Brazilian exchange sets precedent by fully refunding Terra UST holders.

May 21, 2022

According to local media reports, Nox Bitcoin exchange has refunded all UST holders with its own money.

UST holders on Nox Bitcoin exchange received USDT for their USTs at the rate of $1.

The Brazilian exchange spent nearly $127,000 of its own to reimburse Terra’s UST holders.

Tweeter user “FatMan” argued that Nox Bitcoin could set a precedent for other exchanges. 

“Clients have trusted us with staking and we understand that their trust is much more valuable than anything else,” Nox Bitcoin CEO João Paulo Oliveira noted.

Nox Bitcoin CEO did not rule out the resurgence of the Terra ecosystem.

Could this set a precedent for other crypto exchanges that listed Terra UST?