- Nox Bitcoin reimburses the money to UST holders who lost in the crash.
- Crypto users have queried whether Binance will follow suit.
- Nox promises to refund all UST holders at $1 rate despite the current price being low.
The concerted attack in the crypto market is the significant crash of stable Terra USD (UST) earlier this month. The stablecoin UST dropped from $1 to $0.5 which also pulled its sister token Terra (LUNA) to almost zero. This has completely put on downward pressure on Bitcoin and all other cryptocurrencies resulting in a total market collapse. Moreover, this condition has bought the life savings of several investors in vain.
As a twisting plot of this, a Brazil-based exchange has given a statement that brings joy to users. The Brazilian exchange, Nox Bitcoin, has announced to reimburse the money to its users who have lost in the UST crash. However, the information seems to be a big move by the firm in the crypto industry to gather the attention of crypto users.
JUST IN: 🇧🇷 Brazilian exchange Nox Bitcoin will reimburse users who lost money from the $UST crash.— Watcher.Guru (@WatcherGuru) May 21, 2022
Nox is a bitcoin investment company based in Brazil that provides unique services in comparison to the Brazilian cryptocurrency market. Traditional financial market investment modalities, such as bitcoin with protected capital and other customized contracts, trading desk (OTC) with specialists who bring liquidity and the best options for each investor profile.
Will Binance Do The Same?
Following the announcement from Nox, the crypto users have raised queries about whether Binance will do the same. As most of the crypto holders are Binance users and lost their money in the UST crash, users expect Binance to take some initiative like this. Though many make their own assumptions regarding the UST drop, it isn’t enough to rush down conclusions. Besides, there’s been several acquisitions on the Terra ecosystem for the collapse of Terra’s algorithmic stablecoin.
Furthermore, the reimbursement idea from Nox is attention-seeking in the crypto industry. Following the bearish market, Bitcoin is trading in the range of $29k level but UST remains at $0.05. Although, Nox promises to refund all UST holders at a $1 rate despite the current price being low. Subsequently, investors worldwide also expect other exchanges to follow the same suit as the Nox Bitcoin exchange.