Terraform Labs, the company behind the failed TerraUSD (UST) stablecoin and LUNA cryptocurrency, has officially launched its Crypto Loss Claims Portal.
This new platform allows individuals who lost $100 or more during the collapse of the Terra ecosystem in 2022 to file for potential compensation. The deadline to submit claims is April 30, 2025, and late submissions will not be accepted.
Who Can File a Claim and How
Eligible individuals must first register on the online portal, which serves as the main platform for submitting and tracking claims. To file, claimants must complete the Crypto Loss Claim (CLC) Form and provide detailed records of all affected transactions. This includes any purchases, sales, swaps, or staking activities related to LUNA or UST.
The company offers two ways to submit evidence of losses:
- Preferred Method: A read-only API key from supported crypto exchanges. This method allows direct access to transaction data and ensures faster and more accurate claim processing.
- Manual Method: Documents such as transaction logs, account statements, or screenshots. These may take longer to verify and are more likely to be rejected if better evidence is available.
Verification and Review Process
For assets still held on blockchain networks, Terraform Labs requires users to sign a transaction through their wallet on the portal. This step verifies ownership securely and does not require any transaction fees.
Once claims are submitted, the Wind Down Trust will review them. Within 90 days of the submission deadline, claimants will receive a response via the portal. This may include an initial compensation estimate or a notice that additional review time is needed.
Claimants will have the opportunity to accept the proposed amount or dispute it. Approved and undisputed claims will be paid out on a pro rata basis, meaning funds will be divided fairly based on the total pool available.
Estimated Payout and Challenges Ahead
Terraform Labs has projected that the total compensation could range from $184.5 million to $442.2 million, though exact figures will depend on verified losses. The company noted the difficulties in accurately calculating the true extent of the damages due to the wide range of holdings and transaction methods.
The launch of this portal is part of Terraform Labs’ ongoing efforts to address the fallout from one of the largest collapses in crypto history, which wiped out billions in investor funds and sparked regulatory scrutiny worldwide.