Token guide
LUNA (LUNC) losses and your Terra claim
If you lost money in the original LUNA, now called LUNA Classic (LUNC), the Terraform Labs estate recognizes that kind of loss: the public FAQ lists LUNA (now LUNC) among the Terra ecosystem assets whose losses count as Crypto Loss Claims. The authoritative list is Schedule I, from the claims administrator, Kroll.
Below: what LUNA did, why it collapsed, how LUNC differs from the new LUNA of Terra 2.0, why there is no crash refund, and how a LUNA claim is sold.
Facts checked
What LUNA was
LUNA was the native token of the Terra blockchain, built by Terraform Labs, which Do Kwon and Daniel Shin co-founded in 2018. Holders staked LUNA with validators to secure the chain and vote on governance. LUNA also carried UST's peg: when UST traded below $1, it could be swapped for $1 worth of newly minted LUNA, and the UST was destroyed.
In its 2023 complaint, the SEC alleged that LUNA was a crypto asset security, and that Terraform and Kwon misled investors while marketing it.
Why LUNA hyperinflated in May 2022
When UST lost its peg from May 9, 2022, holders rushed to swap it for LUNA. Every swap minted new LUNA, so the supply grew enormously within days while the market collapsed. LUNA, which had reached an all-time high of $119.51, went to near zero, and about $45B of market value disappeared in one week. Staked LUNA could not be sold quickly, because unstaking took 21 days. The staked and bonded LUNA page covers those positions.
LUNC and the new LUNA are different tokens
In late May 2022 a new chain, often called Terra 2.0, launched under the Terra name with a new LUNA token. The original chain became Terra Classic, and the original LUNA became LUNA Classic (LUNC). The two tokens share a name but are separate assets on separate chains.
The public FAQ refers to LUNA (now LUNC), the original token. How anything connected with the new LUNA is treated in the claims process is a question for Schedule I, not something to infer from the shared name. You can find Schedule I through the Kroll case page; the Schedule I glossary entry explains what it is.
Why there is no Luna crash refund
People search for a Luna crash refund, but there is no separate refund program. Losses are paid through the bankruptcy: Class 5 Crypto Loss Claims share what is left of the GUC Pool and the SEC Settlement Fund pro rata, plus whatever litigation recovers. Do Kwon's 15-year sentence in December 2025 came from a criminal case that pays no creditor directly. No date has been announced for distributions.
Anyone who asks you for a fee to release a refund is not part of this process. Is selling a Terra claim safe? lists the warning signs.
Selling a LUNA claim
A claim that came from LUNA is sold like any other Allowed claim. A buyer prices it on its own facts: the Allowed amount, whether the determination is initial or final, and what buyers expect the estate to pay and when. You upload your CLC form, see a firm cash offer, verify your identity, take a 10-minute call and sign once. The buyer pays you directly: USDC within 24 hours of signing, often faster, or a bank wire sent within 24 hours (arrival depends on your bank). What a Terra claim is worth explains those pricing factors.