The post Time is Running Out: File Your Terra Crypto Loss Claim! appeared first on Coinpedia Fintech News

The crypto world is buzzing with anticipation as Terra nears a vital deadline for filing claims related to its bankruptcy case. This upcoming date could significantly impact the recovery potential for LUNA, LUNC, and USTC.

Did you lose money in the Terra ecosystem? Here’s what you need to know to ensure your claim is properly filed.

Key Filing Deadline

The Preliminary Crypto Loss Bar Date for submitting claims in the Chapter 11 bankruptcy proceedings of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is set for August 21, 2024, at 5:00 p.m. ET. This is the last chance for individuals and entities to file their crypto loss claims. It’s essential to meet this deadline to have your claim included in the Chapter 11 voting process.

TFL has stressed that if you don’t file by this date, your claim will not be considered when voting on the debtors’ reorganization plan.

Important Claim Dates

If you have a Crypto Loss Claim against TFL that arose before January 21, 2024, or against TLL before July 1, 2024, make sure to file by the Preliminary Crypto Loss Claims Bar Date. This ensures your claim will be part of the Chapter 11 plan voting process. Claims submitted after this date won’t be included in the bankruptcy plan.

Market Impact: Will It Be Bullish or Bearish?

The bankruptcy proceedings are likely to positively affect the market values of LUNA, LUNC, and USTC. Terra plans to reopen the shuttle bridge for redeeming wrapped assets on Terra Classic and to start token burns in TFL and LFG wallets. These actions could drive a bullish trend for these cryptocurrencies.

Currently, LUNA has seen a slight decline of 1.4% over the last 24 hours, trading at $0.43. Despite this drop, trading volume has increased by 44%, showing growing interest from traders, with a market cap of $344 million.

Similarly, LUNC has dropped 2.7% to $0.0000865, and USTC has decreased by 1.5% to $0.0197.

What’s Next?

As the Terra community waits for the preliminary bar date, the expected steps in the bankruptcy case are raising hopes for a recovery and stabilization of the Terra ecosystem.

Keep an eye out for further announcements and updates on how the Chapter 11 plan will unfold.

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