According to Terraform Labs, the portal, managed by Kroll Restructuring Administration LLC, marks a critical step in the wind-down of Terraform’s bankrupt estates. Creditors must submit claims by April 30, 2025, at 11:59 p.m. ET, or forfeit recovery eligibility. Claims will cover losses linked to specific cryptocurrencies affected by terrausd’s (UST) implosion, though Luna 2.0 holdings and tokens with under $100 in onchain liquidity are excluded.

A full list of eligible assets will be published on Kroll’s restructuring portal when the claims process begins. The process prioritizes “Preferred Evidence,” such as read-only API keys from exchanges, to expedite verification. Submissions relying on “Manual Evidence” — including screenshots or transaction logs — face prolonged reviews and potential disallowance if Preferred Evidence is available.

Kroll warned such claims may require individualized assessments, delaying determinations. After filing, creditors will receive an initial claim determination within 90 days of the deadline or a notice of extended review. Disputes can be raised under the procedures outlined in the Crypto Loss Claim Terms. Approved claims will receive pro-rata distributions, contingent on identity verification.

Terraform’s 2022 collapse erased an estimated $45 billion from its ecosystem, including $28 billion in decentralized applications (dapps) like Anchor, and triggered a broader crypto market crash costing an estimated $300 billion. The fallout led to bankruptcies at firms like Celsius and Voyager and intensified global regulatory scrutiny of stablecoins.

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