Bankrupt Terraform Labs Launches Crypto Loss Claims Portal.

Terraform Labs has launched a claims process to address creditor losses from the failed TerraUSD (UST) stablecoin collapse.

Bankrupt crypto firm Terraform Labs has launched a claims process to handle creditor losses arising from the failed TerraUSD (UST) stablecoin.

The official Crypto Loss Claims Portal will open on March 31, 2025, at which point creditors can begin submitting their claims. However, creditors must meet the strict deadline of April 30, 2025, at 11:59 p.m. Eastern Time to avoid forfeiture.

To meet the deadline, claimants must first register via the official portal at claims.terra.money by providing acceptable proof of asset ownership. This can include signed blockchain transactions or read-only API keys from cryptocurrency exchanges. Afterward, a completed Crypto Loss Claim Form must be submitted through the portal.

How Will Claims Be Reviewed?

Submitted claims will be reviewed by Kroll Restructuring Administration LLC, with a designated Plan Administrator determining each claim’s eligibility and calculating its value.

The type of evidence used for a claim will affect how quickly it is processed. Claims using API keys (“Preferred Evidence”) are expected to process faster than those using screenshots or logs from transactions (“Manual Evidence”). Manual submissions will face longer review periods and carry a higher risk of potential disallowance.

What Is the Legal Basis For This Process?

This entire claims process operates as part of Terraform Labs’ ongoing Chapter 11 bankruptcy proceedings, filed in the U.S. Bankruptcy Court for the District of Delaware.

The court’s specific Crypto Loss Claim Bar Date Order (Docket № 965) officially details the required procedures, making this process an integral component of the company’s restructuring efforts.

Successfully filing a complaint claim by the specified deadline may entitle creditors to some form of recovery, with any potential payouts depending on assets recovered during the bankruptcy. These will then be distributed proportionally (pro rata) among all approved claims.

Final claim amounts are subject to approval by the Plan Administrator and may be disputed. This process does not guarantee full compensation for losses, and creditors retain the right to dispute denied or modified claims according to procedures outlined in Section V.c of the official Crypto Loss Claims Procedures document.

How Are LUNA And LUNC Tokens Performing?

The ongoing bankruptcy and claims process appear to continue weighing on Terraform Labs’s native tokens.

Currently, LUNA is trading around $0.2004, reflecting a decrease of 6.58% over the past 24 hours. This price places LUNA below its 20-day Exponential Moving Average (EMA), which is currently at $0.2104.

Simultaneously, LUNA’s predecessor token, LUNC (Terra Classic), is trading near $0.00006301, also down about 6.20% in the same period and below its 20-day EMA (around $0.00006469).

Both tokens struggling to stay above these key short-term technical levels suggests persistent weak market sentiment surrounding these assets.