Take Action Now if You are a Terra Victim
If you have been affected by the Terraform Labs Pte. Ltd. (TFL) and Terraform Labs Limited (TLL) situation, it is essential to take action this year to secure your participation in the voting process. The United States Bankruptcy Court for the District of Delaware has mandated that preliminary Crypto Loss Proofs of Claim must be submitted by August 21, 2024, at 5:00 pm (ET). This step is critical for determining voting eligibility in the Chapter 11 plan, focusing solely on establishing eligibility rather than the actual distribution of claims.
Why You Should Submit Your Claims Now
For individuals with claims against TFL predating January 21, 2024, and TLL prior to July 1, 2024, it is imperative to meet the deadline for filing in order to partake in the voting process. This preliminary submission will not affect the final filing related to the distribution under the plan, as it is a separate aspect of the process.
- Via Terra’s Clarification: Terra, powered by LUNA, clarified that any Crypto Loss Claims against TFL before January 21, 2024, or TLL before July 1, 2024, must be filed by the Preliminary Crypto Loss Claims Bar Date to ensure consideration for chapter 11 voting purposes only.
Stakeholders are instructed to submit their Crypto Loss Proofs of Claim through the official website of Epiq Corporate Restructuring, LLC, the claims and noticing agent, or by delivering them in person or via mail to designated addresses. All claims must be in English, denominated in US dollars as of the relevant petition date, and signed under penalty of perjury.
Understanding Crypto Loss Claims
The definition of a ‘Crypto Loss Claim’ encompasses claims against the Debtors stemming from various crypto assets transactions within the Terra ecosystem. This includes wrapped or bridged versions of any coin or token, staked or bonded Terra crypto assets, and derivatives or swaps.
- Filing Eligibility: All persons or entities holding Crypto Loss Claims against the Debtors prior to the petition dates and wishing to vote on the Chapter 11 plan must file a claim. Exemptions apply to specific stakeholders, such as those who have already filed similar claims or creditors who do not wish to participate in the voting process.
Failure to submit a Preliminary Crypto Loss Proof of Claim by the deadline will render stakeholders unable to vote on the Chapter 11 plan. However, this does not bar them from filing claims for future distributions under the confirmed plan.
Stay Informed
It is crucial to stay updated on developments regarding the Terraform Labs situation to navigate the bankruptcy process effectively. Keep an eye on relevant news sources to ensure you are aware of any changes or requirements.
Hot Take: Secure Your Voting Eligibility
By submitting your Preliminary Crypto Loss Proof of Claim before the deadline, you can secure your voting eligibility in the Chapter 11 plan related to Terraform Labs. Take action now to protect your rights and interests in this process.
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