THE crypto exchange Nox Bitcoin announced that it will reimburse about BRL 620,000 to customers who maintained – and were harmed by it – the investment in UST between May 9 and 12, 2022 on the broker’s App.
Customers who invested through the brokerage house had an “Auto Stake” option in the application. stablecoin UST, which offered a 15% return per year, paying yields daily.
now that the stablecoin apparently has no more hope of surviving and the Terra network rehearses a hard fork, Nox Bitcoin has announced that it will cover the loss of investors who kept their investment in UST and remove the UST Auto Stake option from the app.
João Paulo Oliveira, CEO and co-founder of Nox Bitcoin, says that “although the collapse of UST and the Terra network was a risk external to Nox, in solidarity with customers, we will exceptionally cover the loss of currency devaluation”.
This, according to the exchange, means that if the client had 1 UST before the collapse, and today UST is worth $0.10, Nox will deposit 0.90 USDT (stablecoin issued by Tether) as compensation.
As disclosed, investors will receive the amount proportional to the amount invested in the stablecoinin USDT, which can be traded in the app and exchanged for any of the available options.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
