Home » Ecosystem » Terraform Labs to open claims portal for collectors to handle crypto losses
Collectors urged to file electronically by deadline to expedite evaluate and maximize potential restoration.
Key Takeaways
- Terraform Labs has opened a claims portal for collectors affected by the TerraUSD collapse.
- Collectors should submit claims with supporting documentation by April 30, 2025, by the claims portal.
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Terraform Labs is launching a claims portal for collectors who suffered losses from the TerraUSD token collapse and subsequent occasions that led to the businesses’ chapter, based on a Friday announcement.
Terraform Labs Collectors: The Crypto Loss Claims Portal is scheduled to open for submission of Crypto Loss Claims on March 31, 2025. Collectors might file Eligible Crypto Loss Claims at https://t.co/7YQvfQr76x. The deadline to file is April 30, 2025 at 11:59 p.m. (prevailing Japanese…
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(@terra_money) March 28, 2025
The Crypto Loss Claims Portal, managed by Kroll Restructuring Administration, will open on March 31, 2025, at claims.terra.cash. Collectors should submit their claims and supporting documentation electronically by the portal by April 30, 2025, at 11:59 p.m. ET.
To file a declare, collectors should register on the portal and supply proof of possession. For eligible crypto property held on the Terra Ecosystem or different supported networks, customers should signal a transaction by the portal for free of charge. Holdings on different platforms require a read-only API key or guide proof resembling transaction logs and account statements.
The Plan Administrator will decide declare quantities primarily based on Eligible Loss Cryptocurrency holdings. Crypto property with on-chain liquidity beneath $100 and sure different holdings, together with Luna 2.0 on Terra 2.0, should not eligible for claims.
Claims submitted with guide proof as a substitute of most well-liked proof (like API keys) will bear an extended evaluate course of and should face disallowance if most well-liked proof is accessible however not offered. Inside 90 days of the declare deadline, collectors will obtain an preliminary dedication or notification of prolonged evaluate by the portal.
In September, Terraform Labs gained courtroom approval to start out winding down operations underneath its chapter plan, having settled a lawsuit with the SEC.
The corporate can pay $4.47 billion as a part of the settlement, following a fraud discovering in April that concerned $40 billion in investor losses.
The property of co-founder Do Kwon, together with PYTH tokens, will assist fulfill these penalties. The settlement funds to the SEC are contingent on first protecting claims from Terraform’s liquidation course of.
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