Terraform Labs has announced the opening of a claims portal for losses related to the collapse of TerraUSD (UST) and its aftermath.
Terraform Labs Ceases Operations
In 2024, Terraform Labs CEO Chris Amani confirmed the company would cease operations after settling a major securities fraud case with the U.S. SEC for $4.47 billion. Despite this, the company filed for Chapter 11 bankruptcy in January 2024, with assets and liabilities ranging between $100 million and $500 million.
Portal Details for Claim Submissions
The Crypto Loss Claims Portal, managed by Kroll Restructuring Administration, will serve as the official platform for claim submissions. Creditors must file their claims by April 30, 2025, as late submissions will not be accepted. Cryptocurrencies with on-chain liquidity below $100 and assets like Luna 2.0 on Terra 2.0 will be excluded. The full list of eligible assets will be published on the portal at launch.
Claim Submission and Review Process
To submit a claim, creditors must register on the portal, verify ownership, and complete the Crypto Loss Claim Form. For assets on the Terra blockchain or other supported networks, claimants will need to sign a transaction to confirm ownership. Those with holdings on external exchanges can provide a read-only API key for verification. Claims will be reviewed by the Terraform Wind Down Trust, with initial determinations expected within 90 days of the deadline.
Upon completion of the submission and review processes, approved claims will be eligible for pro rata distributions. The portal is designed to streamline the compensation process following the collapse of TerraUSD.
