Terraform Labs, the company responsible for the failed Luna token and TerraUSD stablecoin, has announced the opening of a claims portal on March 31 for investors seeking to recover their losses from the company’s bankruptcy. The online system, managed by claims administrator Kroll, is part of the company’s court-supervised wind-down process. Investors have until April 30 at 11:59 p.m. ET to submit their claims through the claims.terra.money website. It is important to note that late submissions will not be accepted, so it is crucial for affected individuals to meet the deadline.
In order to be eligible for a claim, investors must have incurred losses related to specific cryptocurrencies listed in the case documents and held during the period surrounding the collapse of the Terra ecosystem. Assets with less than $100 in on-chain liquidity and certain others, such as Terra 2.0’s Luna, will not qualify for claims. Additionally, claimants must provide proof of ownership, with read-only API keys from exchanges being the preferred method. It is advised that manual evidence, such as screenshots or uploaded documents, may result in extended review periods or outright denial of claims.
Once claims are submitted, they will be reviewed and verified by the administrator. Initial decisions on claims will be communicated within 90 days after the deadline, and approved claims will be eligible for pro rata distributions once the processing is complete.
This claims portal represents an opportunity for investors affected by the collapse of the Terra ecosystem to seek restitution for their losses. It is a crucial step in the company’s wind-down process and aims to provide a fair and transparent mechanism for affected individuals to recover their investments.