Customers will receive a $1 refund from Nox Bitcoin

Nox Bitcoin, a Brazilian cryptocurrency exchange, has fully utilized its cash to repay customers for their TerraUSD coins. Following a story in the local press on May 20, the Nox Bitcoin exchange has reimbursed all UST holders with Tether’s USDT at a $1 rate. According to the report, the cryptocurrency brokerage firm paid 620,000 Reais ($127,000). The amount was paid to compensate all of the exchange’s customers who lost money due to the Terra ecosystem’s collapse. #TerraLUNA #brazil #LUNA #NoxBitcoin #TerraformLabs Nox Bitcoin To Refund UST At $1 To Their Customers https://t.co/0mwdZ0BrBN – https://t.co/HzksZFXjrd pic.twitter.com/S2BcJ6zMdf — dumbwire CryptoNews 📟 (@dumbwire) May 22, 2022 For Those Who Are Lucky, UST Is Back At $1 The exchange announced that it would refund customers the difference between the current UST rate and the dollar peg from which it collapsed. As a result, a holder of 100 UST at $0.06 will receive a 94 USDT refund. According to Nox Bitcoin CEO Joo Paulo Oliveira, the company is not liable for any losses incurred by consumers who invest in various currencies on the platform. Nonetheless, they chose to step in to protect their customer’s trust. He proceeded, saying, “Clients have trusted us with staking, and we understand that their trust is much more valuable than anything else. As a result, we will reimburse these users minus the expenses we’d have elsewhere, like marketing.” The announcement came ...