How to get your money out of TerraLUNA


Bienvenidos mis ositos, tu siempre eres mis queridos! (Welcome back little bears you are always my dears!)

What a debacle May has been. For those that had money in Terra LUNA, UST or anything related I’m sorry that you have also lost money. At this point my opinion is that it’s a lost cause. In all the chaos I didn’t even think to create a write up so that other LUNA refugees can escape.

Supposedly there is plan to create a LUNA fork to try to salvage remaining assets but at his point I don’t give a fork. I’d rather take the pain now. Whether you stay or leave that is your choice.

The process to get your money out of Terra Luna is a bit convoluted but if you had a large sum of money it might be worth your while to salvage what’s left. It’ll be a fraction of what it once was but something is better than nothing.

For example at the time of this screenshot $10,000 only get you about half to 60 percent of an ETH.

7e3f4da856d74021344483adcb035faf244a126ba10daf7ae05cee2501a6979f.png

If you can, try to swap to bonded Anchor assets and bridge out of Terra.

I don’t know how accurate the Anchor protocol is now but it seems like there’s still some bonded assets available in the ecosystem. I used bETH since there seemed to be more liquidity but feel free to use the others like bSOL, bATOM especially if you have a smaller balance and don’t want to pay the Ethereum gas fees.

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You can use TFM to see which trading platform gives you the best rate or you can just do the swap directly on TFM

https://tfm.com/

Once you have your bETH or other bonded asset head over to:

https://app.anchorprotocol.com/mypage#/basset

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You need to convert your bETH to webETH so you use the Portal bridge.

Once you’ve done the conversion you will need to have some LUNA or UST tokens to pay for the Terra side of the transaction. Also you will need to have some ETH (or ATOM, AVAX, SOL) to redeem your respective asset on the Ethereum side

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The Wormhole Ethereum bonded ETH may not show up on the asset dropdown menu. You can paste in this contract address

169df9b053fa0856a41dc561589985286245bb86702770db61fa7855a79c8f02.png

terra1u5szg038ur9kzuular3cae8hq6q5rk5u27tuvz

You can also verify the address by going to

https://finder.terra.money/mainnet/address/terra1u5szg038ur9kzuular3cae8hq6q5rk5u27tuvz

https://wormholebridge.com/#/transfer

You can check your Metamask wallet for your bETH

Ethereum bETH

0x707F9118e33A9B8998beA41dd0d46f38bb963FC8

Ethereum stETH

0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84

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Finally you can convert your bETH to stETH

https://anchor.lido.fi/unwrap

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I hope others will find this helpful.

Obviously none of this is formal financial or tax advice. You need to find qualified professionals in your jurisdiction.

Be sharp, stay hungry let’s get that money!

 

 

 

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