TerraUSD (UST), was a type of cryptocurrency known as a "stablecoin." According to its issuer, it used an algorithm to peg its value to the U.S. dollar and maintain stability.​ On May 9, 2022, UST lost its peg to the U.S. dollar. Over the next several days, it plummeted in value, falling from its supposed peg of $1.00 to less than $0.10 and never recovering.

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After the collapse, Terraform Labs, the maker of Terra UST, filed for bankruptcy. On March 12, 2025, the bankruptcy court issued an order allowing creditors to file claims to recover losses from UST's crash. Please read the directions below for more information on filing a claim.

 

Submission Period: The Online Portal will be available from March 31, 2025 through April 30, 2025.

 

Deadline: Submit your claim, including any supporting documentation, by April 30, 2025 at 11:59 pm (EST). Late claims will be rejected.

 

To submit a claim online you must do the following:

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1. Read the Notice: Carefully follow the instructions on how to complete the Crypto Loss Claim Form (“Claim Form”).

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2. Review the Claim Form: Review the form to understand the information you need to provide.

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3. Complete the Claim Form online: Fill out the form on the Crypto Loss Claims portal: https://claims.terra.money/.

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4. Gather evidence supporting your losses: There are 2 types of evidence you may submit: Preferred Evidence and Manual Evidence. If you are submitting Preferred Evidence, you do not need to submit Manual Evidence.

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Preferred Evidence:

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For Eligible Loss Cryptocurrency held on verifiable blockchains, be prepared to provide the following:

• Blockchain

• Wallet address

 

For Eligible Loss Cryptocurrency held on any other platform, be prepared to provide the following:

• Other Platform Name

• Account ID / User ID

• Read-Only API Key

• Read-Only Secret Key (if available)

• Memo/Passphrase (if available)

 

Manual Evidence:

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If you held your Eligible Loss Cryptocurrency assets on a blockchain other than a Verifiable Blockchain or on an exchange or platform that does not support a read-only API Key or if you are providing Manual Evidence in lieu of Preferred Evidence for any exchange of platform that supports a read-only API Key, attach to the CLC Form:

• All account balance statements, transaction logs, and deposit logs for all transactions to acquire your Eligible Loss Cryptocurrency.

• All transactions since acquiring your Eligible Loss Cryptocurrency up to the Petition Date (January 21, 2024).

• Your Account ID/User ID.

• Documentation for any contracts, trade agreements, or other documents governing ownership or transfers of the coins underlying your Crypto Loss Claim.

• Documentation for any rewards you earned from liquidity mining, staking, or other rewards programs relevant to your Eligible Crypto Loss Claim.

 

You will need to provide several pieces of information for each transaction involving Eligible Loss Cryptocurrency underlying your Crypto Loss Claim. Please closely review the CLC Form for detailed instructions regarding Manual Evidence. Only include Eligible Loss Cryptocurrency purchased prior to May 13, 2022 at 6:15 p.m. (EST).

Complete the Checklist in Part III of the CLC Form to indicate the supporting documentation you intend to include with the CLC Form.

 

5. Submit your claim, including any supporting documentation, by April 30, 2025 at 11:59 pm (EST). Late claims will be rejected.

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If you have any questions about this process, you can contact the Plan Administrator at terraclaims@psc.com.

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EKO represents investors who have lost money in cases where cryptocurrencies collapsed.

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+ Coinbase. EKO represents investors in a class action against the Coinbase exchange for its role in promoting UST to customers.

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+ OKCoin. We represented OKCoin customers in a class action for the exchange's misrepresentations of the nature of the UST.

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+ Jump Trading. We are pursuing claims against this VC backer that refused to redeem UST for U.S. dollars when UST collapsed.

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+ Other stablecoins. EKO represents investors in other stablecoins that lost their peg to fiat currencies, such as the Japanese yen-pegged GYEN. 

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If you lost money when the UST peg broke, or have information about these cases, please contact an EKO attorney.

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