Terraform Labs, the company behind the cryptocurrency LUNA and the stablecoin TerraUSD (UST), is launching a portal for filing loss claims related to the Terra ecosystem collapse.
Claims Portal Launch
Starting March 31, Terraform Labs opens a portal for filing claims for those who lost at least $100 due to the 2022 Terra ecosystem collapse. Claims must be submitted by April 30.
Claims Submission Process
Victims need to provide proof of their losses, choosing between 'manual evidence' and 'preferred evidence'. The former includes transaction logs and account statements, while the latter involves read-only API keys. The company warns that claims with 'manual evidence' might take longer to process and could be rejected.
The Collapse of Terra and Its Aftermath
Following the collapse, Terraform Labs confirmed a bankruptcy plan in Delaware court and settled with SEC for $4.47 billion. Company founder Do Kwon was arrested and extradited to the U.S. to face charges.
Launching the claims portal is part of Terraform Labs' efforts to resolve issues surrounding their ecosystem's collapse and rebuild community trust.
