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Terra Luna Classic set a preliminary Crypto Loss Bar application deadline.
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The TFL and TLL cases will be heard on August 21, 2024.
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The Preliminary Cryptoloss Claim Bar Date only covers Chapter 11 plan voting.
Terra Luna Classic, the crypto company behind the Terra stablecoin crash, has set an August 21st deadline for community members to submit claims related to their cryptocurrency losses. This deadline is for those who want to vote in the Chapter 11 bankruptcy process that will begin later this year.
The firm has stressed that this preliminary deadline will not guarantee compensation but will influence who is able to vote on the proposed restructuring plans.
Terra Luna has asked users who have suffered losses by Terraform Labs Pte Ltd. (TFL) or Terraform Labs Limited. (TLL) prior to January 21, 2024 and before July 1, 2024 to submit their claims before the August 21st deadline.
This deadline is only used to determine who can vote on a proposed restructuring plan. The actual distribution of recovered assets will be decided later in the bankruptcy proceedings.
Terra Luna had previously announced other important dates in the bankruptcy process, including January 1, and July 1, when TFL & TLL initiated their voluntary cases. The firm also noted that debtors filed the Chapter 11 plan for liquidation of Terraform Labs Pte Ltd. According to the crypto company, the current plan contemplates and provides a mechanism that only distributes to holders of Crypto Loss Claims.
Terraform Labs has clarified, for emphasis, that the deadline of August 21 is still applicable for individuals or entities who wish to submit a proof-of-claim in respect of a Crypto Loss Claim that arose before the petition date solely to vote on the plan.
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