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Terra (LUNA) Opens Application Portal for Creditors: Announced Important Dates! - Koin Bulletin
Terraform Labs is opening the crypto creditor application portal on March 31, expecting creditors to submit their applications by April 30.
Terraform Labs announced that it will open an application portal for crypto creditors on March 31, after filing for bankruptcy in January 2024. It is known that the company filed for Chapter 11 bankruptcy following the $40 billion ecosystem collapse in 2022.
The "Crypto Loss Claims Portal" will open on March 31. Creditors will be able to submit their applications through (Crypto Loss Application Portal) until April 30, 2025. Applications made after this date will not be considered.
In order for the applications to be valid, creditors will need to provide documents proving their ownership of crypto assets. These documents will be readable API keys for cryptocurrencies held in decentralized assets and centralized exchanges. Additionally, transaction records and account summaries will be considered "manual evidence", but it is stated that applications made with these documents will be subject to longer review periods.
According to Terraform Labs' bankruptcy plan, creditors are expected to receive payments ranging from $185 million to $442 million. This payment plan was approved by U.S. Bankruptcy Court Judge Brendan Shannon in September 2024.
Additionally, Terraform has made a $4.47 billion agreement with the SEC, and it is uncertain whether the SEC will receive payment under this agreement. The company has reached an agreement regarding creditor payment priority.