Terraform Labs, a company of the collapsed LUNA TOKEN and Terrausd Stablecoin, will open a portal on March 31 so that investors can submit claims for encryption losses related to the company’s fall and subsequent bankruptcy.
The online system operated by Kroll, a claim manager, is part of the company’s court supervision process. Investors must submit a claim for ET by 11:59 pm on April 30. Late submissions are not considered. In other words, those who missed the deadline loses their rights to recover according to the middle mail.
The eligible claims are related to the specific cryptocurrency listed in the case document and should be held for a period of time surrounding the collapse of the Terra Ecosystem. In particular, other assets, such as assets with a chain liquidity of less than $ 100 and luna in Terra 2.0, are not qualified.
The claimant must also submit a proof of ownership. The preferred way is to read -only API key, and the administrator considers that it can be more reliable than a screenshot or manually uploaded document. The post added that the use of manual evidence may face the extended review period or their claims can be completely rejected.
Once submitted, the claim will be reviewed and confirmed. The initial decision is shared within 90 days after the deadline, and the approved claim is suitable for the distribution of Pro RATA after the treatment is finished.
The Terra ecosystem collapsed in 2022, leading to the destruction of the largest wealth in three days in the history of cryptocurrency. Luna’s market cap plummeted from $ 41 billion to $ 6 million during that period.
Further Read: Do Terraform Labs, Kwon agree to pay a $ 4.5B SEC in a civil fraud case?