Terraform Labs Unveils Claims Portal for Crypto Losses Amid Bankruptcy Proceedings

Terraform Labs has announced that its Crypto Loss Claims Portal will be live for creditor submissions starting March 31, 2025. This move is part of the company’s broader efforts to manage claims following the dramatic collapse of its stablecoin TerraUSD (UST) in May 2022, an event that led to billions in losses and subsequent bankruptcy proceedings. Creditors affected by the UST failure are now given an electronic avenue to file claims for their losses, with submissions required to be completed by April 30, 2025 at 11:59 p.m. ET. The process involves providing proof of ownership through read-only API keys or signed blockchain transactions, though manual evidence such as transaction logs and screenshots is also acceptable (albeit with the potential to slow down review times). The loss claims process will be overseen by Terraform’s Wind Down Trust, which aims to offer initial determinations or review notices within 90 days. The filing portal and clear deadline represent significant steps in addressing the fallout from one of crypto’s most notorious failures, bringing a measure of finality and transparency to the protracted bankruptcy process.