Terraform Labs announced on March 28 the open date for its Crypto Loss Claims Portal.

Once this happens, creditors can submit claims for losses incurred following the collapse of the Terra USD token.

When Will Terra’s Crypto Claims Portal Open? Key Details To Note

According to the announcement, the Crypto Loss Claims Portal will officially open on Monday, March 31, 2025. To file a claim, creditors must first register on the online portal. The submission deadline is set for April 30, 2025, at 11:59 p.m. Eastern Time.

Proof of ownership is a requirement, which varies depending on where individual creditors kept their holdings. Those who held assets on the Terra ecosystem or other supported networks must sign a transaction with their wallet directly through the portal. Noteworthy, this process does not involve any fees.

Terra urged creditors with holdings on other platforms or exchanges to provide a read-only API key, which is the most reliable verification form. Alternatively, it allows manual evidence such as transaction logs, account statements, or screenshots.

However, claims based solely on manual evidence could see prolonged review and may also be disallowed.

Once proof of ownership is established, creditors must complete the Crypto Loss Claim Form on the portal. They must ensure full disclosure of all details related to purchases, holdings, and any associated transactions—including sales, swaps, or staking.

Late claims beyond the April 30 submission deadline will not be considered. Failure to meet the deadline will result in the forfeiture of any potential recovery.

“For assistance, contact Kroll Restructuring Administration at [email protected],” Terra stated.

In a follow-up medium post, Terra said the portal’s additional details regarding the claims process would be available upon its launch. Among them include the Crypto Loss Claim Procedures and the list of eligible cryptocurrencies.

Precedents for Investor Protection and Corporate Accountability

Establishing the Crypto Loss Claims Portal follows a series of legal and financial developments surrounding Terraform Labs. Nearly six months ago, the company settled with the US SEC (Securities and Exchange Commission) for $4.47 billion over allegations of securities fraud.

The settlement addressed accusations that Terraform Labs misled investors about the stability of its digital assets, particularly TerraUSD. A portion of the settlement funds goes toward compensating affected investors and bolstering regulatory oversight within the cryptocurrency sector.

In the run-up to the SEC settlement, Terraform Labs filed for bankruptcy, initiating a structured wind-down of its operations. Currently under implementation, the claims process is a key component of these proceedings, serving as a means for creditors to seek restitution for their financial losses.

As these developments unfold, Terraform Labs co-founder Do Kwon was extradited to the United States in December 2024. He faces multiple fraud charges related to the collapse of TerraUSD and Luna. Kwon’s arrest took place in Montenegro in March 2023 while attempting to travel with falsified documents.

The Terraform Labs case continues to shape the regulatory playing field for digital assets. Like the broader legal actions against the company, the resolution of these claims will likely set significant precedents for investor protection, corporate accountability, and the growing framework of crypto regulations.

Despite this news, Terra Luna’s price is down by almost 8% in the last 24 hours, trading for $0.1987 as of this writing. In the same tone, Terra Luna Classic price is down by almost 6% in the last 24 hours. As of this writing, LUNC was trading for $0.00006253 on CoinGecko.

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Today, approximately $14.21 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are due to expire.

Market watchers are particularly attentive to this event because it has the potential to influence short-term trends through the volume of contracts and their notional value.

$14.21 Billion Bitcoin and Ethereum Options Expiring

The notional value of today’s expiring BTC options is $12.075 billion. According to Deribit’s data, these 139,260 expiring Bitcoin options have a put-to-call ratio of 0.49. This ratio suggests a prevalence of purchase options (calls) over sales options (puts).

The data also reveals that the maximum pain point for these expiring options is $85,000. The maximum pain point is the price at which the asset will cause the greatest number of holders’ financial losses.

In addition to Bitcoin options, 1,068,519 Ethereum options contracts are set to expire today. These expiring options have a notional value of $2.135 billion, a put-to-call ratio of 0.39, and a maximum pain point of $2,400.

The number of today’s expiring Bitcoin and Ethereum options is significantly higher than last week. BeInCrypto reported that last week’s expired BTC and ETH options were 21,596 and 133,447 contracts, respectively. In the same tone, they had notional values of $1.826 billion and $264.46 million, respectively.

This notable difference comes as this week’s expiring options are for the month and the quarter, with this being the last Friday of March. Deribit options expiry happens on Fridays because it aligns with traditional financial (TradFi) market practices and provides a consistent schedule for traders.

In many global markets, including equities and derivatives, expiration dates for options contracts are commonly set for the end of the trading week—often Friday—to standardize timing and facilitate settlement processes.

Deribit adopted this convention to maintain familiarity for traders transitioning from TradFi to crypto markets and to ensure liquidity and market activity peak at a predictable time.

“Tomorrow is not just any Friday; it’s one of the biggest expiries of the year. Over $14 billion in BTC and ETH options are set to expire at 08:00 UTC. How do you think Q1 will wrap?” Deribit posed in a Thursday post.

Implied Volatility Heading Into Quarterly Options Expiry

Indeed, today’s options expiry concludes the first quarter (Q1) in options expirations. As this happens, analysts at Deribit, a cryptocurrency derivatives exchange, observe the implied volatility (IV) curves for BTC and ETH, showing market expectations of price swings.

Specifically, Bitcoin’s curve indicates a strong bias toward higher prices (upside skew) as calls are priced much higher than puts. On the other hand, Ethereum’s flatter volatility curve suggests less directional bias but still reflects elevated volatility. This hints at anticipated price movement around the expiry date of the $14.21 options.

“Chart 1 – $BTC: BTC showing some serious upside skew, calls priced way higher. Chart 2 – $ETH: ETH’s curve is flatter, but volume is still elevated across the board. Both markets signal anticipation of movement into or post-expiry,” Deribit noted.

This suggests that both Bitcoin and Ethereum markets anticipate movement into or post-expiry. Elsewhere, analysts at Greeks.live shed light on current market sentiment, citing a cautiously bearish outlook dominating investors’ perspective for Bitcoin.

Specifically, they suggest that most traders anticipate a retest of lower price levels around $84,000–$85,000. Bitcoin trading for $85,960 as of this writing indicates a potential downward move in the short term.

However, some traders observe that Bitcoin is stuck in a tight, range-bound trading pattern, implying limited volatility unless a breakout occurs. Against this backdrop, Greeks.live highlights key technical levels.

“Key resistance levels being watched are 88,400 where significant passive selling was observed, and potential support at 77,000 which one trader called the definite bottom,” the analysts wrote.  

Greeks.live analysts also observe that Implied Volatility is under pressure due to the quarterly delivery, noting significant deviations in the IV Mark. This suggests opportunities for traders to exploit these fluctuations through manual or automated strategies.