Plans for Exchange User Claims

  • Over the past week it has been a nightmare for us, thousands of people have lost most of their savings and some have lost all of it. I also lost almost all of my savings, I bought UST for 103K, when the depeg event happened, I panicked and sold all of my UST at a very low price, then stupidly bought it for $1-$2 Luna coins, which caused all my assets to disappear. Earlier, I was so angry that the Terra team failed to save Luna and UST, it almost drove me crazy, but my family comforted me.

  • Until today, I started to rethink this question, why do we buy UST for Anchor? Everyone will say it is to make money, but have we thought about how we know UST Anchor can make money. Yes, many of us got this information through exchanges, I believe almost all of us are easily induced by the statements of exchanges, because exchanges put UST Coin Anchor in the stablecoin classification, and its The order is in the first place, which gives people a very deep psychological hint, they will think that it is a stable currency similar to USDT and recommend everyone to invest, although they declare the risk, but because it is placed in the stable currency category, it will make People think that’s very unlikely. This is why people are willing to put all their savings in UST Coin Anchor to make money because they are being led by misrepresented UST introductions.

  • We put this situation into reality. One day you were in the supermarket, and the salesperson kept introducing the best food. She put a lot of food in front of you, especially the one called UST that was the most prominent. Many customers will subconsciously think that the food called UST is the best. This is a psychological suggestion, misleading people to do something.

  • The biggest problem with exchanges is that they put a stablecoin in front of you that is not stable, and use false presentations to guide more people to buy. If exchanges put UST in other high-risk categories, I believe There will be fewer people putting all their savings at high risk because they just hope all their savings will never run out. I think the exchange has quite a bit of responsibility in this incident, they have to give an explanation to the people who bought UST on the exchange, we have evidence that the exchange made a false statement.

  • Just today, I saw on Twitter that Brazilian exchanges have compensated users 1:1 for all users who bought UST, they realized that more users bought UST for their reasons, which This is encouraging news, and I call on everyone to join forces and initiate legal action against the exchange for them to compensate us for all our losses
    A Brazillian cryptocurrency exchange has refunded all UST holders at a 1:1 rate with USDT

  • I created a discussion group that all of our exchange users can join, only for UST holders before the depeg event, because these people have the right to claim.
    Claim to the exchange

3 Likes

That’s of course the dream but I doubt any other exchanges would step up to take similar actions (looking at Binance and their locked Earn program)

2 Likes

You have made such a brilliant point. Binance should also make full refund 1:1.

If they dont Binance should be taken to court in a lawsuit because we were sold fraudlent products on binance platform.

This will create very bad publicity for Binance worldwide, and many governments are looking at cancelling Binance licences and banning their transactions.

Already in G7 meeting this on the top agenda, as regulators in USA are bringing tough laws and fines for companies like Binance and Terra Luna, who are doing financial crimes.

2 Likes

this is great point

i think there is no hope for refund from binance. if you read their FAQ yesterday, they just said it’s unfortunate but the community is very strong, and that they put users above everything. So they will ask to be compensated for THEIR loss after small holders are compensated first. We all know this won’t happen and if it did, it would be a very tiny portion of their entire loss.

So there is no way binance will foot the bill for this.

Thanks!! Good post. Will join group.

Claiming against them depends on how they state the UST introduction, any exchange that misrepresents the UST introduction and misleads you into buying UST coins must be held liable for it because they keep claiming it’s a stablecoin, I I believe many people know that UST is not through Terra’s website. Most people buy UST coins through exchanges. Their biggest mistake is to mark UST as a stable currency and let UST be ranked first. They should UST is placed in the high risk category so as not to mislead more people to put all their savings in, this is a case of consumer claims

2 Likes

You write that you will take a picture on the 7th
I bought moon on binance
2022.05.07 at a price of $72.85
2022.05.08 at a price of $64.36
2022 .05.10 at a price of $42.36
2022.05.11 at a price of $32.41 - $17.60 - $6.12
2022.05.11 at a price of $0.23

all this time, like many project participants, I did not know about the attack, people wanted to save their money, everyone thought that the entire market was falling

where’s the justice ???
why 7 number

and give an answer, what should people do with mines on binas, how will the distribution go there?

write a clear plan of action

2 Likes

What about people who bought after 7TH may.


People who bought solely based on your tweets you kicked them out.

You seem to cover us in the first proposal then you are completely ignoring now.

All the people are equal. You are covering the people who bought before 7th May and after 13 may when circulation jumped to trillions.

But what about the people who bought during 8 to 12 may price was still high and supply was 400M to 10 B at max.

You are compensating the people (i am mot against it) who sold that’s why people bought 8 to 12 may because they sold and they are compensating still

And people who bought at 0.1 to 70$ literraly getting nothing because they bought during 8 to 12 may.

IF you want to make it fair then don’t give everyone everything or do it in a fair manner.

Why it’s hard to understand there are three type of groups.

People who bought before the attack
People who bought during the attack (before the last halt)
People who bought and buying after the last halt resume.

So distribute in a fair manner.

You either do snapshot before the last halt.

Or maybe there should be three snapshot.

On 7th May as proposed.
On 12/13Th May (before the halt)
On 27th May as you proposed.

Everyone would be equal in that sense.

Because most of us who bought during 8 to 12 may literally getting nothing

Or fairly distribute people according to the circulation they bought at…

5 Likes

TLF and Do Kwon together with exchanges know that they are in the wrong.

Binance advertised UST as safe, Google “Binance UST safe” and see the image of the now deleted post of Binance

https://www.google.ae/search?q=binance+UST+safe&client=safari&hl=en-ae&prmd=nisv&source=lnms&tbm=isch&sa=X&ved=2ahUKEwip44WEmPD3AhUN3IUKHe26B1oQ_AUoAnoECAIQAg&biw=390&bih=664&dpr=3

The Terra / Luna team is scrubbing from their websites where they write that you could redeem 1 USD worth of Luna for any UST.

Please let me know about how to join any lawsuit. Exchanges and Do Kwon need to pay (Do Kwon personal assets should be seized!)

1 Like

A lot of money was probably in their Earn products during the collapse, and a lot of users who weren’t comfortable with Anchor ended up getting UST because of their advertisement (me included actually)

The only way I could see this happening is if other exchanges step up first, and Binance follows suite. Otherwise I don’t see any hope of them chipping in and giving users free money (or any exchange really).

People yelling lawsuite at Binance, shut up. Of course exchanges have all of these cases covered in their terms of service. There was no contractual agreement that the funds are safe or insured, they don’t owe us anything

1 Like

Sorry to hear this, their compensation plan is really not perfect. After depeg, many people bought UST and Luna, but the result is very unacceptable. I think the Terra team has the purpose of deliberately crashing UST and Luna, but This is really something later, before this, many of us buy UST as savings, Anchor can make money. But the Terra team, DK, and the exchange lied to us, and none of them claimed responsibility for it

1 Like