Terraform Labs to Open Investor Submission Portal on March 31
Creditors must file claims by April 30, 2025, to have a chance to collect.
Francisco Rodriguez | Edited by Aoyon Ashraf on 29 March 2025, 17:14 UTC
Basic information:
- The portal will be launched on 31 March 2025, with the deadline for applications being 30 April.
- Claims must relate to losses from certain eligible crypto assets; low liquidity assets will not be considered.
- Terra recommended using preferred proofs such as API keys to speed up the processing of claims.
Terraform Labs, the organization behind the collapsed Luna token and the TerraUSD stablecoin, will launch a portal on March 31 where investors can apply for reimbursement for cryptocurrency losses caused by the company's collapse and subsequent bankruptcy.
The online system, run by claims administrator Kroll, is part of the company's legal liquidation process. Investors must submit their claims via claims.terra.money by April 30 at 11:59 p.m. ET. Late claims will not be accepted, and those who miss the deadline will forfeit their right to a refund, according to the Medium post.
Eligible claims must involve specific cryptocurrencies identified in court documents and held in the period leading up to the collapse of the Terra ecosystem. Specifically, assets with on-chain liquidity of less than $100 and certain others, such as Terra 2.0’s Luna, will not qualify.
Applicants are also required to provide proof of ownership. The preferred method is read-only API keys from exchanges, which the administrator considers more reliable than screenshots or other uploaded documents. The post emphasizes that those who use manual proof may face long processing times or risk having their applications rejected entirely.
Once claims are submitted, they will be reviewed and verified. Initial decisions will be made within 90 days of the filing deadline, and approved claims will be eligible for proration once processing is complete.
The Terra ecosystem collapsed in 2022, leading to the largest three-day wealth destruction in crypto history. LUNA's market cap fell from over $41 billion to $6 million.
Read more: Terraform Labs and Do Kwon agree to pay SEC a combined $4.5 billion in civil fraud case
