new chain named Terra (2.0) in governance proposal 1623, including the genesis distribution of LUNA airdropped to users of the original Terra Classic chain.”

The new chain will be called Terra 2.0 and the staking asset of the new chain “will be called LUNA.”

According to official information, “unlike the original chain, the new Terra 2.0 chain will not contain stablecoins.”

To minimize confusion in an already confusing time, Bitpanda says it “will refer to the new chain as Terra 2.0 and to the new asset as Luna (LUNA).”

Here’ what clients need to know about the new LUNA token:

The original chain remains active and has been “rebranded as Terra Classic.”

Terra Classic’s token, previously known as Terra (LUNA), has been “rebranded and is now Terra Classic (LUNC).”

Terra stablecoins also “underwent name changes and are now called Terra Classic stablecoins: for instance, TerraUSD (UST) was renamed TerraClassicUSD (USTC), TerraEUR (EUT) was renamed TerraClassicEUR (EUTC), and so forth.”

The new Terra 2.0 token LUNA will “be distributed to all eligible users upon Bitpanda’s successful receipt of LUNA tokens issued by the Terra project team.”

Detailed information will be “provided as soon as it is available.”

Eligible users on Bitpanda who held Terra Classic (LUNC) when the snapshots were taken will receive “an amount of tokens during the LUNA airdrop based on how many LUNC tokens they were holding (based on the timings pre- and post-attack).”

If you are a user who held LUNC on Bitpanda during the pre- & post-attack snapshots, you don’t have to worry, as Bitpanda claims it “will take care of everything for you.”

Bitpanda decided “to support Terra 2.0’s LUNA airdrop, which means that [they] will handle the opt-in and credit LUNC holders on Bitpanda (broker) with the new LUNA tokens.”

Please note that while Bitpanda will credit LUNA tokens to Terra Classic (LUNC) holders and have already listed LUNA as a new digital asset on Bitpanda, the team is “closely monitoring the situation surrounding the upgrade to the new Terra 2.0 blockchain and will keep you updated.”

For more details on this update, check here.

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