Brazilian crypto exchange Nox Bitcoin to refund funds to UST holders

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Brazilian cryptocurrency exchange Nox Bitcoin announced that it will refund funds to its customers who lost money due to the fall of UST and algorithmic stablecoin Terra (LUNA) at a rate of 1:1 to USDT.

Nox Bitcoin CEO João Paulo Oliveira declaredthat although the broker is not required to bear the losses of clients investing in certain cryptocurrencies on its platform, the exchange decided to intervene in order to guarantee the trust of its clients.

“Customers have trusted us with staking, and we understand that their trust is much more valuable than anything else. We will reimburse these users for losses that we would otherwise incur, such as marketing. If an investor had 1 UST, which is currently worth $0.06, then Nox will deposit another $0.94 USDT into their account,” Oliveira said.

The head of Nox Bitcoin specifically noted that customers who bought UST after the currency fell in the hope that the price would rise again would not be reimbursed. He also said that the exchange does not plan to delist the assets of the Terra ecosystem and stop using the Anchor protocol in the near future – the exchange will wait for the results of the development of the case:

“We are waiting for the next steps to see which direction the market will take. The Terra ecosystem may no longer exist, but the cryptocurrency market is unpredictable and anything can happen, including the resurgence of Terra.”

The fall of UST and LUNA shocked the cryptocurrency market. Recall that earlier Bits.Media published a large-scale material with a detailed analysis of the reasons that led to the collapse of UST and LUNA.


Source: Bits

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