Terra Classic developer Alex Forshaw gave updates about the multisig wallet holding about $4 million in off-chain assets yesterday. For several legal reasons, Forshaw and several other community members who had welcomed the opportunity to become signers to the wallet and manage the funds on behalf of the community have opted out. 

The developer now proposes that the community convert the assets to Terra Luna Classic (LUNC) and send it to the burn address. As a legal disclaimer, Forshaw urges that whomever the community saddles with the responsibility be traceable and well-recognized non-US citizens.  Forshaw proposes $2 million worth of LUNC be minted and sent to an on-chain multisig address for payment of professional developers. The comprehensive plan burns $4 million worth of Terra and then mints $2 million LUNC from this. So, effectively, it burns $2 million worth of LUNC while providing the community with $2 million worth of LUNC for development.