Crypto exchanges

Nox Bitcoin exchange will reimburse customers for losses from the fall of UST

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

Nox Bitcoin CEO João Paulo Oliveira said that while the broker does not have to bear the losses of customers investing in certain cryptocurrencies on its platform, the exchange decided to step in to guarantee its customers’ trust.

“Customers have entrusted us with staking, and we understand that their trust is much more valuable than anything else. We will reimburse these users at the expense of what we would have incurred elsewhere, such as marketing. If an investor had 1 UST, which is currently worth $0.06, Nox will contribute another $0.94 in USDT to their account,” Oliveira said.

The head of Nox Bitcoin emphasized that there will be no refund to customers who bought UST after the currency fell in the hope that the price will rise again. He also said that the exchange has no immediate plans to delist Terra ecosystem assets or discontinue use of the Anchor protocol – the site will wait for the outcome of the case:

“We’re waiting for the next steps to see what direction the market goes. The Terra ecosystem may no longer exist, but the cryptocurrency market is unpredictable and anything can happen, including a Terra rebirth.”

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