• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
UST
Sensei Inu Logo

Nox Bitcoin To Refund UST At $1 To Their Customers

Naveed Iqbal by Naveed Iqbal
1 year ago
in Terra (LUNA)
Reading Time: 3 mins read

Nox Bitcoin, a cryptocurrency exchange in Brazil, has taken the unprecedented step of using its own funds to refund customers for their TerraUSD coins at the full rate.

Following local media’s report on May 20, the Nox Bitcoin exchange has refunded all UST holders at a $1 rate with Tether’s USDT.

The report stated that the crypto brokerage firm paid 620,000 Reais ($127,000). The exchange paid the amount to compensate all its customers who lost money due to the Terra ecosystem collapse.

  Related Reading | Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

“FatMan” of the Terra research forum commented in a tweet on May 20 that the decision might set a global precedent for other crypto exchanges.

The tweet stated;

This is fairly significant. A Brazilian cryptocurrency exchange has refunded all UST holders at a 1:1 rate with USDT. Likewise, this case may be used as key precedent to argue that exchanges are liable for UST losses. If tortious misrepresentations were made.

UST Back At $1 For Those Lucky Ones

The exchange stated that it would refund the customers the amount of the difference between the present rate for UST and the dollar peg it collapsed from. This implies that a holder of 100 UST at $0.06 will receive a refund of 94 USDT.

UST Price chart
UST is currently trading at $0.066 with a green line | Source: UST/USD price chart from Tradingview.com

According to Nox Bitcoin CEO Joo Paulo Oliveira, the firm is not responsible for bearing clients’ losses from investing in certain currencies on its platform. Yet, they decided to intervene to ensure their customer’s trust.

He continued;

Clients have trusted us with staking and we understand that their trust is much more valuable than anything else. As a result, we’re going to reimburse these users minus the expenses we’d have elsewhere, like marketing.

The news came as a relief and brought positiveness to the cryptocurrency space. However, the decision by the Nox Bitcoin exchange reflects the Brazilian customer protection regulations.

The exchange also offers staking services, such as Anchor Protocol, which UST heavily uses. The DeFi protocol offered up to 20% APY on UST staking and was primarily seen as being instrumental in its collapse due to these unsustainable yields.

People are now waiting to see what happens next regarding listing UST and LUNA. “It is possible that this will no longer exist in the near future,” stated Oliveira before adding, “but you never know what can happen in an unpredictable crypto market.”

  Related Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

According to Tradingview, UST is trading at $0.067 with a 1% increase at the time of writing. The “unstablecoin” has withdrawn 93% from its peg. And it is unlikely to get back to it without major intervention such as a TerraForm Labs hard fork.

Also, TerraForm’s LUNA has dumped a similar amount. As a result, the coin is trading at $0.00020 with a market cap of $1.35 billion and 6.5 trillion tokens in circulation. 

                Featured image from Flickr, and chart from Tradingview.com

 

Tags: brazilLUNANox BitcoinTerraform LabsTerraUSDustUST Crash
Tweet123Share196ShareSend
Naveed Iqbal

Naveed Iqbal

Naveed is a graduate in BA and has been following the crypto world since 2017. Having a passion and keen eye for detail, Naveed enjoys finding breaking stories via official press releases, Twitter, and blog posts. Outside of cryptoverse, Naveed enjoys cricket, rock climbing, and spending quality time with his siblings.

Related Posts

Terra (LUNA)

Terraform Labs Appoints New CEO Following Do Kwon’s Sentencing In Montenegro

2 months ago
Terra Luna Classic Community Pool Balance In Jeopardy, Can They Survive The Plunge?

Terra Luna Classic Community Pool Balance In Jeopardy, Can They Survive The Plunge?

3 months ago
Optimism (OP) Takes Off With 13% Burst – What’s Fueling The Thrust?

Terra Classic (LUNC) Analysis: Is The $0.00012 Target Within Reach?

3 months ago
Terra Classic LUNC

Terra Classic (LUNC) Down 4% As Developer Accuses Terraport Of Rugpull

5 months ago
Terra Classic (LUNC)

KuCoin Stakes 47.9 Billion LUNC Tokens, Good News For Holders?

7 months ago
terra luna classic news LUNC

Terra Classic (LUNC) Crashes 11% After This Binance Change

9 months ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Bitcoin Spark Drives Home Solana Killer Narrative Raising...

    45 mins ago
  • Shiba Inu, Bone ShibaSwap or Kangamoon: Which Meme Coin Can...

    2 hours ago
  • Top Three Must-Have Tokens for Investors In 2023 –...

    2 hours ago
  • Are BNB (BNB) and UNUS SED LEO (LEO) Preparing for a Rally?...

    2 hours ago
  • VC Spectra (SPCT): The Pioneering Project Taking on...

    5 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.