The stablecoin TerraUSD (UST), which caused billions of dollars to be wiped out of the market with its collapse, became one of the biggest crash stories in crypto history.
At this point, while creditors were still waiting for payment, there was a new development on the Terra front.
Terraform Labs (TFL), the company behind the collapsed stablecoin TerraUSD, announced in a statement that it will open a portal for creditors to file damages claims.
Accordingly, Terraform Labs announced that the Crypto Loss Claims Portal will open on Monday, March 31, 2025.
Terraform Labs has notified its creditors that filings for crypto loss claims through X can be made until April 30, 2025, at 11:59 PM ET.
“Claims submitted after this date will not be accepted and creditors who do not submit a claim before this date will lose their potential rights to compensation.”
Creditors wishing to make a claim must register on the portal, provide proof of ownership such as a wallet address or API key for the query, and complete the claim form.
Within 90 days of the claim deadline, creditors will receive feedback on the portal regarding the claim amount or the need for further review. Creditors may accept or object to the decision or notice sent to them. Uncontested claims will be eligible for pro rata payments as soon as possible.
Terraform Labs has received court approval to begin liquidating under a bankruptcy plan after settling with the SEC last month. The company will pay $4.47 billion as part of the deal, at which point all of co-founder Do Kwon’s cryptocurrencies, including PYTH tokens, will be used to cover the fines. The SEC will only be paid after Terraform’s creditors are paid.
Terraform Labs Creditors: The Crypto Loss Claims Portal is scheduled to open for submission of Crypto Loss Claims on March 31, 2025. Creditors may file Eligible Crypto Loss Claims at https://t.co/7YQvfQr76x. The deadline to file is April 30, 2025 at 11:59 p.m. (prevailing Eastern…
— Terra Powered by LUNA (@terra_money) March 28, 2025
*This is not investment advice.