Terraform Labs, the firm behind the collapsed Luna Token and Terrausd Stablecoin, will open a portal on March 31 to allow investors to present claims for cryptographic losses linked to the fall of the company and subsequent bankruptcy.
The online system, operated by the Kroll claims administrator, is part of the elimination process supervised by the company’s court. Investors have until April 30 at 11:59 pm et to present claims through claims.terra.money. Late presentations will not be considered, which means that those who lose the deadline lose their right to any recovery, according to a middle position.
Eligible claims must be linked to specific cryptocurrencies listed in the case documents and held during the period surrounding the collapse of the Terra ecosystem. In particular, assets with less than $ 100 in liquidity in the chain and certain others, such as the moon of Terra 2.0, will not qualify.
The plaintiffs must also submit a property proof. The preferred method are the API keys of only exchanges reading, which the administrator considers more reliable than the screenshots or manually charged documents. The publication adds that those who use manual evidence can face prolonged review periods or risk their claims that are completely denied.
Once presented, the claims will be reviewed and verified. The initial decisions will be shared within 90 days after the deadline and the approved claims will be eligible for rat distributions once the processing concludes.
Terra’s ecosystem collapsed in 2022, which led to the greatest destruction of wealth in just three days in the history of cryptocurrency space. Luna market capitalization fell from more than $ 41 billion to $ 6 million in that period.
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