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Home»ALTCOIN NEWS»Terra Sets LUNC, USTC Recovery Schedule to Fully Repay Creditors
ALTCOIN NEWS

Terra Sets LUNC, USTC Recovery Schedule to Fully Repay Creditors

By Crypto FlexsJuly 24, 20244 Mins Read
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Terra Sets LUNC, USTC Recovery Schedule to Fully Repay Creditors
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  • Cryptocurrency investors who suffered losses due to the 2022 Terra Luna incident may be able to claim a refund.
  • The insolvent fintech company has tentatively announced a cryptocurrency loss limit date.
  • TerraForm, which was fined $4.5 billion by the SEC, has less than $100 million in known assets.

The Terra Luna crash was a disaster that has been lingering in the crypto space for over two years. The collapse of Terra Luna’s ecosystem in May 2022 triggered a tsunami of liquidations across the crypto space, originating from small and professional traders, crypto hedge funds, and crypto-collaborators.

The nightmare appears to be over, as investors have been given a timeline for at least some of Terra’s bankruptcy proceeds to be distributed to abused investors.

The aftermath of the Terra Luna system crash

Terra USD (UST) crashed in a matter of days. More than two years later, the founder of the Layer-1 chain, Do Kwon, is still in Montenegro, serving a four-month prison sentence for document forgery.

With the fate of the token still largely in the hands of the U.S. Securities and Exchange Commission (SEC), TerraForm Labs has reached out to investors who suffered huge losses due to their exposure to Terra Luna.

Important Notice Regarding Crypto Loss Bar Dates for the Terra Community:

Preliminary Cryptocurrency Loss Bar Date for Filing Cryptocurrency Loss Claims for Chapter 11 Voting Purposes Only in the Chapter 11 Bankruptcy Cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited…

— Courtesy of Terra 🌍 LUNA 🌕 (@terra_money) July 22, 2024

This is good news for the victims of the Terra Luna collapse, as it provides a path to compensation through the Crypto Loss Bar Date. This is related to the Chapter 11 bankruptcies of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL). However, there is a strict deadline for applicants who wish to be considered in the upcoming vote on the debtor’s reorganization.

How to get your money back in Terra

Any individual or business that believes the debtor held cryptocurrency during the period of operation may file a claim in a Chapter 11 bankruptcy case. To be included in the upcoming Chapter 11 bankruptcy ballot process, you must file your claim by 5 p.m. ET on August 21, 2024.

🚀 Terra has set tentative dates for the restoration of LUNA, LUNC, and USTC!🚀

Terraform Labs has announced a deadline for filing cryptocurrency loss claims, increasing the chances of recovery for LUNA, LUNC, and USTC. Claims must be filed by 5pm EST on August 21. 📈

Official Announcement:… pic.twitter.com/I2fH62pAHv

— Colin Brown (@CollinBrownXRP) July 23, 2024

The Crypto Loss Claim applies to investors who had issues with TerraForm Labs prior to January 21, 2024 or who had issues with TLL prior to July 1, 2024. TerraForm Labs’ official message to X emphasized the importance of filing promptly, otherwise creditors will not be included in the voting process for the debtor plan.

To pursue a claim, Terra investors should be aware of the following:

  • Proof of loss of reserve cryptocurrency claims must be written in English and expressed in U.S. Dollars.
  • There is no need to attach any supporting documents.
  • The claimant must sign the form.
  • An agent cannot file a claim on behalf of a creditor.

You must submit your form in one of two ways:

  • Electronically site.
  • Please send it by mail to the following address:
    • If sending by first class mail:
      Terraform Labs Inc., etc.
      c/o Epiq Corporate Restructuring, LLC
      Zip code 4419
      Beaverton, OR 97076-4419
    • Direct delivery or next day mail:
      Terraform Labs Pte. Ltd. and other claim processing centers
      c/o Epiq Corporate Restructuring, LLC
      10300 SW Allen Blvd
      Beaverton, OR 97005
The bankruptcy liabilities will be added to TerraForm Labs's $4.5 billion penalty, as the Securities and Exchange Commission (SEC) is set to trial Terra and Do Kwon in the United States later this year.

The document clarifies that if creditors should miss the deadline for submitting their claims form, they will not be barred from seeking compensation at a later date.

This document clarifies the rules for filing claims.

On the other side

  • TerraForm Labs initially sought $1 million, but is now leaning toward finding other ways to pay the $4.5 billion fine imposed by the SEC.
  • Looking at Terra’s publicly trackable cryptocurrency wallets, the shady company holds just over $75 million in digital assets.

Why this matters

This landmark case could set a precedent for cryptocurrency regulation and provide compensation to investors who suffered losses from Terra’s $60 billion loss.

Check out DailyCoin’s popular cryptocurrency stories:
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