Terraform Labs Launches Crypto Loss Claims Portal for UST & Luna Collapse Victims
Terraform Labs announced it will be launching a Crypto Loss Claims Portal on its platform, which is set to go live today, March 31, 2025. The portal will be accessible at claims.terra.money and managed by Kroll Restructuring Administration LLC.
The portal will allow creditors to file claims tied to the 2022 Terra USD (UST) and Luna collapse. In an X post shared on Terra’s official X account, it announced that the filing deadline will be April 30, 2025, at 11:59 p.m. ET, with no extensions offered.
The launch follows Terraform Labs’ Chapter 11 bankruptcy filing in January 2024, a response to the May 2022 collapse that wiped out approximately $45 billion in market value.
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UST’s algorithmic stablecoin failure triggered the downturn, leading to a $4.47 billion settlement with the US Securities and Exchange Commission (SEC) in June 2024 after a fraud ruling. In September 2024, a Delaware court approved the Terraform Labs’ Second Amended Chapter 11 Plan of Liquidation, which includes this portal to return residual assets to creditors on a pro rata basis.
Terraform Labs Creditors Face Strict Eligibility and Technical Challenges
Eligibility is restricted, with qualifying cryptocurrencies outlined today on Kroll’s restructuring site under “Schedule I — List of Eligible Loss Cryptocurrencies.”
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Assets with on-chain liquidity below $100 and Luna 2.0 on Terra 2.0 are excluded, which may come as a surprise to some investors. Creditors must register on the portal, submit proof of ownership—preferably wallet signatures or read-only API keys—and complete the Crypto Loss Claim Form by the deadline.
Manual evidence, such as transaction logs or screenshots, risks delays or rejection if preferred methods are available but unused. Full disclosure of activities like staking or swapping is mandatory to prevent claim disqualification.
After the deadline, a 90-day review period begins, with notifications issued through the portal. Unchallenged claims will have their initial disbursements paid out as early as possible pending identification verification.
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While the process avoids additional litigation, as approved by the Delaware court, the pro rata structure and asset exclusions suggest low recovery given the collapse’s scale.
The Terraform Labs portal’s technical requirements could also complicate participation for creditors who are less tech-savvy. The program is a structured step toward addressing one of crypto’s largest failures, though its complexity and constraints remain notable challenges for claimants.
