Case No. 24-10070 · District of Delaware
Terra Bankruptcy Timeline
days since the collapse. No distributions yet.
Total Claims
Determinations Sent
Allowed (~87%)
Need More Info
Pending Review
The Collapse
UST loses its peg. ~$45B in market cap wiped out in one week. LUNA goes to zero. Contagion triggers 3AC, Celsius, Voyager collapses.
WikipediaSEC Files Charges
SEC charges Terraform Labs & Do Kwon with multi-billion-dollar securities fraud. Investigation opens path to creditor recovery.
SEC Press ReleaseDo Kwon Arrested
Arrested in Montenegro with forged passports while fleeing to Dubai. U.S. unseals 8-count federal indictment. Maximum sentence: 130 years.
DL NewsChapter 11 Filed
Terraform Labs files for bankruptcy in the District of Delaware. Case No. 24-10070. Formal recovery process begins.
TechCrunch$4.47B SEC Judgment
Court enters $4.47B judgment. SEC agrees to subordinate its claim — every dollar goes to creditors first. Kwon owes $204M+ to estate.
SEC Press ReleasePlan Approved
Judge Shannon confirms the Chapter 11 Plan of Liquidation. Wind Down Trust established. Todd Snyder appointed Plan Administrator.
CointelegraphClaims Portal Opens
Crypto Loss Claims portal goes live at claims.terra.money. Creditors begin filing claims through Kroll.
Dkt. 965Bar Date Closed
Filing deadline passes. 15,980 claims submitted. Portal later reopened briefly — 660 late filers admitted by court order.
Dkt. 986Do Kwon Pleads Guilty
Pleads guilty to conspiracy to commit fraud and wire fraud. Prosecutors seek 12+ years. Defense asks for 5.
Reuters via CNBCInitial Determinations Begin
Plan Administrator sends first tranche of 1,299 Initial Determinations. Claims reviewed on rolling 30-day cycles.
Dkt. 10513AC Settlement — $1.3B
Three Arrows Capital's $1.3B claim classified as a Crypto Loss Claim. Same pool as individual holders — dilutes pro rata recovery for all.
CoinCentralDo Kwon Sentenced — 15 Years
Judge calls it "fraud on an epic, generational scale." Ordered to forfeit $19M. May face additional trial in South Korea.
Reuters via NBC News$4B Jump Trading Lawsuit
Plan Administrator sues Jump Trading, alleging secret deals to buy LUNA at $0.40, UST peg manipulation, and ~$1B in extracted profits.
CoinDesk / WSJJane Street Lawsuit Filed
Plan Administrator sues Jane Street for triggering the collapse — $85M UST swap minutes after a secret Terraform withdrawal. "Bryce's Secret" group chat cited.
CoinDesk / FTReady to Trade Claims?
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