Most small UST holders:
- Used a CEX to buy UST
- Never moved the UST off of that CEX
- Sold on that CEX at a massive loss on the way down
What LFG needs to do is work individually with each CEX and make these former UST holders whole. This needs to happen without those former UST holders having to BUY back into UST, which is clearly a scheme to extort more money from retail. There is no promise that after you buy into UST again that you’ll get a refund.
The reason why this needs to be done for each individual CEX is that who knows how the CEX’s manage wallets. I can’t even go back and see my former UST address. I can just see if I bought it and sold it in my trade history.
The reason I call this out is that people are going to get burned thinking they’re getting a refund, but the proposals say nothing about how any of this will work. There are comments with very vague ideas and steps that COULD be taken to get a refund on a CEX, but these aren’t concrete plans.
Until you get official steps, with very clear instructions FROM your CEX, I highly recommend not supporting any proposal that requires you to buy back into UST to get a refund. The CEX’s have the logs. They can provide LFG with the receipts to prove that you bought and sold. There is no reason to buy UST again.