Terraform Labs, the firm behind the collapsed Luna token and the TerraUSD stablecoin, will open a portal on March 31 to allow investors to file claims for crypto losses tied to the company’s downfall and subsequent bankruptcy.

The online system, operated by claims administrator Kroll, is part of the company’s court-supervised wind-down process. Investors have until April 30 at 11:59 p.m. ET to submit claims through claims.terra.money. Late submissions will not be considered, meaning those who miss the deadline forfeit their right to any recovery, according to a Medium post.

Eligible claims must be tied to specific cryptocurrencies listed in the case documents and held during the period surrounding the Terra ecosystem’s collapse. Notably, assets with less than $100 in on-chain liquidity and certain others—like Terra 2.0’s Luna—will not qualify.

Claimants must also submit proof of ownership. The preferred method is read-only API keys from exchanges, which the administrator considers more reliable than screenshots or manually uploaded documents. The post adds that those using manual evidence may face extended review periods or risk their claims being denied altogether.

Once filed, claims will be reviewed and verified. Initial decisions will be shared within 90 days after the deadline and approved claims will be eligible for pro rata distributions once processing concludes.

The Terra ecosystem collapsed in 2022, leading to the largest destruction of wealth in just three days in the cryptocurrency space’s history. LUNA’s market capitalization plunged from over $41 billion to $6 million in that period.
Read more: Terraform Labs, Do Kwon Agree to Pay SEC a Combined $4.5B in Civil Fraud Case

Solana price crashed for two straight days as the ongoing crypto market sell-off hit its meme coin ecosystem.

Solana (SOL) dropped to $127 on Saturday, down by 15% from its highest point this week. It has dropped to its lowest level since March 2021.

The decline happened as most Solana meme coins crashed, erasing most of the gains made earlier this week. Fartcoin (FARTCOIN) crashed by 15% on Saturday, while popular tokens like Popcat (POPCAT), ai16z (AI16Z), and Bonk (BONK) fell by over 10%.

The market cap of all Solana meme coins tracked by over 10% to $7.2 billion. This drop means that these tokens have erased over $18 billion in value in the last few days.

Third-party data shows that crypto traders bought the Solana meme coin rally earlier this week. 

According to DeFi Llama, Solana’s DEX volume soared by 60% in the last seven days to over $3 billion. This volume was higher than Ethereum (ETH) and BSC, which handled $11.35 billion and $8.9 billion, respectively. It was the first time in weeks that Solana’s DEX protocols did better than the two.

Most of Solana’s DEX volume came from Pump, which handled over $2.8 billion worth of transactions. It beat other popular DEX networks like Orca, Meteora, Raydium, and Lifinity, which have long had a big market share.

Solana had some other positive news this week. The most notable one was that Blackrock, the biggest asset manager globally, expanded BUIDL, its money market fund, to the network. This is a notable development since BUIDL’s assets have surged to over $1.86 billion. 

Solana price technical analysis

The daily chart shows that Solana coin has plunged in the past few months, moving from January’s high of $295.45 to $126. Most recently, it has formed a bearish flag pattern, which is made up of a tall vertical line and a rectangle. 

Solana also formed a death cross pattern on March 4 as the 50-day and 200-day moving averages flipped each other while pointing downwards. 

Therefore, a combination of a death cross and a bearish flag points to a strong breakdown, potentially to $100. For this to happen, it will need to plunge below the support at $120, where it has failed to drop below several times since April last year. 

FTX, the collapsed cryptocurrency exchange once helmed by Sam Bankman-Fried, plans to begin paying its main creditors at the end of May, Bloomberg reported based on court proceedings in Delaware this week.

The company has gathered $11.4 billion in cash to distribute to thousands of parties affected by its 2022 bankruptcy, with the first payments to major creditors set for May 30.

These include institutional investors and firms that held crypto on FTX’s platform. Smaller creditors with claims below the $50,000 mark have already begun receiving distributions.

FTX’s collapse left a financial crater and a trail of frustrated creditors—many of whom expected to be repaid in crypto, not dollars. Since the bankruptcy, the price of bitcoin has more than quadrupled, intensifying frustrations among those waiting for their assets back.

The task of unwinding FTX’s balance sheet has been slowed by a large number of claims, many of them reportedly questionable. Andrew Dietderich, a bankruptcy attorney for the firm, told the court that FTX has received “27 quintillion” claims, Blloomberg reported, many of which are duplicates or outright fraudulent.

Interest payments are compounding the urgency. While FTX earns only a modest return on its cash, legitimate creditors are entitled to 9% interest annually on unpaid claims. The longer it takes to pay, the more the company could owe.

Read more: Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash, Estate Says in New Plan