Terraform Labs Sets May 16, 2025 Deadline for UST Collapse Claims
1min read Terraform Labs has issued a final reminder to creditors impacted by the TerraUSD (UST) collapse, urging them to file their crypto loss claims before the May 16, 2025, deadline. The deadline for submitting claims is set for 11:59 p.m. ET on May 16, 2025. Creditors must submit all necessary forms and evidence through Kroll’s designated crypto portal to be considered for recovery. Any claims submitted after the deadline will not be accepted, and creditors who miss the deadline risk forfeiting their potential recovery rights.
The claims process requires creditors to file their eligible crypto loss claims through the online portal managed by Kroll Restructuring Administration LLC. The portal, which opened on March 31, 2025, allows creditors to submit their claims electronically. Applicants must provide a Crypto Loss Claim Form along with all supporting documentation through the online system. Kroll, appointed as part of the bankruptcy process, oversees the administration of the portal.
Only specific cryptocurrencies listed on Schedule I are eligible for recovery. This list, available at restructuring.ra.kroll.com/Terraform, details the eligible loss cryptocurrencies. Notably, tokens with on-chain liquidity below $100 and Luna 2.0 holdings on the Terra 2.0 network will not qualify for recovery. This restriction ensures that only assets with sufficient liquidity and market value are considered for compensation.
To facilitate a smooth claims review process, applicants are encouraged to submit Preferred Evidence, such as read-only API keys from supported crypto exchanges. This method is deemed the most secure and least prone to manipulation. Those who opt for Manual Evidence, including screenshots, transaction logs, or account statements, will undergo an Individualized Review. This review process may delay the Initial Determination of their claims. The Plan Administrator has the authority to partially or fully reject any claims that do not meet the specified documentation standards, emphasizing the importance of accurate and comprehensive evidence submission.
The urgency of the deadline highlights the critical need for creditors to act promptly. With the final stretch of the claims period approaching, creditors must ensure they have all necessary documentation and evidence ready for submission. The strict guidelines and requirements set by Terraform Labs and Kroll underscore the importance of adhering to the specified procedures to maximize the chances of a successful claim.
