Open petition to Binance for reimbursement of USTC holders

General
24

Just experience. How much lawsuits peoples wins agains against Binance-Coinbase? In any case, no one will notice the petition at all. At a minimum, a large collective lawsuit is needed.

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25

Do you have any statistics to report? Or is it just your impression?
Feel free to take any initiative to reimburse USTC holders and I will support it.

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26

Hello,
I finally wrote the petition posted on change.org that should be signed by UST investors and the community at large to receive a refund directly from the various cryptocurrency exchanges.

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USTC Repeg with Additional LUNC Hard Peg Burn
[Proposal] Tiered repayment: 1:1 USDC refund to all UST holders up to a certain cap per-wallet using LFG funds, favouring small wallets
Best way to compensate USTC victims
USTC almost naturally pegged at 0.01 USD
Updated LUNC & USTC Rebuild Road Map
$1 USTC buyback by community design system
The Gold Standard of Stability
27

Already vote

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28

Signed. I like your enthusiasm. We shall definitely do something about this. We just have to be patient for now.

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29
  • Binanceā€™s SAFU funds at 750m due to market dip.
  • Class action against Binance US and itā€™s conclusion will remove any possibility for reimbursment while trial is on-going.
  • Petition is never a bad idea, yet carries no legal power in itself.

Some news about the latest developments.

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30

As I reported above, Binance raised the SAFU fund again to 1 billion dollars.
I agree with the second and third points, however I think it is important to make the voice of the users heard, as any company is worthless without them.

Thanks for the update. This concerns the US, not the EU and the rest of the world. Unfortunately Iā€™m not a lawyer and canā€™t say any more.
We shall see.

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31
  • You specifically pointed out 2 class-action lawsuits of which one was regarding Binance US.
    This was the latest update on the part you, yourself, pointed out.
  • True. 1.081b currently. Some crazy price appreciation today across all cryptos.

Good luck on bending the ear of Binance.

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32

Just because they are the only ongoing class actions that I know.

Thank you

33

Nobody wants a refund from someone outside! Itā€™s not making any sense because Binance is already helping us a lot. It is not the case to expect something more of the burns.
I understand your sentiment but sorry this is not the solutionā€¦

34

Whoever promised that UST was a stablecoin lied (Binance activated earn via anchor a month before the collapse).
This is why I expect a payout from the exchanges, which may allow the corresponding circulating supply to be destroyed and thus greatly help the revival of Terrac and the project.

35

True, it was listed a month ago. But how could the binance team know that SMF would attack right after? What if it was part of FTXā€™s plan to wait for them to be listed before the attack?
The question to ask would be: where might the LUNA be now if ustc hadnā€™t been depegged?

36

At the moment, few people know what the truth is about the UST depeg. As far as we know, the SMF attack is only one of many speculations. In the future, we will probably know what really happened.
In any case, what is important is that Binance and other exchanges approved and provided earning products on a stablecoin that was in fact not stable at all.
This is why they have to reimburse users if they want to still be credible, but above all not to go to court and be forced to pay higher sums as well as lose their reputation.

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37

The LFG website with the recovery fund is no longer available. According to the wayback machine, the last snapshot is dated 06/01/2023.
A recent news, to be confirmed, seems to indicate that Do Kwon has withdrawn from that fund.

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38

Do Kwon was arrested and I hope we will soon know how things went with Terra in order to reimburse UST investors.

1 Like