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The company behind the failed stablecoin TerraUSD (UST), Terraform Labs (TFL), said on Friday that its Crypto Loss Claims Portal will open on March 31, 2025.
This initiative is the company’s attempt to handle creditor claims after the huge UST failure in 2022, which destroyed billions of dollars and put Terraform into bankruptcy.
An Opportunity for Claiming Lost Assets for Creditors
The creditors who lost their money when UST went bankrupt can now submit their claims through the portal. This portal is managed by restructuring firm Kroll Restructuring Administration. It has been clearly stated that all creditors must submit their claims electronically through the official online portal only. By April 30, 2025, 11:59 p.m. ET, all should be filed, and if any claim is submitted after this period, it can be rejected.
Terraform has made it clear which cryptocurrencies can be claimed, but some assets are not included. These include Luna 2.0 and those cryptocurrencies that have very low on-chain liquidity.
To ensure valid claims, creditors need to show proof of ownership by using read-only API keys or signed blockchain transactions to back up their claims. Screenshots and transaction logs can also be given as proof, but Terraform has already warned that such submissions might slow down their review process, as it takes time. If the claim does not have enough or clear evidence, there is also a risk that the claim might get rejected or denied.
How Terraform Plans to Check Crypto Loss Claims
Terraforms Wind Down Trust will check the claims. Under this process, claimants will get an initial decision or review notice within 90 days of submitting the claim. This means that if the claim is approved, they will receive a proportional amount based on their verified claims.
When TerraUSD (UST) went down in May 2022, it was a disaster for the cryptocurrency market. It is supposed to be an algorithmically stablecoin connected to the US dollar. It lost its tie and crashed, sparking panic and economic damage to the economy.
Overnight, billions of dollars vanished, prompting authorities worldwide to closely examine the situation. However, Terraform ultimately filed for bankruptcy after facing numerous lawsuits.
Terraform has surely taken a significant step toward controlling the losses resulting from its fall with this choice and the opening of the portal. Still, those impacted might find some relief as well. Anyone who wants to be paid has to satisfy the deadline since it is set strictly.
