Claim process
The Kroll Notification of Initial Determination for Terraform claims
The Notification of Initial Determination is the email from Kroll that tells you how the Plan Administrator has assessed your Crypto Loss Claim: whether it is allowed, and for what amount. It is the first formal answer on your claim in the Terraform Labs case, and what you do next depends on it.
The first tranche of 1,299 Initial Determinations went out in August 2025, and claims have been reviewed in rolling 30-day cycles since. If yours has arrived, this guide explains what it tells you, what your options are, and why you should keep the original email.
Facts checked
What the notice tells you
Read it for three things.
- Your claim number, the ID of your claim on the Kroll register.
- The determination: whether your claim is allowed and, if so, for what amount. What the allowed amount means.
- Your right to disagree. Read how the notice says to respond if you disagree, and note the deadline.
The notice does not tell you when the estate will pay or how much. No date has been announced for distributions. Check the amount against your own records before anything else.
How determinations are being sent
The plan was confirmed on September 20, 2024. The claims portal opened in March 2025, and by the bar date in May 2025, 15,980 claims had been submitted. The first tranche of 1,299 Initial Determinations was sent in August 2025 (Dkt. 1051), and the rest follow in rolling 30-day cycles.
Not every claim goes straight to a determination. 5,285 claimants were asked for additional information first (Dkt. 1392). If you received such a request, see what Kroll's information request means. The live register figures below show how many claims are allowed, awaiting a determination or expunged today.
Your options after the notice
What you do next depends on what your notice says.
| Your notice says | Your options | Where to start |
|---|---|---|
| Allowed, and the amount matches your records | Keep the claim, or sell it now | How to sell your claim |
| Allowed, but for less than you expected | Accept it, or dispute it by the deadline | A free Second Look review |
| Expunged or disallowed | Dispute it by the deadline, if you have grounds | Expunged or disallowed claims |
There are 30 days to dispute and 60 days to submit evidence, both from receiving the Initial Determination. Then a Final Determination: 30 days to dispute it in the portal, and 90 days from receiving it to object in court. 9.9% of Initial Determinations are disputed, and the first Final Determinations have been issued; some claimants have objected to theirs in court (Dkt. 1392). Disputes and the Final Determination covers each stage.
Why a buyer asks for this exact email
When you sell through TerraClaim, you forward the original notice during onboarding. Many email services sign every message they send with DKIM, a cryptographic signature tied to the sender's domain. Checking it shows that the email really came from Kroll and that its signed content was not changed afterwards.
That way your claim number comes from Kroll itself, not from a typed form, and it is then checked against the official Kroll register. A screenshot or a printed PDF has no signature to check, so forward the email itself. How to tell a real Kroll email explains the check in more detail.
What to do once it arrives
- Save the email. Move it to a folder you will not empty, and do not delete it, even after you have decided what to do.
- Download your CLC form from claims.terra.money, so you also have the claim image with the same amount.
- Write down your deadline, or upload the notice to Second Look for email reminders.
- Decide: keep, sell or dispute. If you are weighing a sale against waiting for the estate, compare both paths.
- Watch for copies. Fake notices ask for fees, seed phrases or your password. The real one does not.