#cryptonews
Terraform Labs (TFL), the company behind the collapsed stablecoin TerraUSD (UST), announced on Friday that its Crypto Loss Claims Portal will open on Monday, March 31, 2025.
This move represents the company’s efforts to manage creditor claims following the dramatic UST failure in 2022, which wiped out billions and drove Terraform into bankruptcy proceedings.
Meanwhile, eligible cryptocurrencies for loss claims are clearly specified. Certain assets are excluded, including those with minimal on-chain liquidity and holdings like Luna 2.0. The list of eligible cryptocurrencies will be available on March 31.
Additionally, creditors face a strict submission deadline. All claims must be filed by April 30, 2025, at 11:59 p.m. ET. Claims submitted after this deadline will not be accepted. Those who fail to submit will lose any chance at potential recovery.
Notably, Terraform Labs’ stablecoin TerraUSD collapsed in May 2022 when its algorithmic peg to the US dollar failed spectacularly, causing massive losses across crypto markets.
Terraform’s Wind Down Trust will verify claims. Under the process, claimants receive an initial determination or review notice within 90 days. Eligible creditors get pro rata distributions.