The Terraform Labs Plan Administrator is responsible for overseeing the liquidation of the Terraform Labs Wind Down Trust’s remaining assets, the pursuit of litigation related to the collapse of the Terra ecosystem, and ultimately the distributions to holders of allowed crypto loss claims and other claims..
On October 1, 2024, Todd R. Snyder was appointed by the U.S. Bankruptcy Court for the District of Delaware to serve as the Plan Administrator of the Terraform Labs Wind-Down Trust. In this role, he has initiated and is actively pursuing litigation against several major trading firms for their alleged involvement in the events that contributed to Terraform Labs’ collapse.
Key Actions and Lawsuits
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On February 23, 2026, the Terraform Labs Plan Administrator filed a lawsuit against Jane Street Group and Jane Street Capital, and individual defendants Bryce Pratt, Robert Granieri, and Michael Huang (the “Jane Street Defendants”) alleging that the Jane Street Defendants engaged in insider trading, market manipulation, and deceptive trading practices that enabled the Jane Street Defendants to avoid hundreds of millions of dollars in exposure and realize significant gains, ultimately contributing to the May 2022 collapse of Terraform Labs and its ecosystem.
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On December 18, 2025, the Terraform Labs Plan Administrator filed litigation alleging misconduct by Jump Trading and Jump Crypto Holdings, and individual defendants Kanav Kariya and William DiSomma (the “Jump Defendants”) in connection with the collapse of Terraform Labs, seeking at least US$4B in damages
The filing alleges that the Jump Defendants entered into a secret arrangement to prop up TerraUSD – ultimately leading to Terraform Labs’ collapse – while generating billions of dollars in gains. The Jump Defendants also fraudulently transferred US$1.5B of Bitcoin reserves directly to Jump with no written agreements, oversight, or transparency. There is no accounting for how those assets were used.
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The Singapore International Commercial Court dismissed over US$5.8M in claims in the first tranche of the ongoing trial of the Singapore representative action, mounted by over 360 Claimants, ruling that the Representative Claimants were owed less than 6% of their original claim and dismissing 12% of the Representative Claimants’ claims in their entirety
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Obtained a Bankruptcy Court order directing the transfer of 500 million PYTH tokens to the Terraform Labs Wind Down Trust.
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Finalized the Crypto Loss Claim Procedures, which established evidentiary standards for the submission and verification of claims.
To date, approximately 16,640 Crypto Loss Claims have been submitted by claimants. The Terraform Labs Plan Administrator has begun the process of issuing initial determinations in connection with the Crypto Loss Claim Procedures and continues to do so on a rolling basis.
For further updates on the Crypto Loss Claim process, see the Plan Administrator’s Third Status Update.
In The News
For More Information
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For more information, please review the docket and the Terraform Labs Wind Down Trust Crypto Loss Claims site.