Terraform Labs to Launch Loss Claims Portal on March 31

Terraform Labs' Open Crypto Loss Claims Portal to Open March 31

Terraform Labs, the parent company of cryptocurrency lending platform Celsius Network, has announced that it will open a claims portal for customers affected by its recent collapse. The portal is set to open on March 31, allowing customers to submit claims for losses incurred as a result of Celsius' insolvency.

The news comes as Celsius Network continues to wind down its operations and liquidate its assets to pay back creditors. The platform, which allowed users to lend and borrow cryptocurrencies, froze withdrawals and transfers in June 2022 due to "extreme market conditions."

In a statement, Terraform Labs said that the claims portal will be available for customers to submit claims for losses related to Celsius Network's insolvency. The company emphasized that the portal is designed to ensure a fair and transparent claims process for all affected customers.

"We are committed to doing the right thing for our customers and will work diligently to ensure that all claims are processed fairly and in accordance with applicable laws and regulations," said a Terraform Labs spokesperson.

The collapse of Celsius Network has left thousands of customers facing significant losses, with some users reportedly owed hundreds of thousands of dollars. The incident has also raised concerns about the stability of the cryptocurrency lending market and the need for greater regulation.

The claims portal is expected to be a critical step in the process of resolving the crisis and providing relief to affected customers. However, the exact timeline for processing claims and paying out losses remains unclear.

In the meantime, customers affected by Celsius' collapse are advised to monitor the company's website and social media channels for updates on the claims process and any other relevant information.