Terraform Labs, the company behind the Luna Hégondée token and the Stablecoin terrausd, will open a portal on March 31 to allow investors to file complaints for cryptographic loss linked to the fall of the company and to the subsequent bankruptcy.
The online system, operated by the claims administrator, Kroll, is part of the process of redesign of the company court. Investors have until April 30 at 11:59 p.m. to submit complaints through complaints.terra.Money. Late submissions will not be taken into account, which means that those who are missing the deadline lose their right to any recovery, according to an average position.
Eligible complaints must be linked to specific cryptocurrencies listed in the business documents and held during the period surrounding the collapse of the terra. In particular, assets with less than $ 100 in chain liquidity and some others – like Luna de Terra 2.0 – will not qualify.
Applicants must also submit proof of property. The preferred method is the Reading API keys alone of the exchanges, which the administrator considers more reliable than the screenshots or the documents downloaded manually. The post adds that those who use manual evidence can face prolonged revision periods or may have their complaints have completely denied.
Once filed, complaints will be examined and verified. Initial decisions will be shared within 90 days of the deadline and approved complaints will be eligible for pro rata distributions once the treatment is completed.
The terra ecosystem collapsed in 2022, leading to the greatest destruction of wealth in just three days in the history of cryptocurrency space. Luna’s market capitalization plunged more than $ 41 billion to $ 6 million during this period.
Read more: Terraform Labs, Do Kwon agrees to pay for a case of combined civil fraud of $ 4.5 billion
