Claim value
What is your Terra claim worth? Two different values
Your Terra claim has two values. One is what the Terraform Labs estate may pay on it one day, which nobody can state today. The other is what a buyer will pay for it now, which you can see as a firm offer. The first depends on figures that have not been published; the second is a number you can act on.
This page explains both, why no honest source can give you the estate figure yet, and how to test your own assumptions with the pro-rata calculator.
Facts checked
Value one: what the estate may pay
An Allowed Crypto Loss Claim sits in Class 5 of the Second Amended Plan of Liquidation. Class 5 is paid pro rata, in US dollars: every allowed claim receives the same share of what is available. Your payment would be your allowed amount, divided by the total of all allowed Crypto Loss Claims, times the money available to Class 5.
You know the first number: it is on your CLC form. The other two are not published yet. The waterfall shows where Class 5 sits in the payment order, and the pro rata distribution entry explains the method.
How many claims share the money
The pool is the total of all allowed Crypto Loss Claims, and it is still forming. About $5B+ was claimed (Piper Sandler, May 2025), but that is what creditors asked for, not what was allowed. Claims are still being reviewed, some are disputed, and the allowed total has not been published.
One claim stands out. In October 2025, the $1.3B claim of Three Arrows Capital was classified as a Crypto Loss Claim. It sits in the same pool as individual holders and dilutes everyone pro rata; the 3AC claim explains the effect. The live figures on this page show how many claims are allowed and how many still await a determination. They count claims, not dollars.
How much money there is
Class 5 draws on two sources of money, plus anything the estate's lawsuits recover. Costs come out first.
| Item | What is known | Status |
|---|---|---|
| SEC Settlement Fund | Do Kwon's $204.3M settlement, paid in kind. Worth about $83.5M to $85M at recent prices. | For Class 5 only |
| GUC Pool residual | What is left after Class 4 is paid in full | Not published |
| Litigation | Suits against Jump Trading (about $4B sought) and Jane Street | Jump: no ruling yet. Jane Street: hearing on motions to dismiss December 21, 2026 |
| Costs and reserves | Paid before any creditor. The trust spent $65.2M from Oct 2024 to Sep 2026 | Ongoing |
| Payments so far | None reported to Class 4 or Class 5 | Not started |
The SEC's own $4.47B claim (Class 6) is paid only after Classes 4 and 5 are paid in full, so it does not compete with you for this money. The SEC Settlement Fund guide explains why the fund is worth less than its headline figure.
Why nobody can give you the estate figure today
Any recovery figure you see quoted for Terra claims is an estimate built on assumptions. To calculate the real one, all of these would have to be known:
- the total of allowed Crypto Loss Claims, after every remaining determination and dispute;
- what is left of the GUC Pool once Class 4 is paid in full;
- what the SEC Settlement Fund is worth when it is paid out, since it was paid partly in tokens;
- what the lawsuits recover, if anything, and when;
- what the Wind Down Trust spends before it pays;
- and when the payment happens, because money paid years from now is worth less to you than money today.
No distribution date has been announced. The distribution date guide lists what has to happen first.
Value two: what a buyer pays today
The second value is concrete. An institutional buyer prices your claim on the same unknowns and makes a firm cash offer, which appears after you upload your CLC form and confirm from your email. Buyers pay less than the claim amount because they carry the wait and the risk from then on.
Sellers pay no fees, so the offer you accept is what you receive: USDC within 24 hours of signing, often faster, or a bank wire sent within 24 hours (arrival depends on your bank). What sets a Terra claim price covers the factors.
Comparing the two
Selling turns an uncertain future amount into a known amount now. Waiting keeps whatever the estate eventually pays, whenever it pays, which may be more or less than a buyer offers today. Neither is right for everyone.
To compare them for your claim, put your own assumptions into the pro-rata calculator, then test the timing in the sell-or-wait calculator. Sell now or wait covers everything else to weigh.