Terraform Labs Opens Claims Portal for Crypto Creditors on March 31, 2025

Terraform Labs has announced that its claims portal for crypto creditors will open on March 31, 2025. This portal is designed to assist individuals who suffered losses due to the collapse of TerraUSD and other cryptocurrencies associated with Terraform Labs’ operations. The company is working to reimburse its creditors as part of its bankruptcy proceedings, with a deadline for claims submission set for April 30, 2025.

The claims portal will be accessible at claims.terra.money starting March 31, 2025. Creditors must submit their claims before April 30, 2025, at 11:59 PM Eastern Time. Any claims submitted after this date will not be considered, and those involved will lose the opportunity to recover their losses. To file a claim, creditors will need to provide identification of their cryptocurrency assets, including wallet addresses or read-only API keys. This process aims to help Terraform Labs cease its operations and return funds to its creditors. Applicants must follow the portal’s guidelines and submit all necessary documents to substantiate their claims.

Creditors are required to present proof of ownership of the crypto assets they intend to claim. For assets within the Terra ecosystem or supported networks, a verification transaction through the portal is mandatory and will be done free of charge. For assets owned on centralized exchanges, creditors must provide a read-only API key. If an API key is not available, manual data such as transactional data or account statements can be provided. However, claims supported by manual evidence may experience longer review times and a higher likelihood of rejection if electronic equivalents are available.

Not all crypto assets are eligible for claims. The Terraform Labs claims process will only cover certain cryptocurrencies, with a list of eligible loss cryptocurrencies available on the claims portal starting March 31, 2025. Cryptocurrencies with on-chain liquidity below $100 and assets such as Luna 2.0 on Terra 2.0 will be ineligible for compensation. 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.

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 can accept or dispute the initial determination made by the plan administrator. Undisputed claims will be processed for initial distributions as soon as possible, with payouts 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. Creditors should ensure they provide accurate and complete information when filing their claims, as failure to disclose actions like sales, swaps, or staking could result in the rejection of the claim.