What's Hot

    First fundraiser for Doodles and new partnership

    June 25, 2022

    More than 50 crypto ATMs will be installed in Hispanic supermarkets in the United States

    June 25, 2022

    The bitcoin (BTC) invites itself in the programs of the University of Cincinnati

    June 25, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » TerraUSD Fiasco: Nox Bitcoin will refund customers $1 per UST
    Analysis

    TerraUSD Fiasco: Nox Bitcoin will refund customers $1 per UST

    AdminBy AdminMay 23, 2022No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Nox Bitcoin, a cryptocurrency exchange based in Brazil, decided to reimburse its customers who were victims of the fall of TerraUSD. Each lost UST will be revalued to $1 with Tether’s USDT.

    Fall of Terra and UST, collateral damage

    Some Brazilian media reported that Nox Bitcoin refunded all UST holders at a rate of 1 dollar with USDT. The cryptocurrency exchange had to pay the sum of 620,000 reais, or $127,000, for this.

    In a tweet dated May 20, “FatMan,” a member of the Terra research forum, praised the initiative. A prospect of imitation by other exchanges cannot be ruled out.

    ” It is quite significant. A Brazilian cryptocurrency exchange has refunded all UST holders at a 1:1 rate with USDT. Likewise, this case can be used as a key precedent to argue that exchanges are responsible for UST losses. If criminal misrepresentations have been made. »

    This is fairly significant. A Brazillian cryptocurrency exchange has refunded all UST holders at a 1:1 rate with USDT. This case may be used as key precedent to argue that exchanges are liable for UST losses if tortious misrepresentations were made.https://t.co/Tc41tnXOHt

    — FatMan (@FatManTerra) May 20, 2022

    A $1 UST, a dream come true

    It has been several days since the UST lost value: today, CoinMarketCap values ​​it at $0.07516.

    However, Nox Bitcoin will only refund the difference between the current UST rate and the parity of the dollar from which it collapsed. Thus, a holder of 100 UST at $0.07 will be entitled to a refund of 93 USDT.

    According to Joo Paulo Oliveira, CEO of Nox Bitcoin, the company decided to do this in order to restore the trust of its customers. And this even if it is not responsible for the losses suffered by customers who have invested in certain currencies on Nox Bitcoin.

    Explanations:

    ” Clients have trusted us with staking and we understand that their trust is far more valuable than anything else. Therefore, we are going to reimburse these users, minus the expenses we would have incurred elsewhere, such as marketing. »

    A “phew” of relief in the cryptosphere

    The news was welcomed with open arms by crypto-enthusiasts. Note, however, that this decision by Nox Bitcoin has something to do with Brazilian regulations on customer protection. This means that the reimbursements of the victims of the fall of Terra will depend enormously on the regulations of the country in which an exchange is established.

    Also, it should be noted that Nox Bitcoin offers services of staking such as the Anchor protocol, which the UST relies on. The fact that this DeFi protocol can generate up to 20% annual return on the staking of UST allegedly contributed to the TerraUSD fiasco. It must be recognized that these returns are unsustainable.

    Several investors are waiting for the continuation of the listing of UST and LUNA. Half-optimistic and half-skeptical, Oliveira said:

    ” It is possible that this will no longer exist in the near future. But you never know what can happen in an unpredictable crypto market. »

    At the time of writing, the UST posted a rise of 30.24%. But it is very likely that he will recover his peg initial after a major intervention such as hard fork suggested by Do Kwon. LUNA too took a near fatal hit after the TerraUSD fiasco.

    Source : NewsBTC

    Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!

    User Image

    Mikaia ANDRIAMAHAZOARIMANANA

    The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it

    function launch_google_analytics() { var el = document.createElement('script'); el.setAttribute('type', 'text/javascript'); el.setAttribute('async', true); el.setAttribute('src', '//www.googletagmanager.com/gtag/js?id=G-MCDLS7NHBD'); document.body.append(el); window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-MCDLS7NHBD', {'anonymize_ip': true}); gtag('config', 'G-MCDLS7NHBD', {'link_attribution': true}); }

    function launch_linkedin_pixel() { _linkedin_partner_id = '3766114'; window._linkedin_partner_id = '3766114'; window._linkedin_data_partner_ids = window._linkedin_data_partner_ids || []; window._linkedin_data_partner_ids.push(_linkedin_partner_id); (function(l) { if (!l){window.lintrk = function(a,b){window.lintrk.q.push([a,b])}; window.lintrk.q=[]} var s = document.getElementsByTagName('script')[0]; var b = document.createElement('script'); b.type="text/javascript";b.async = true; b.src="https://snap.licdn.com/li.lms-analytics/insight.min.js"; s.parentNode.insertBefore(b, s);})(window.lintrk); }

    void 0 === window._axcb && (window._axcb = []); window._axcb.push(function(axeptio) { axeptio.on("cookies:complete", function(choices) { if (choices.google_analytics) { launch_google_analytics(); } if (choices.facebook_pixel) { launch_facebook_pixel(); } if (choices.Linkedin) { launch_linkedin_pixel(); } }); }); window.axeptioSettings = { clientId: '60df16cf7559213aac28972d', };

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    More than 50 crypto ATMs will be installed in Hispanic supermarkets in the United States

    June 25, 2022

    The bitcoin (BTC) invites itself in the programs of the University of Cincinnati

    June 25, 2022

    Cardano (ADA) Founder Offers Crypto Self-Certification

    June 25, 2022

    Axie Infinity: The company behind the game wants to compensate the victims of the hack

    June 25, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • First fundraiser for Doodles and new partnership
    • More than 50 crypto ATMs will be installed in Hispanic supermarkets in the United States
    • The bitcoin (BTC) invites itself in the programs of the University of Cincinnati
    • Cardano (ADA) Founder Offers Crypto Self-Certification
    • Axie Infinity: The company behind the game wants to compensate the victims of the hack

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    First fundraiser for Doodles and new partnership

    June 25, 2022

    More than 50 crypto ATMs will be installed in Hispanic supermarkets in the United States

    June 25, 2022

    The bitcoin (BTC) invites itself in the programs of the University of Cincinnati

    June 25, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy