Terraform Labs Opens Claims Portal for TerraUSD Victims

Terraform Labs announced that the encryption losses portal will open on March 31, 2025, allowing affected investors to search for compensation for the losses associated with the collapse of Terra USD (UST).

The company, which finishes its operations after its bankruptcy, stated that creditors must submit claims by April 30, 2025, in order to consider the potential recovery.

Civil standards and post -deposit procedures

According to a blog mailCreditors must register on the Kroll -run Kroll gate and provide evidence of ownership to submit their applications. For holdings on the environmental system of Terra or subsidized networks, users must sign a transaction through them without any cost.

Those who have other platforms are encouraged to only offer API to read. Manual evidence, such as transactions and calculation data, can also be accepted, but this may lead to extended review periods.

The plan official will determine the value of applications based on the loss of encryption holdings. However, do not qualify all assets. Checks with liquidity are excluded on the chain less than $ 100, and specific holdings such as Luna 2.0 are excluded on Terra 2.0. The claims made may also be rejected by manual evidence if the favorite verification methods are available but unused.

Once submitted, the dues will be reviewed by Wind Download. Within 90 days of the deadline on April 30, the creditors will receive a gateway to show in detail the case of their presentation. They may then accept or oppose the results, while distributing the amounts approved on the basis of fees shortly after.

Legal collapse or problems

Terraform Labs’ Stablecoin, UST, collapsed in May 2022 after the failure of the algorithm to the US dollar, which led to losses estimated at $ 40 billion in the encryption market.

The accident led to multiple lawsuits and investigations, and the company finally submitted bankruptcy in January 2024. In September of that year, it is a court consent Stablecoin plan to download its operations as part of bankruptcy procedures.

It also reached a settlement with the US Securities and Stock Exchange Committee (SEC), Agreement To pay $ 4.47 billion of cells and penalties. This was followed by a previous ruling that was found that the company and its co -founder, de Coun, are guilty of fraud.

To fulfill these obligations, Terraform Labs will use KWON assets, including distinctive symbols and other holdings. However, the settlement also requires payments to SEC only after processing creditor’s claims through the process of liquidating the company.