Terraform Labs’ ‘Crypto Loss Claims Portal’ Now Live, Submission Deadline Set For April 30
In Brief
Terraform Labs has opened the Crypto Loss Claims Portal to assist individuals who incurred losses of $100 or more following the collapse of the Terra ecosystem in 2022.
Terraform Labs, the company behind the LUNA cryptocurrency and the algorithmic stablecoin TerraUSD (UST), announced that it has launched the Crypto Loss Claims Portal. This platform is designed to assist individuals who suffered losses of at least $100 due to the collapse of the Terra ecosystem in 2022.
According to the announcement, creditors can now submit claims for eligible losses through the designated website. The deadline for submissions is April 30th, 2025, and any claims received after this date will not be considered.
Claimants have two options for submitting evidence: manual and preferred. Manual evidence includes documents such as transaction logs, account statements, and screenshots. While these provide proof of losses, they may require extensive verification.
Preferred evidence consists of read-only application programming interface (API) keys, which allow direct access to transaction records from exchanges. This method is favored for its accuracy and reliability, particularly for users of major cryptocurrency trading platforms.
Notably, Terraform Labs has cautioned that claims relying on manual evidence may undergo an extended review process and could be rejected if preferred evidence is available.
The company estimates that total compensation payouts could range between $184.5 million and $442.2 million for investors and stakeholders. However, Terraform Labs acknowledged that determining the exact amount of eligible losses remains challenging.
Claim Submission: Filing Guidelines And Post-Submission Process
In order to file a claim, creditors must follow a structured process to ensure eligibility and proper submission. This process is designed to facilitate an organized and transparent approach to claim verification and potential reimbursement.
The first step is to register on the Online Portal, which serves as the official platform for claim submissions and tracking.
For cryptocurrency losses held within the Terra ecosystem or other supported networks, referred to as “Verifiable Blockchains,” claimants must sign a transaction using their wallet through the portal. This process does not involve any transaction fees and serves as a secure method to verify on-chain holdings.
For holdings on other platforms or exchanges, claimants are strongly encouraged to provide a read-only API key for verification. Alternatively, they may submit manual evidence such as transaction logs, account statements, and screenshots. While manual evidence is accepted, providing API-based verification is preferred, as it ensures a more reliable and expedited review process.
After registering, claimants must complete the Crypto Loss Claim (CLC) Form. It requires detailed information regarding all relevant transactions, including purchases, holdings, and any actions taken with the affected cryptocurrency, such as sales, swaps, or staking. Accurate and thorough documentation is essential for claim validation.
Once the form is completed, claimants must submit their claims before the deadline to ensure eligibility for review and potential reimbursement.
After the submission, the Wind Down Trust will review and verify the claims. Within 90 days following the Crypto Loss Claim Bar Date, creditors will receive a notification via the Online Portal, either providing an initial determination of their claim amount or informing them that the Plan Administrator requires additional time for review. Claimants will have the opportunity to accept or dispute the determination.
Approved claims that are not disputed will be eligible for initial disbursements as soon as practicable, with all distributions made on a pro rata basis. This ensures a fair allocation of available funds, proportionally distributed among approved claimants.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
