Compensation
Terra Luna compensation: will victims get their money back?
There is a compensation route for people who lost money when UST and LUNA collapsed in May 2022, but it is not a refund. It is the Crypto Loss Claims process in the Terraform Labs bankruptcy, Case No. 24-10070 in Delaware. If you filed a claim before the deadline and it is Allowed, you may receive a share of the money the estate collects. Nothing has been paid to Crypto Loss Claims yet. No date has been announced.
Below: who can be paid, where the money comes from, what must happen first, and your options today, including selling your claim for one payment now.
Facts checked
Is there compensation for Terra Luna victims?
Yes, through one process. Terraform Labs Pte. Ltd. filed for Chapter 11 in January 2024 in Delaware. Its plan of liquidation was confirmed on September 20, 2024, and since October 1, 2024 every Terraform asset sits in a Wind Down Trust run by the Plan Administrator, Todd R. Snyder. How the bankruptcy works covers the full story.
In that case, people who lost money in Terra assets filed Crypto Loss Claims (CLC). They cover losses in TerraUSD (UST, now USTC), LUNA (now LUNC) and related holdings such as staked aUST. The authoritative token list is Schedule I from the claims administrator, Kroll.
There is no second payout from the SEC. Its $4.47 billion judgment against Terraform Labs (June 2024) is paid through the bankruptcy, not through a separate SEC refund, and the SEC agreed to be paid only after investors in Classes 4 and 5 are paid in full. Do Kwon's criminal case, which ended with a 15-year sentence in December 2025, pays no creditor directly.
Who can be compensated
Only people who filed a Crypto Loss Claim can be paid from it. The claims portal at claims.terra.money opened in March 2025, and the deadline, called the bar date, was May 16, 2025 at 11:59 p.m. ET. By then 15,980 claims had been submitted. The portal later reopened briefly, and the court admitted 660 late filers.
If you never filed, you generally cannot file now: a late claim needs a court motion, and the Plan Administrator may oppose it. Read the bar date and late claims and ask your own counsel before you spend money on it.
If you did file, only an Allowed claim takes part in a payment, and what counts is the Allowed amount, not the loss you filed. Your status is in the claims portal.
Where the money comes from
Crypto Loss Claims are Class 5 in the plan. They come after costs and reserves, after secured and priority claims (Classes 1 to 3) and after Class 4, the general unsecured creditors. The money for Class 5 has three sources:
- The SEC Settlement Fund, from Do Kwon's $204.3 million settlement, paid in kind. At recent prices it is worth about $83.5 million to $85 million, and only Class 5 receives it.
- What is left of the GUC Pool after Class 4 has been paid in full.
- Whatever litigation recovers, such as the suits against Jump Trading (about $4 billion, filed December 2025) and Jane Street (filed February 2026). Both are open.
Allowed claims share this money pro rata. The pool includes the $1.3 billion claim of Three Arrows Capital, classified as a Crypto Loss Claim in October 2025, and the total of allowed claims is not published. So nobody can say what share each claim will get. Live figures are on the waterfall page.
When will Terra Luna victims be paid?
No date has been announced. Nothing has been paid to Crypto Loss Claims so far, and the Plan Administrator's report for the quarter to September 30, 2026 shows no distribution to them. Before anyone is paid:
- The remaining Initial Determinations go out, in rolling 30-day cycles that began in August 2025.
- Disputes run their course: 30 days to dispute and 60 days for evidence, both from receiving the Initial Determination, then a Final Determination, with 30 days to dispute it and 90 days from receiving it to object in court. The first Final Determinations have been issued, and some claimants have objected to theirs in court (Dkt. 1392).
- Every claimant passes the estate's KYC.
- Class 4 is paid in full before what is left of the GUC Pool can reach Class 5.
Our page on the Terra distribution date tracks which of these steps are still open.
What you can do now
If you filed a claim, your options depend on where it stands:
| Your situation | What to do |
|---|---|
| You do not know your status | Log in at claims.terra.money |
| Kroll asked for more information | Answer through the portal, before the deadline |
| You disagree with your determination | Get a free review with Second Look |
| Allowed, and you want to wait | Keep your email current and watch for the estate's KYC request |
| Allowed, and you want cash now | Sell it for one payment |
Selling is optional. In a standard sale you receive one payment and the buyer carries the wait from then on. Buyers pay less than the claim amount because of that time and risk. Compare both paths in sell now or wait.
Watch out for compensation scams
Compensation messages are a favorite scam. Never pay a fee to release a distribution, never pay a recovery agent, and never share your portal password or seed phrase. Read Terra claim scams and phishing before you reply to anything. Readers in Korea can also see the guide for South Korea.