Terraform Labs Launches a Claims Portal for Creditors

The Crypto Loss Claims Portal, managed by Kroll Restructuring Administration, will open on March 31, 2025, at claims.terra.money.

Terraform Labs, the company behind the collapsed TerraUSD stablecoin, is launching a claims portal for creditors who suffered losses from the token collapse and subsequent events that led to the companies' bankruptcy, according to a Friday announcement.

The Crypto Loss Claims Portal, managed by Kroll Restructuring Administration, will open on March 31, 2025, at claims.terra.money. Creditors must submit their claims and supporting documentation electronically through the portal by April 30, 2025, at 11:59 p.m. ET.

To file a claim, creditors must register on the portal and provide proof of ownership. For eligible crypto assets held on the Terra Ecosystem or other supported networks, users must sign a transaction through the portal at no cost. Holdings on other platforms require a read-only API key or manual evidence such as transaction logs and account statements.

The Plan Administrator will determine claim amounts based on Eligible Loss Cryptocurrency holdings. Crypto assets with on-chain liquidity below $100 and certain other holdings, including Luna 2.0 on Terra 2.0, are not eligible for claims.

Claims submitted with manual evidence instead of preferred evidence (like API keys) will undergo a longer review process and may face disallowance if preferred evidence is available but not provided. Within 90 days of the claim deadline, creditors will receive an initial determination or notification of extended review through the portal.

In September, Terraform Labs gained court approval to start winding down operations under its bankruptcy plan, having settled a lawsuit with the SEC.

The company will pay $4.47 billion as part of the settlement, following a fraud finding in April that involved an estimated $40 billion in investor losses.

The assets of co-founder Do Kwon, including PYTH tokens, will help satisfy these penalties. The settlement payments to the SEC are contingent on first covering claims arising from Terraform's liquidation process.