Catenaa, Monday, March 31, 2025-Terraform Labs (TFL) announced Friday that creditors impacted by the 2022 TerraUSD (UST) collapse can file claims for losses through a new online portal starting Monday, March 31 (today).
The claims process, managed by Kroll Restructuring Administration, will allow affected users to submit their cases electronically. All claims must be filed by April 30 at 11:59 p.m. ET, or they will be forfeited.
The list of eligible cryptocurrencies for claims will be released on launch day, excluding assets with low liquidity, such as Luna 2.0.
Claimants must provide proof of ownership via read-only API keys or signed blockchain transactions. While manual evidence, including transaction logs and screenshots, is permitted, TFL warns that such submissions could slow reviews and increase the risk of denial.
Terraform’s Wind Down Trust will oversee the verification process, with initial determinations expected within 90 days. Approved claimants will receive pro rata distributions.
Terraform Labs collapsed in May 2022 after TerraUSD lost its dollar peg, erasing billions in value and triggering widespread legal action. The new claims portal represents a critical step toward compensating victims of one of crypto’s largest failures.
