Terraform Labs, the bankrupt company behind the failed Terrausd (UST) Stablecoin, has launched a Crypto billing portal.
The platform is designed to compensate users affected by the dramatic crash of the 2022 project. Creditors may file claims between March 31st and April 30th, 2025.
To submit a request, the user must prove their asset ownership by providing information including a wallet address, a read-only API key, and other support documents.
Wind Down Trust evaluates claims made during Terraform Labs' ongoing bankruptcy process.
On the other hand, not all assets are covered by compensation. Cryptoholdings with on-chain liquidity of less than $100 exclude certain tokens, such as Luna 2.0 on the Terra 2.0 blockchain.
UST creditors can expect an initial decision on the amount they claim within 90 days of the filing deadline. They have the option to accept or dispute the outcome.
However, if the claim is not disputed, payments will begin as soon as possible, and all payments will be proportional.
With this in mind, Terraform Labs urged creditors to review the official cryptocurrency loss claims procedure for the billing portal to ensure that the submission meets the required criteria.
Terraform filed for Chapter 11 bankruptcy in January 2024, years after fallout from the UST crash. In September 2024, a US court approved the application following a $4.47 billion settlement with the Securities and Exchange Commission (SEC).
200 million dollar Luna settlement
Another development involves investment companies Galaxy Digital A $200 million settlement has been reached with the New York State Attorney General..
According to regulators, the asset management company and its founder Michael Novogratz promoted Luna Token while quietly doing mass offloading without telling investors. Galaxy acquired Luna in 2020 and later pointed out that it sold it to clients despite its sales plans.
The regulator said:
“It constituted a violation of the Martin Act and violation of New York's Enforcement Act, as well as the Galaxy's conduct, including misrepresentation of Luna and omissions relating to Luna, as well as the failure to disclose its intention to sell Luna and its existence at the time, a violation of the Martin Act and a violation of Section 63 of the New York Enforcement Act.”
According to the settlement, Galaxy did not admit fraud but agreed to pay the fine in installments over three years starting at $40 million within two weeks.
The company will also update its internal policies to improve transparency and avoid conflicts of interest in future token promotions.
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