Terraform Labs, the company behind TerraUSD and LUNA, will open its claims portal for crypto creditors on March 31 after filing for Chapter 11 bankruptcy in January 2024. The bankruptcy followed the collapse of its $40 billion ecosystem in 2022.
Eligible creditors must register on the "Crypto Loss Claims Portal" by April 30, 2025, for claims to be considered, the company said in a March 28 announcement. Claims submitted after the deadline will be disregarded.
To file a claim, creditors must provide proof of ownership of their crypto holdings, including wallet addresses for natively held assets and read-only API keys for crypto held on centralized exchanges.
Terraform will also consider transaction logs and account statements as “manual evidence,” but claims supported by these documents may face longer review times.
"If you choose to submit Manual Evidence to support portions of your Crypto Loss Claim, your claim will not receive an Initial Determination on the expedited timeline set forth below and your claim will be subject to Individualized Review," according to the blog post.
Terraform said it could repay creditors between $185 million and $442 million as part of a reorganization plan approved by U.S. Bankruptcy Judge Brendan Shannon, according to The Block's previous reporting, citing Reuters. The plan, approved last September, followed Terraform’s record $4.47 billion settlement with the Securities and Exchange Commission over allegations of defrauding users and creditors.
However, the SEC may not receive payments from the settlement, as the agency agreed that Terraform should prioritize creditor repayments.
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