The Terraform Labs, the firm behind the collapsed Luna token and the Terrausd Stablecoin, will open a portal on March 31 to allow investors to file claims for crypto losses tied to the collapse of the company and subsequent losses.
The online system, operated by the administrator Kroll’s claims, is part of the company’s court’s court seating process. Investors will be up to April 30 and 11:59 PM ET to submit claims by claims.terra.Money. Late submissions will not be considered, meaning that those who miss the deadline have lost the right to any recovery, according to a Medium post.
Eligible claims should be tied to specific cryptocurrencies listed in case documents and held at the time surrounding the collapse of the terra ecosystem. Interestingly, assets with less than $ 100 in on-chain liquidity and some others-like Terra 2.0 Luna-are not qualified.
Those who claim to also submit proof of owner. The preferred method is to read only the API keys from the exchanges, which the administrator considers more reliable than screenshots or manually uploaded documents. The post added that users of manu -evidence could face extended periods of examination or risk to their claims that were denied in full.
When filed, the claims will be evaluated and validated. The initial decisions will be shared within 90 days after the deadline and the approved claims are eligible for pro rata distribution once the processing ends.
The Terra ecosystem has fallen In 2022, leading to the greatest destruction of wealth in just three days in the history of the cryptocurrency space. Luna’s market capital fell from over $ 41 billion to $ 6 million at the time.
Read more: Terraform Labs, does Kwon agree to pay a joint $ 4.5B in case of civil fraud
