Terraform Labs has announced that its Crypto Loss Claims Portal will open on March 31, 2025, allowing creditors to file claims for losses related to the collapse of TerraUSD (UST) and its aftermath.
The development follows Terraform Labs’ decision to wind down operations, a move confirmed by CEO Chris Amani last year after the company settled a major securities fraud case with the U.S. Securities and Exchange Commission (SEC). Despite the settlement, Terraform Labs filed for Chapter 11 bankruptcy in January 2024, reporting assets and liabilities between $100 million and $500 million.
As part of this winding-down process, the Crypto Loss Claims Portal, managed by the Kroll Restructuring Administration, will serve as the official platform for claim submissions. Creditors must file their claims by April 30, 2025, at 11:59 p.m. ET, as late submissions will not be accepted. Those who fail to file before the deadline will forfeit any potential recovery.
Claims will be evaluated based on Eligible Loss Cryptocurrency holdings, though certain assets will not qualify. Specifically, cryptocurrencies with on-chain liquidity below $100 and holdings such as Luna 2.0 on Terra 2.0 will be excluded. A full list of eligible assets will be available on the portal upon launch.
To submit a claim, creditors must register on the portal, verify ownership, and complete the Crypto Loss Claim Form. For assets held on the Terra blockchain or other supported networks, claimants will need to sign a transaction to confirm ownership. Those with holdings on external exchanges are encouraged to provide a read-only API key for verification. While manual evidence, such as transaction logs and account statements, will be accepted, claims relying on such documents may face a longer review process.
Once submitted, claims will be reviewed by the Terraform Wind Down Trust, with initial determinations expected within 90 days of the deadline. Creditors will have the opportunity to accept or dispute the decision. Approved claims will be eligible for pro rata distributions once processing is complete.
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