Almost 3 years after the fall of the Terra (Luna), Terraform Labs wakes up with the announcement of the opening of the complaint portal. Investors impacted by this scandal can thus hope to receive a certain compensation.
Terraform Labs will open a complaint portal
Almost 3 years ago, L'Terra (Luna) ecosystem suddenly collapsed after the UST failurethen resulting in the erasure of $ 60 billion in capitalization. The repercussions that followed it were substantial, with cascade bankruptcies, not to mention the losses for many individuals.
Last year, Terraform Labs, the company behind this ecosystem, finally declared bankruptcy after vain attempts to survive as best they can. This week, the liquidators of the company then announced the opening of a portal allowing people who would have undergone losses to claim compensation:
As part of this liquidation, the process of filing complaints for losses related to cryptocurrencies will be launched. It will allow creditors to file complaints for losses arising from purchases or investments in certain cryptocurrencies impacted by the collapse of the Terra USD token and subsequent events having precipitated the deposit of debtors.
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So, The said portal will open Monday March 31,, for complaints that can be made no later than April 30. Note here a relatively short drawing window, given the scale of the case and the slowness of Terraform Labs to have implemented any procedure.
Moreover, complaints will have to be accompanied by evidence of sufficiently solid losses, to hope to receive a hypothetical compensation. For the active ingredients which were then on centralized exchanges, the debtors of Terraform Labs thus request a key API in reading alone, because the transactions newspapers provided manually could be refused.
Regarding assets held on-chain, it will be a question of signing a transaction at no cost to prove the property of the wallet.
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Once this period of complaints is completed, we will be able to make a point to have an overview of the amounts at stake, although they could be distorted. Indeed, faced with the complexity of the procedures, many investors could be discouraged to do the necessary, while the amount of potential compensation could be much lower than the losses suffered.
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Source: press release
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Since 2021, I have devoted my free time to seriously train myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to carry out interviews with influential personalities from the blockchain industry. I also conduct in -depth analyzes on web3 themes to offer exclusive content to cryptoast readers.
Vincent Mayor
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