Cryptocurrency exchange will return all lost funds as a result of the UST token crash

Brazilian cryptocurrency exchange Nox Bitcoin has announced that it will reimburse its clients who lost money due to the fall of UST (Terra's algorithmic stablecoin) at a 1:1 rate.

Nox Bitcoin CEO João Paulo Oliveira said that although the exchange is not obliged to address the issue of losses of customers who invest in certain cryptocurrencies on its platform, they decided to intervene to guarantee the trust of their customers.

«Customers have entrusted us with staking, and we realize that their trust is much more valuable than anything else. We will compensate these users for their losses through the costs we would have incurred elsewhere, such as marketing. If an investor had 1 USDT, which is now worth $ 0.06, Nox will deposit another $ 0.94 in USDT to their account,» Oliveira said.

The head of Nox Bitcoin emphasized that customers who bought UST after the currency fell, hoping that the price would rise again, would not be refunded. He also said that the exchange does not plan to delist the Terra ecosystem assets and stop using the Anchor protocol in the near future, as the platform will wait for the results of the case: «We are waiting for the next steps to see which direction the market will go. The Terra ecosystem may no longer exist, but the cryptocurrency market is unpredictable, and anything can happen, including the revival of Terra.»