Finn Bömer
The Fourth Status Update: Where Terraform Labs Claims Stand in November 2026
6 min read
Published by TerraClaim · November 2026
On November 13, 2026, the Plan Administrator of the Terraform Labs estate filed his Fourth Status Update with the Delaware bankruptcy court. It is his first status update since February. It gives the first count of Final Determinations, new dates in the Jump Trading and Jane Street cases, and a paragraph on claims that have changed hands. It gives no date for distributions.
Court document
Plan Administrator's Fourth Status Update
In Brief
14,791 Initial Determinations are out, 97% of the claims eligible for review. 89.1% were accepted and are now Allowed claims.
146 Final Determinations have been issued since July 15, 2026. Five claimants objected in court, and two of those objections are resolved.
About $25 million came back to the estate from an escrow in Singapore.
No distribution date. Next dated steps: a hearing on November 16, the Jane Street hearing on December 21, 2026, and a January 11, 2027 deadline for objections.
Where the Claims Process Stands
Almost every claim now has an Initial Determination, and about nine in ten were accepted.
| Item | Figure |
|---|---|
| Claims submitted | 16,661 |
| Withdrawn, replaced or voided | 1,410 |
| Claims eligible for review | 15,251 |
| Initial Determinations issued | 14,791 (97%) |
| Accepted, now Allowed claims | 13,185 (89.1%) |
| Disputed | 1,466 (9.9%) |
| Awaiting the claimant's answer | 140 (1.0%) |
| Initial Determinations still to be issued | 314 |
The determinations went out in 14 waves between August 2025 and October 2026. 5,285 claimants were asked for more information before a determination could be issued, and most have uploaded it (Dkt. 1392, paragraphs 3 and 4 and Exhibit A).
Final Determinations: Two Tranches, Five Objections
The first tranche. 36 Final Determinations went out on July 15, 2026. The deadline to object in court was October 13, 2026. Three claimants objected. Two of those objections are resolved: each claimant now has an Allowed claim in an amount the claimant accepted (Dkt. 1391). The third is set for hearing on November 16.
The second tranche. 110 Final Determinations went out on October 13, 2026. The deadline to object in court is January 11, 2027. Two claimants have objected so far. One objection is on the November 16 agenda, and the other will be scheduled separately.
The count today. Of the 146, 52 are accepted, 30 are disputed in the portal and 64 await the claimant's answer (Dkt. 1392, paragraphs 5 and 6 and Exhibit A).
The Deadlines That Apply to Claimants
In the portal. A claimant has 30 days to accept or dispute an Initial or a Final Determination in the Online Portal. Without an answer, the determination is deemed accepted.
In court. A claimant who disputes a Final Determination must file an objection with the Bankruptcy Court within 90 days of receiving it. The update's chart counts this as 60 days from the dispute.
Each claimant's own dates are in the Online Portal (Dkt. 1392, paragraph 5 and Exhibit A).
What the Update Says About Transferred Claims
The update has a paragraph on claims that changed hands. The Plan Administrator has not yet set the date that decides who receives a distribution on such a claim.
The record date. The Plan sets a Distribution Record Date: by default the Plan's Effective Date, October 1, 2024, or another date chosen by the Plan Administrator.
After that date. Under the CLC Procedures, the Wind Down Trust is not obliged to recognize a transfer made after the record date. In that case the holder on record receives the distribution and must forward it to the buyer.
Not set yet. The Plan Administrator has not chosen the date. He expects to do so, if at all, closer to the start of distributions. Transfers filed on the docket will have to comply with the final date (Dkt. 1392, paragraph 8).
TerraClaim operates a marketplace for these claims and files transfer notices on the docket for buyers.
What Came Back From Singapore
About $25 million was released from the Beltran escrow to the Plan Administrator. The Beltran action is a lawsuit brought in Singapore by a group of UST holders, with money held in escrow against their claims. After the Singapore Court of Appeal ruled on the first group of claimants, their awards came to about 8% of what they claimed, and the excess escrow was released. The update says the funds are available for the general benefit of the Wind Down Trust and ordinary holders of Crypto Loss Claims.
Two later groups were awarded about 51% and 57% of their claimed damages. The Plan Administrator has appealed part of the second judgment, to be heard on January 18, 2027. He has also applied to appeal a ruling that the claimants' costs are paid from the escrow. More trials are set for December 2026 and early 2027 (Dkt. 1392, paragraphs 9 to 12).
Where the Jump Trading and Jane Street Cases Stand
Both cases are at the motion-to-dismiss stage, and neither motion has been decided.
| Case | Court | Status | Next date |
|---|---|---|---|
| Jump Trading | N.D. Illinois, Case No. 1:25-cv-15414 | Amended Complaint filed. Motions to dismiss being briefed. | Briefing complete in late 2026 |
| Jane Street | S.D. New York, Case No. 1:26-cv-01536 | Motions to dismiss fully briefed as of mid-July 2026. | Hearing on December 21, 2026 |
The Plan Administrator says he continues to investigate potential claims against other parties (Dkt. 1392, paragraphs 13 to 15).
What the Update Leaves Open
No distribution date. The update gives no date and no recovery figure.
Open items. 314 Initial Determinations are still to be issued and 1,466 are in dispute. Three court objections to Final Determinations are pending. The Distribution Record Date is not set.
Dates ahead. Four are on the calendar.
| Date | What happens |
|---|---|
| November 16, 2026 | Status conference on the update and hearing on two objections (Dkt. 1393) |
| December 21, 2026 | Hearing on Jane Street's motions to dismiss |
| January 11, 2027 | Deadline to object in court for the second tranche of Final Determinations |
| January 18, 2027 | Singapore appeal hearing in the Beltran action |
Questions Creditors Ask
Has a distribution date been announced?
No. The update gives none. It says the Distribution Record Date will be set, if at all, closer to the start of distributions.
I disagree with my Final Determination. What are my deadlines?
30 days to dispute it in the Online Portal, and 90 days from the day you received it to file an objection with the Bankruptcy Court.
How do I know an email about my claim is official?
The update lists four sender addresses: donotreply@ra.kroll.com, Terraforminfo@ra.kroll.com, claims@terra.money and TerraAnswers@kirkland.com. The only portal address is claims.terra.money. TerraClaim is a separate company and is not the Plan Administrator.
Where can I read the update?
On the case docket, entry 1392: the document (PDF) and the docket.
Sources
Plan Administrator's Fourth Status Update, In re Terraform Labs Pte. Ltd., Case No. 24-10070 (BLS), Bankr. D. Del., Dkt. 1392, filed November 13, 2026.
Notice of Resolution of Objections, same case, Dkt. 1391, filed November 13, 2026.
Notice of Amended Agenda for the November 16, 2026 hearing, same case, Dkt. 1393, filed November 13, 2026.
Same docket: objections to Final Determinations at Dkt. 1300 (July 27, 2026), 1319 (August 5, 2026), 1332 (September 11, 2026), 1382 (October 27, 2026) and 1383 (November 3, 2026).
Track all case developments: TerraClaim Case Timeline
TerraClaim is a marketplace for Terraform Labs bankruptcy claims and earns fees when claims trade on it. We are not lawyers and this is not legal or financial advice. Case information is sourced from public court filings. Figures are the Plan Administrator's, as of November 13, 2026.
