{"id":385478,"date":"2025-03-28T22:44:53","date_gmt":"2025-03-28T17:14:53","guid":{"rendered":"https:\/\/dripp.zone\/news\/where-and-when-can-crypto-creditors-access-claims-portal-crypto-news\/"},"modified":"2025-03-28T22:48:36","modified_gmt":"2025-03-28T17:18:36","slug":"where-and-when-can-crypto-creditors-access-claims-portal-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/where-and-when-can-crypto-creditors-access-claims-portal-crypto-news\/","title":{"rendered":"Where and When Can Crypto Creditors Access Claims Portal – Crypto News"},"content":{"rendered":"

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Terraform Labs will open its claims portal for crypto creditors on March 31, 2025, allowing individuals impacted by its bankruptcy to submit claims. The portal will help those who suffered losses due to the collapse of TerraUSD and other cryptocurrencies related to Terraform Labs\u2019 operations.<\/p>\n

As part of the bankruptcy proceedings, the company is working to reimburse its creditors, with a deadline for Terraform Labs claims submission set for April 30, 2025.<\/p>\n

Terraform Labs Claims Portal Opening Date and Deadline<\/h2>\n

According to TerraForm Labs, the claims portal<\/a> will be accessible at claims.terra.money on March 31, 2025. Creditors who would wish to submit a claim should do so before the 30th of April in the year 2025, at 11:59 PM Eastern Time.<\/p>\n

Any claims submitted after this date will not be considered and those involved will lose such an opportunity to recover. In filing the claim, the creditors will have to give an identification of their cryptocurrency assets comprising of wallet addresses, or read-only API key among others.<\/p>\n

This process will help Terraform Labs to cease its operations<\/a>, and return the money to its creditors. However, in order to seek compensation the applicant must follow the portal\u2019s guidelines and submit all documents needed to substantiate the claim.<\/p>\n

Documentation and Proof Requirements<\/strong><\/h2>\n

In the press release, the creditors are required to present proof of ownership of the crypto assets they intend to present. In the case of assets present in the Terra ecosystem or available in its supported networks, a verification transaction is required through the portal. This will be done free of charge since it is mandatory in proving ownership of the system.<\/p>\n

For assets owned on centralized exchanges in the Terraform Labs claims, the applicants have been requested to provide a read-only API key. If an API key is not present, it is possible for creditors to provide manual data, for instance transactional data or account statements.<\/p>\n

However, Terraform Labs claims supported by manual evidence may experience longer review times. In addition, using manual evidence may increase the likelihood of the claim being rejected if electronic equivalents are available.<\/p>\n

Eligibility for Claims and Exclusions<\/h2>\n

As per the reports, not all crypto assets are eligible for claims. The Terraform Labs claims process will only cover certain cryptocurrencies. A list of eligible loss cryptocurrencies will be available on the claims portal starting on March 31, 2025.<\/p>\n

Cryptocurrencies with on-chain liquidity below $100 will be excluded from claims. Furthermore, assets such as Luna 2.0 on Terra 2.0 will also be ineligible for compensation.<\/p>\n

Creditors are advised to review the eligibility criteria carefully before submitting claims. The Terra ecosystem and supported networks will be given priority, and the plan administrator will determine the compensation amounts based on the holdings of eligible cryptocurrencies.<\/p>\n

Terraform Labs Claims Post-Submission Review and Payouts<\/strong><\/h2>\n

After submitting a claim, creditors will receive an initial determination of their claim amount within 90 days, according to the bankruptcy plan. If additional time is needed for review, the creditor will be notified. Creditors will have the option to accept or dispute the initial determination made by the plan administrator.<\/p>\n

Undisputed Terraform Labs claims will be processed for initial distributions as soon as possible, and all payouts will be made on a pro-rata basis. The first payouts are expected to begin after August 2025, though exact dates are still uncertain. The total amount available for creditor payouts is estimated to be between $185 million and $442 million, although not all creditors will be eligible for the full amount.<\/p>\n

Creditors should ensure they provide accurate and complete information when filing their claims. Failure to disclose actions like sales, swaps, or staking could result in the rejection of the claim.<\/p>\n

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