Last month it was revealed that Bungie was changing plans on supporting character progression simultaneously on last gen and current gen consoles in Destiny. This will coincide with the release of Rise of Iron, the DLC expansion exclusive to current-gen consoles. Bungie just announced the exact date in which updates will cease on last-gen consoles: August 16. From that date forward, Xbox 360 and PS3 will be counted as legacy consoles.

The news came from Bungie.net, which explained all of the changes that were taking place from August 16 onward.

"Starting August 16th, 2016, Legacy Consoles will no longer receive major Destiny updates or content releases. On this date, the Account Import process will become available on PlayStation 4 and Xbox One Consoles. From this date forward, progression will no longer be shared between console generations within the same console family."

This doesn't mean that players won't be able to keep playing on last gen consoles, however they will be locked out of any future content for the game and their progression will ultimately be limited. This also means that certain aspects of the game will no longer be available, such as purchasing silver or taking part in "live events". Here is the full list of changes that will be implemented from August 16:

• Legacy Console players will have until 2:00 AM PDT on August 16th, 2016 to receive their Moments of Triumph T-Shirt code on their Year Two Triumphs page on Bungie.net.After this date, Legacy Console players will no longer be able to access Character data on Bungie.net, which includes the completion of the Year Two Moments of Triumph Record Book and T-Shirt code.
• Players may continue to make progress and earn in-game rewards from their Year Two Moments of Triumph Record Book through September 20th, 2016 on Legacy Consoles.
• Players who complete their Year Two Moments of Triumph Record Book on Legacy Consoles may still generate a T-shirt code, only if they perform an account import on PlayStation 4 or Xbox One prior to 11:59 PM PDT on October 4th. For more information, follow this link. PLEASE NOTE: The Account Import process is a one-time process that splits progress between console generations. After an account has been imported, this cannot be undone.
• Destiny Events and Activity Availability will be changing for Legacy Consoles on August 16th, 2016.
• Activities such as Iron Banner and Trials of Osiris will continue to be available to Legacy Console players through the end of August 2016.
• The ability to purchase Silver will no longer be available on Legacy Consoles starting August 16th, 2016.
• Players may still purchase items from Eververse Trading co. with Silver that is already present on their account.