Terraform Labs announced that it will open a creditor loss claims portal on March 31, 2025, for those affected by the TerraUSD failure.
Creditor Loss Claims Opportunity
Creditors affected by the UST bankruptcy can now submit their claims through a portal managed by Kroll Restructuring Administration. All claims must be submitted through the official online portal by April 30, 2025. Late submissions may be rejected. Certain cryptocurrencies, such as Luna 2.0, and those with low liquidity are not included in the list.
How Claims Will Be Verified
Claims will be verified with proof of ownership. Creditors can use read-only API keys or signed blockchain transactions. Screenshots and transaction logs can also be provided but may slow the review process. Terraform's Wind Down Trust will review claims and issue a decision within 90 days of submission.
Consequences of TerraUSD's Collapse
The fall of TerraUSD in May 2022 was a disaster for the crypto market. The stablecoin lost its peg, causing panic and economic damage. Terraform ultimately filed for bankruptcy, facing numerous lawsuits. The claim portal opens a significant step towards mitigating the losses from this collapse.
The loss claims portal by Terraform Labs allows affected creditors to file claims, but they must adhere to the specified deadlines and requirements.
