귀하의 Terra/Luna 클레임에 대한 유동성을 확보하세요.

Do Kwon has been sentenced to 15 years in jail. But yet today, almost four years after the collapse of Terra Luna, the victims have not been paid yet.

So, first of all, who am I? I am Alberto Visona. I am co-founder of PAXTIBI. And for full disclosure, our company is buying Terra Luna claims. But I want to lay out the facts, because this is not a sales pitch. This is actually an overview of the process from a technical point of view. So we will cover what the allowed amount is, what email you have received, where we are standing in terms of the process itself, how much money the bankruptcy has, and what we can expect in terms of recovery.

And I want to be clear, as I always tell my clients: at the end of the day, whether you decide to keep the claim or to sell the claim, it's just a liquidity preference, and each of us has their own liquidity needs and liquidity preference. But what really matters is that you spend a little bit of time to understand what's going on in this bankruptcy and what you can expect.

So, a small disclaimer: PAXTIBI is not affiliated with Kroll, with the Wind Down Trust, with Terraform Labs or with the court. This is just a video that we do for informational purposes, and I hope that it will be helpful for you.

Now let's start from an email that probably the vast majority of you received on or about July 2026, so just a couple of months ago. So, Kroll: first of all, who is Kroll and what do they do? Kroll is the bankruptcy administrator, which means they are a private company which is handling the operations between the bankruptcy and the creditors. So they send out emails, they collect the forms, they make sure that all the requirements are actually satisfied, so that if and when the bankruptcy decides to pay, they have a clean record of who owns what.

So they sent an email, and this email was about the Allowed Crypto Loss Claim, which is also referred to as CLC. What does this mean? This means whether your claim is confirmed or not, and it confirms the amount of your loss. Now, it's important to note that this is not a payment notice, and there is not even an action required. This is basically just an email that, put in plain English, says: you submitted a form one or two years ago asking to be compensated for this amount of money as part of this bankruptcy. This is what we think, and what we have allowed to you, in case it's allowed.

So in the email you will find two things. One is the Allowed CLC Amount, which is what you are actually stating as your loss, and the status, which is Allowed or can be something else. In the very simple case, the amount that you stated in the form as the amount of your loss is the amount that they have approved, and so it is the number that you will see in this line after the "Allowed CLC Amount" text. And the status is actually where your request stands from a procedural point of view. It can be Allowed or it can be something else.

Something that is important to remember is that the CLC amount is the size of your loss, but it's not what you will be paid out. What you will be paid out, which in this case unfortunately is going to be a number much, much smaller than the loss, will be determined at the next stages of the bankruptcy.

Where your claim stands. So your claim can take roughly two paths. The first one is that you filed a claim, there was an Initial Determination, and they accepted, which means that the bankruptcy agrees that what you say is the loss is also what they see on their side. Your claim has been allowed. So it means that the bankruptcy recognizes your loss, and now they're just waiting to find the money, find an agreement on how to distribute this money, and then you will be paid.

If your claim is disputed, it means that the bankruptcy either doesn't agree with your claim in principle, so they say "in our records you are not entitled to anything", or they don't agree on the amount. For example, a lot of people make mistakes when they fill in a bankruptcy form. I mean, we understand it. It's quite complex. It's not straightforward. And especially if you're not familiar with the process, it's very easy to make manual mistakes: maybe your loss is a thousand, and by typing on the keyboard you put 10,000. So there are a lot of different reasons.

What is important to know is that if your claim is disputed, it needs to go through an additional layer of review. So it will go in front of a judge, most likely in bulk, as in they will group you with other people that have the same problem as you. The judge will decide what the issue is and what the solution is, and then they will approve it.

If your claim is disputed, you are going to receive in the future another email from Kroll, which this time will not be the Allowed Crypto Loss Claim, but it will be a reference to a hearing. So there will be a link to a PDF. That PDF is the hearing notice, which means they tell you that some day the court will review all the people that are disputed, and you will be one of them. And after that they will publish another docket, which will essentially say what the decision of the judge has been in relation to your claim. Here you have a code: you can take your code, put it into the docket with Ctrl+F, and try to locate your claim. If you have any trouble, just reach out to us. We are very happy to help you and do a review free of charge.

If you didn't file a claim, okay, now it's almost certainly too late. On April 16, the court explicitly denied more claims, and the window actually closed on November 24, 2025. What we can say is that there are exceptional cases in which the court can allow a late filing. This has to be a serious issue. For example, you have been in a hospital for the last three years with no access to the internet, you have the paperwork and medical papers that actually declare that, and so you were not able to file the claim for a valid reason. Everything else, like "I didn't know", "I forgot", "I didn't think that there was any money left", "I started the process but then I forgot", unfortunately these are not acceptable cases, and therefore they're not worth pursuing any legal action with the court to try to get this money back.

Now let's go into the interesting part: what has actually been found in terms of money as part of the Terraform Labs bankruptcy. At the moment of the last report, which is actually a bit outdated, around September 30, 2024, the bankruptcy administrator was recording a book value of 212 million. Book value is an accounting metric, and it means what has been recorded as assets back then. This number is quite different from the liquidation value. Liquidation value means you have these assets and you want to have cash, because of course they cannot split a venture investment over 16,000 creditors and give each of you a little share of this venture company. So they need to take this venture investment, sell it for what it's worth in the market when people are willing to bid, and then take that money and distribute it.

Of course, if you have cash, cash is cash, and it's one to one. But when it comes to venture investments or prepayments, the amount can vary significantly, which is the reason why, out of the whole 212 million, there is an expected liquidation value of 94 to 170 million, which is what the bankruptcy thinks they can get by liquidating their assets. So this is, let's say, what they have.

Now there are some adjustments to make. On top of that, the bankruptcy holds 500 million PYTH tokens. PYTH is an oracle on Solana and on other chains, and they have a token. Terraform had made an investment into this company. This company didn't have a token yet by the time Terraform went bankrupt. Then the company released its token and gave the tokens to the bankruptcy, and the last we know is that these tokens were worth about 50 million dollars. Now, we don't know if these tokens have been sold or not, but let's assume that they have been sold. So there should be about 50 million more in assets.

There should be 44 million dollars coming from a class action escrow. This is the Beltran case. This is basically a case in which Terraform Labs was already involved before the bankruptcy, and they had put 56 million dollars in escrow as part of the litigation process of these lawsuits. It turned out that they lost the lawsuits, but the amount that they have been deemed liable to compensate is much less than the 56 million dollars that they put in escrow in Singapore, and therefore the bankruptcy is expecting to get some money back from this escrow. But we don't know when this will be released.

And then we have something more interesting. Now we are getting into the big numbers: more than 200 million dollars, which is the Do Kwon judgment. Do Kwon is the founder of Terra Luna, and he has been ordered to pay back to the company 200 million dollars. Now there is one problem: this is a paper number. This is what he has been ordered to pay. But the fact that this money will be collected, or that he will voluntarily send it back, is not guaranteed, because of course he still needs to have this money. Maybe this money was spent or lost in bad investments, and maybe this money doesn't exist anymore. So this we will have to see.

And then minus, because of course keeping the bankruptcy running for years and years has several expenses: the liquidators, the lawyers, the people who are managing the bankruptcy and reviewing all the claims that you submit. So this is 53 million dollars that has already been spent, and at the current run rate it's about 4.5 million dollars every quarter.

Now we do a comparison between what the estate has versus the claims against the estate. We need to understand that in this type of bankruptcy, a lot of the money that they expect to have is money coming from litigation with other firms. And unfortunately, there is also litigation against Terraform.

So in yellow we have the 200 million, which is more or less the money that the bankruptcy has right now if nothing happens. Then we have 1.3 billion, which is the Three Arrows Capital claim in the same pool. Three Arrows Capital is another firm that was deeply interconnected with Terraform Labs. They filed a claim against Terraform, and they said: "We went bankrupt because they went bankrupt, and therefore we are entitled to compensation as well, because we had a lot of money in this company." And so they presented themselves as creditors. Now this claim can be allowed in full, it can be cancelled, or it can be allowed in part. But of course there is a legal process going on here.

Now there is 4.47 billion, which is the investor harm that the SEC has declared. This number is quite fictional, because the SEC is subordinated to all the other payments. So until creditors are paid in full, which, as you can see from these two blocks, and I will come to it in a bit, the SEC doesn't receive any money.

So at the moment we have 200 million dollars for 4 to 5 billion dollars of Crypto Loss Claims. Crypto Loss Claims are what all of you creditors have submitted in total. There have been over 16,000 submissions, and these submissions result in an estimated total damage of 4 to 5 billion dollars. It's not a final number, and it's not final because, again, some claims are allowed and some claims are disputed. So it means that if nothing else happens, and if we cancel this and we cancel this, there are going to be 200 million dollars, minus legal expenses, to be distributed over 4 to 5 billion dollars of claims. So you can do the math between this and this, and this is the expected recovery.

Now, what can give more recovery?

First of all, no payments have been made yet. At the moment no one has received money, and we are not close to people receiving a distribution any time soon. We think that maybe the first distribution is going to come in 2028. And because the distributions are small, and the payout process is actually expensive, because you need people to send their wallets and bank details or to connect with a third-party provider, it's unlikely that the bankruptcy will proceed with many small payments. So they're not going to start paying you 0.1% of the amount. They will probably try to get all the cash in at once and then pay everyone.

So what are we waiting for? This is the question. We are waiting for lawsuits, either ones that Terraform Labs has received, like in the case of Three Arrows Capital, or ones that Terraform Labs is bringing. One of the key points is that there are two entities, one is Jump Trading and one is Jane Street. They are both famous market-making firms. In December and February, the Terraform Labs bankruptcy decided to sue them.

What does this mean? In a nutshell, without going into the nitty-gritty of the case, they are saying that these two firms, through their market-making activity, essentially inflated, insider traded or manipulated the market for this token, and therefore they caused harm to the company and to the ecosystem. And now, because they caused this harm, they need to give money back.

Now, the number that the bankruptcy is seeking is very high. In the Jump Trading case, for example, it's 4 billion dollars. But this doesn't mean that they're going to get 4 billion dollars. These are very big firms with very good lawyers, they have already denied the accusations, and it will drag on for many, many years. Therefore there may be some upside in either of the two cases, either because they are found liable, or because they decide to settle, which means they pay a bit of money to close the case.

But as we saw before in the case of the class action, where they had to put 56 million in escrow but then were liable for only 12 million, so 44 million is still available, this is also what can happen here. You are essentially accused of 4 billion, and then you pay something which is much, much less than that.

Now, something which is important, guys, all across the case and the process, and unfortunately this is a long journey, is to not get scammed. If there are people that reach out because they want to speed up your claim, because they ask you for your seed phrase, or because they offer recoveries or offer to buy your claims and stuff like that, always, always, always make sure to check who they are. Go online.

For example, if you search about us, you can find a lot of info. First of all, in the official Terra claims portal, which means you go to the portal of the bankruptcy where you see all the claims, you just type our name and you see that we as a company are present in the official dockets, because we are buying claims. If you go online, you're going to find reviews about us, because we have served more than a thousand creditors. If you go to the FTX dockets, you will find that we have traded more than 100 million of notional, which means claims that we bought, and we are operating in more than 12 jurisdictions. Also, you can find me on LinkedIn. We put our face on it. We have a website. So there is a lot of social presence, which is not the only reason for which you should trust someone or not, but it's a starting point.

So this is PAXTIBI. I hope that this video has been helpful. If you have any questions, just drop them in the comments below, and I'll see you in the next update.