Terraform Labs Launches Crypto Claims Portal for UST Creditors
Terraform Labs, the firm behind the failed TerraUSD (UST) stablecoin, has introduced a new platform to assist users affected by the project’s collapse in 2022. The company has initiated a crypto claims portal to facilitate compensation for creditors. Here are the key details:
Claim Submission Period
- Creditors can submit claims between March 31 and April 30, 2025.
- Claims submitted after the deadline will not be considered.
Claim Filing Requirements
To file a claim, users must provide proof of asset ownership by submitting information such as wallet addresses, read-only API keys, and other supporting documents.
Asset Qualification
Not all assets will be eligible for compensation. Assets with on-chain liquidity below $100 and specific tokens like Luna 2.0 on the Terra 2.0 blockchain are excluded from the claims process.
Claim Assessment
- A Wind Down Trust will evaluate the claims filed during Terraform Labs’ bankruptcy proceedings.
- UST creditors can expect an initial determination of their claim amount within 90 days after the submission deadline.
Disbursement Process
- If a claim is uncontested, disbursements will commence promptly, and all payouts will be distributed pro rata.
- Creditors will have the option to accept or dispute the claim amount.
Review Official Guidelines
Terraform Labs advises creditors to review the official Crypto Loss Claim Procedures on the claims portal to ensure compliance with the necessary standards.
$200 Million LUNA Settlement
Galaxy Digital, an investment firm, has reached a $200 million settlement with the New York Attorney General in a separate development. The settlement relates to the promotion of the LUNA token by Galaxy Digital and its founder, Michael Novogratz. Here are the key details:
Regulatory Action
- The New York Attorney General accused Galaxy Digital of promoting LUNA while secretly offloading large amounts without disclosing this information to investors.
- Galaxy agreed to pay the fine in installments over three years, with an initial payment of $40 million due within two weeks.
Compliance Measures
As part of the settlement, Galaxy Digital will update its internal policies to enhance transparency and prevent conflicts of interest in future token promotions.
