Terra, a blockchain protocol known for its algorithmic stablecoins, has set August 9 as the deadline for the submission of bankruptcy claims. This announcement was made by the company through its official X account, informing the community about the important details. The General Bar Date for filing claims in the bankruptcy cases of Terraform Labs Pte Ltd and Terraform Labs Limited has been set to August 9, 2024, at 5:00 p.m. (ET).
The firm explained that claims related to Terraform Labs Pte Ltd should have emerged before January 21, while claims regarding Terraform Labs Limited should have occurred before July 1. Failure to submit claims by the General Bar Date may result in exclusion from the bankruptcy proceedings. However, the company acknowledged that there may be cases where a Crypto Claim is excluded, requiring the establishment of a separate bar date for such claims.
Terra emphasized the importance for claimants to understand the necessary information and take appropriate steps to ensure the proper submission of their claims. The platform also stated that it will notify claimants accordingly and advised them to review the claims procedure carefully.