- The claim deadline for Terraform Labs’ Wind Down Trust has been extended until May 16, 2025, giving creditors more time to file eligible crypto loss claims.
- Only validated assets qualify for claims, and some, like LUNA 2.0 or low-liquidity tokens, may not be accepted under the new guidelines.
The deadline to file crypto loss claims against Terraform Labs has finally been extended. Creditors now have until May 16, 2025, at 11:59 p.m. ET to complete their claims process via the official claims.terra.money page.
This decision comes amid the long liquidation process following the collapse of the TerraUSD stablecoin project and the LUNA token that rocked the crypto market two years ago.
The deadline to file Crypto Loss Claims for the Terraform Labs Pte. Ltd. Wind Down Trust has been extended through May 16, 2025, at 11:59 p.m. Eastern Time. Creditors must file their Eligible Crypto Loss Claims via https://t.co/7YQvfQr76x by this date. Late submissions will not…
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) April 10, 2025
Hard Work, No Pay: Terraform Legal Claim Falls Flat
This extension is not just a technical matter. Behind it, there is a series of unfinished and unsolved legal stories. One of them came from the United States bankruptcy court. On April 9, 2025, Judge Brendan Shannon denied a $430,000 payment request from the law firm White & Case.
In fact, this firm had provided legal services to the Terraform creditors committee. The problem? They were never formally appointed by the court, and under US bankruptcy law, that was enough to dismiss their payment claims.
Although the judge acknowledged their contribution, without a formal appointment, the money still can’t come out. Imagine if you worked hard to help a big project, but because of one small formality, your payment failed to be disbursed.
On the other hand, the public still remembers the extradition of Do Kwon, the founder of Terraform Labs, carried out by the Montenegrin government in late 2024. After a long tug-of-war between the United States and South Korea, Do Kwon was finally sent to the US to face fraud charges. He was arrested while trying to escape to Dubai with a fake passport.
This case makes it clear how deep the wounds left by the collapse of Terra are—and, of course, how seriously international authorities are taking this case.
Relief for Some, But Not All Claims Will Qualify
However, not all parties involved in Terra accepted the consequences in silence. On March 28, 2025, Galaxy Digital finally agreed to pay $200 million to the New York Attorney General. This money was paid for their role in promoting TerraUSD and LUNA before both plummeted.
Galaxy did indeed make a big profit because they had time to exit their position before the storm came. But still, this step is a kind of public accountability—even though it was paid for three years and without admitting or denying the allegations.
Furthermore, for many who still have bitter memories of the huge losses in 2022, this extension of the claim period is a breath of fresh air. Especially for those who have not had time to process their documents or are still confused about the eligibility of their assets.
Unfortunately, not all assets will be considered valid. Some tokens with low liquidity or certain types, such as LUNA 2.0 on the Terra 2.0 network, are not counted.
Meanwhile, market activity shows that the LUNC token—a legacy of the crash—is still being traded. At the time of writing, its price was around $0.00005958, up 1.90% in the last 24 hours with a transaction volume of $11.69 million.
This figure is indeed not much compared to its heyday, but for some reason, it still attracts the attention of traders and the crypto community.
