Terraform Labs Reveals Key Update On Crypto Loss Claims Voting

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As a seasoned financial analyst with extensive experience in the crypto market, I have closely followed the recent developments at Terraform Labs Pte. Ltd. and Terraform Labs Limited. The notice regarding crypto loss claims for creditors in their Chapter 11 bankruptcy cases is of significant importance, and I strongly urge all affected parties to take note.

Terraform Labs, both the Pte. Ltd. and Limited entities, have notified creditors of the procedure to follow when filing claims for damages linked to cryptocurrencies in their ongoing Chapter 11 bankruptcy proceedings.

Creditors must file their Preliminary Crypto Loss Claim forms by August 21, 2024, to have a voice in the vote regarding the proposed Chapter 11 Plan.

Terraform Labs Date for Crypto Loss Claims Voting

Persons and entities with potential crypto loss claims against Terraform Labs have until August 21, 2024, to submit their Preliminary Crypto Loss Proof of Claim forms. This step is essential for creditors who intend to participate in the vote on the proposed Chapter 11 Plan.

The purpose of the claims process is to provide an opportunity for all concerned parties to participate in the crypto restructuring plan, and if eligible, collect payments from the crypto losses compensation fund.

Terraform Labs Pte. Ltd. and Terraform Labs initiated voluntary Chapter 11 filings on January 21, 2024, and July 1, 2024, respectively. The announcement emphasizes the importance of adhering to the outlined procedures for submitting claims to ensure creditors have a voice in the approval process. Failure to comply with these guidelines could result in being denied the opportunity to vote on the proposed plan.

Eligibility and Criteria for Filing Claims

Any creditor who incurred financial losses from their dealings with the debtors prior to the petition dates is required to submit a claim if they intend to participate in the vote on the proposed plan. The term “claim” encompasses various types of debts, including contested or uncontested, liquidated or unliquidated, accrued or potential, and those that have or have not yet come due. It further extends to equitable remedies that grant payment rights.

As a meticulous analyst, I would put it this way: I examine the regulatory landscape and identify the entities that carry the responsibility for submitting filings. These entities encompass individuals, partnerships, corporations, joint ventures, trusts, and even government entities.

Certain types of proofs of claim need not be filed again if they align significantly with the current form, have already been approved by the court, have already been paid by the debtors, involve claims between Terraform Lab’s entities, or if the filers do not intend to use their voting rights on the plan.

Submission Guidelines and Procedures

Based on my extensive experience working with legal procedures and filings, I would recommend the following: If you wish to file a Preliminary Crypto Loss Claim, you should carefully review the notice for specific guidelines. Your claim must be written in English and valued in U.S. dollars as of the date stated in the petition. Remember, you’re making this declaration under oath or penalty of perjury.

As a crypto investor, I understand that providing documentation isn’t mandatory right now during this initial information-sharing stage. Nevertheless, there’s a possibility that such documents might be required later on if the proposed Chapter 11 Plan gets approved.

Electronic submissions are preferred, but you can still send your application via regular mail with priority or express shipping, or deliver it in person. However, applications sent by fax, copy machine, or email (with the exception of those submitted using the designated electronic system) will not be accepted.

As a crypto investor, if I fail to submit my Preliminary Crypto Loss Proof of Claim before the designated deadline set by Terraform Labs, which is currently the 9th of August, 2024, I will forfeit my right to be recognized as a creditor and therefore won’t be able to participate in voting on the Debtors’ Chapter 11 Plan.

LUNC & USTC Price Trend

As a crypto investor, I’ve noticed that Terra Classic (LUNC) hasn’t been performing well in the past 24 hours. The price has fluctuated between $0.00009209, its highest point, and $0.00008823, its lowest. Currently, LUNC is priced at $0.00009057 which represents a 0.31% decrease from the previous price.

Despite a fierce battle between bulls and bears, the price of USTC managed to remain bullish throughout the day, reaching a high of $0.02138 and a low of $0.01974. At the current moment, USTC is being bought and sold at $0.02039 on the market, representing a 0.75% increase compared to its previous support level.

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2024-07-23 00:02