Terraform Labs Crypto Loss Claims Portal Launch
Important Notice for the Terra Community regarding the Crypto Loss Claims Portal Launch
Introduction
Terraform Labs Pte. Ltd. and Terraform Labs Limited (the “Debtors”) are proceeding with the wind down of their estates. As part of this wind down, the Crypto Loss Claims submission process is set to launch, which will allow creditors to file claims for losses stemming from purchases or investments in certain cryptocurrencies impacted by the collapse of the Terra USD token and subsequent events that precipitated the Debtors’ bankruptcy filing.
Portal Launch Details
The Crypto Loss Claims Portal (the “Online Portal”), managed by Kroll Restructuring Administration LLC (“Kroll”) will open on March 31, 2025 at claims.terra.money to submit Crypto Loss Claims. Claimants must submit their Crypto Loss Claim Forms and all supporting documentation electronically through the Online Portal.
Key Deadlines
- Crypto Loss Claim Bar Date: All claims must be submitted by May 16, 2025 at 11:59 p.m. ET.
- Note: Claims submitted after this deadline will not be accepted, and creditors that fail to submit a claim prior to the deadline will forfeit any potential recovery.
Eligibility Criteria
Please refer to the Crypto Loss Claim Procedures for full eligibility criteria. The Crypto Loss Claims Procedures are attached as Exhibit 1 to the Crypto Loss Claim Bar Date Order filed at Docket № 965 on the Debtors’ court docket: https://dm.epiq11.com/case/terraform/dockets
The Plan Administrator will determine claimants’ claim amounts based on the Eligible Loss Cryptocurrency they held. A list of Eligible Loss Cryptocurrencies is available at restructuring.ra.kroll.com/Terraform (available from March 31, 2025) by clicking “Schedule I — List of Eligible Loss Cryptocurrencies” under “Quick Links.”
Cryptocurrencies with on-chain liquidity of less than $100, as well as certain other exclusions (e.g., Luna 2.0 holdings on Terra 2.0), are not eligible. Creditors are advised to refer to the Crypto Loss Claim Procedures for complete details.
If you choose to submit Manual Evidence (e.g., transaction logs, account statements, and screenshots) to support portions of your Crypto Loss Claim, your claim will not receive an Initial Determination on the expedited timeline set forth below and your claim will be subject to Individualized Review (as defined below). The Plan Administrator may require additional time to review your Crypto Loss Claim and provide an Initial Determination due to additional resources and time needed to verify the accuracy of Manual Evidence. Because Preferred Evidence (including read-only API Keys) is both likely to be (a) the most readily available evidentiary support for large exchanges and platforms and (b) the most accurate and reliable support for Crypto Loss Claims (because it cannot be manipulated or altered), the Plan Administrator may also determine that your Crypto Loss Amount should not be Allowed if you do not provide Preferred Evidence, especially if Preferred Evidence is available and choose not to provide it. Specifically, the Plan Administrator is likely to seek to disallow your Crypto Loss Claim in whole or in part if you provide Manual Evidence instead of Preferred Evidence if Preferred Evidence is available, which determination will be subject to the dispute process set forth in Section V.c of the Crypto Loss Claims Procedures.
Filing Instructions
Filing a claim requires adherence to the following steps:
1. Register on the Online Portal: Visit claims.terra.money on or after March 31, 2025 to register.
2. Provide Proof of Ownership:
- For Eligible Loss Cryptocurrency held on the Terra Ecosystem or other supported networks (“Verifiable Blockchains”), creditors must sign a transaction with their wallet through the Online Portal. No fees will be charged for this transaction.
- For holdings on other platforms or exchanges, creditors are strongly encouraged to provide a read-only API key. Instructions for retrieving API keys are available on the Online Portal. Alternatively, creditors may submit Manual Evidence (e.g., transaction logs, account statements, and screenshots), but such submissions will likely be subject to a protracted review process and are likely to be disallowed by the Plan Administrator if they are submitting Manual Evidence for Eligible Loss Cryptocurrency for which Preferred Evidence is available. The fastest and most direct way to receive a potential recovery is to submit Preferred Evidence to the extent it is available.
3. Complete the Crypto Loss Claim Form: Follow the instructions on the Online Portal to fill out the CLC Form in its entirety and provide all required information about purchases, holdings, and any actions (e.g., sales, swaps, staking) taken with Eligible Loss Cryptocurrency.
4. Submit by the Deadline: Ensure the claim is submitted by May 16, 2025 at 11:59 p.m. (prevailing Eastern Time).
Assistance
Creditors encountering issues accessing the Online Portal may contact Kroll Restructuring Administration at Terraforminfo@ra.kroll.com. For questions about the Crypto Loss Claim Procedures, contact the advisors to the Terraform Wind Down Trust at TFL_CLC_Distributions@kirkland.com. Kroll and the Wind Down Trust do not provide legal advice. Creditors are advised to consult an attorney for guidance on their specific situation.
Post-Filing Process
After a claim is submitted, the Wind Down Trust will review and verify it. Within 90 days after the Crypto Loss Claim Bar Date, creditors will receive a notification via the Online Portal with either an initial determination of their claim amount or a notification that the Plan Administrator requires additional time to review their Crypto Loss Claim. Creditors will have the opportunity to accept or dispute the determination, once it is made, in accordance with Section V.c of the Crypto Loss Claims Procedures. Undisputed claims will be eligible for initial disbursements as soon as practicable. All distributions will be made on a pro rata basis.
Additional Information
- Accuracy: Creditors must provide complete and accurate information. Failure to disclose all relevant actions (e.g., sales, swaps, staking) may result in the disallowance of a claim.
- Identity Verification Requirements: To receive distributions, creditors must provide identity verification and other disbursement details.
- Resources: Additional information, including court filings and updates, is available at https://dm.epiq11.com/case/terraform or the Delaware Bankruptcy Court’s website (http://www.deb.uscourts.gov).
Conclusion
The Crypto Loss Claims Portal will open on March 31, 2025 at claims.terra.money. Creditors are advised to file claims by the May 16, 2025 at 11:59 p.m. (prevailing Eastern Time) deadline. For further assistance, contact Kroll at Terraforminfo@ra.kroll.com.
