Terraform Labs: Crypto Claims Portal Open

Terraform Labs' Crypto Losses Claims Portal will launch on Monday, March 31, 2025, allowing creditors to submit claims related to losses incurred due to the collapse of the TerraUSD token.

To participate, creditors must complete registration for the portal prior to the April 30, 2025 deadline of 11:59 p.m. Eastern Time.

Proof of Ownership documentation requirements vary based on the storage location of the assets. Users who hold assets in the Terra ecosystem or on supported networks will be able to confirm ownership by signing a transaction in the portal at no additional cost.

Terraform Labs recommends generating a read-only API key to verify their holdings on external platforms or exchanges to ensure greater reliability. Although manual proof, such as transaction logs and account statements, is also accepted, the process of reviewing these documents is more time-consuming and may carry the risk of rejection.

After proving ownership, creditors will need to submit the Crypto Loss Claim Form on the portal, providing full details of their purchases, holdings and transactions, including sales, exchanges and staking. Claims submitted after the 30 April deadline will be rejected, resulting in the loss of the right to compensation.

"For assistance, please contact Kroll Restructuring Administration at Terraforminfo@ra.kroll.com," Terraform Labs said on X (formerly Twitter).

With the launch of the portal, Terraform Labs will provide additional information on the claims process, including Crypto Loss Claims Procedures and a list of eligible cryptocurrencies.

Terraform Labs created this claims portal as part of its $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) to resolve allegations of securities fraud. The settlement aims to compensate investors and strengthen regulatory oversight in the cryptocurrency industry.

In the meantime, Terraform Labs has entered bankruptcy proceedings, initiating a structured liquidation process, with the claims portal representing a key step in resolving creditor claims.

The US has extradited Terraform Labs co-founder, Do Kwon, in December 2024, to face multiple fraud charges related to the collapse of TerraUSD and Luna. Do Kwon had been arrested in Montenegro in March 2023 while attempting to travel with fake documents.

These legal actions and measures taken against Terraform Labs could set key precedents for investor protection and corporate responsibility in the cryptocurrency industry.

Terra Luna (LUNA) and Terra Luna Classic (LUNC)
The price of Terra Luna (LUNA) has fallen by 8% in the last day of trading, now standing at $0.1987. At the same time, Terra Luna Classic (LUNC) fell nearly 6 percent, with a current quotation of $0.00006253 on CoinGecko.

Sign up for Spaziocrypto®

Subscribe

Email sent! Check your inbox to complete your signup.

No spam. Unsubscribe anytime.