The Crypto Loss Claims Portal provides creditors affected by the TerraUSD downfall with an online platform to file their reimbursement requests.
Starting on March 31, 2025, the Crypto Loss Claims Portal that Kroll Restructuring Administration operates will become accessible through claims.terra.money.
Claims process and eligibility
The claims portal will function through April 30 of 2025. To file a claim on the platform creditors need to register while presenting documents that verify their ownership of seized assets. The platform will process electronic claims without charging any transaction fees. Proof of Assets stored on external trading platforms can be provided through account statements along with transaction history and read-only API keys. The claims process does not include Luna 2.0 nor cryptocurrencies with on-chain volumes below $100 while other assets can potentially be included.
The decision process and requirement for additional information documentation will take place within 90 days starting from the submission deadline date. Claims assessment under the program will be conducted by the Plan Administrator using Eligible Loss Cryptocurrency scores to determine compensation amounts. Claimants need to submit every needed document to stop both delay and rejection of their claims.
Terraform labs reaches settlement with SEC
The financial collapse of TerraUSD has triggered legal challenges against Terraform Labs because it resulted in $40 billion worth of investor losses. Terraform Labs reached an agreement with the SEC in April to repay investors the total sum of $4.47 billion. Under the settlement agreement both PYTH tokens and the assets of Terraform Labs co-founder Do Kwon must be liquidated. Money obtained from the claims process will directly support the firm’s efforts toward becoming liquid. After claim processing and transaction payout is complete the remaining assets will serve to pay penalties that the SEC has ordered.
Do kwon faces extradition to the US
Terraform Labs co-founder Do Kwon continues to face legal troubles over the TerraUSD collapse in May 2022. Montenegro’s Constitutional Court recently rejected his appeal against extradition, significantly reducing his chances of delaying the process further.
Both the US and South Korea have requested Kwon’s extradition. Legal experts predict Montenegro will likely extradite him to the US due to additional charges linked to the TerraUSD collapse. His legal team is expected to continue efforts to challenge the decision, but the ruling is seen as a significant step forward in the case.