I’ve been torn this whole time as I have held UST on anchor and haven’t moved but $200 of it. I’m not even sure at this point what to do since UST is below $.06 I’ve lost over 94% of my holdings. This whole thing is crazy and a lot people got hurt. This is the best proposal I’ve seen so far. But again, I don’t know what to do with my UST holdings that I currently have?
Fatman agenda is losing focus. Need to bring the issue to the top of the page.
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Thank you very much for taking the time to respond.
The community needs you and is looking to you for guidance, so please don’t let me distract you from all the many things you are juggling at the moment.
The point of the post was to try and offer a different perspective to those filled with range, and those in a dark and dangerous place. Especially those who are thinking of ending it all. I know it was a long post and that message most likely got lost in the somewhat philosophical rant I went on. I meant no offense by any of what was said, and I dearly hope that no one will take their life because of something as trivial as money.
You have much more knowledge than I of the issues surrounding TFL so I was unaware of the first point you made. But, as I mentioned before, if indeed it comes to pass that laws were broken I do hope that the parties responsible are brought to justice and punished for their crimes to the fullest extent of the law. Also, that their remaining assets be liquidated to help cover the losses sustained as a result of their crime. Time will reveal what steps were taken, if any to collateralize UST after the statement went out during the depeg, and if the representations of fiat-backed value made by TFL were intentionally misleading investors and exchanges.
All that being said, most of us still bought UST knowing that it was not (yet) a fiat-backed stablecoin, and then I’m sure there are some who bought into it not really knowing what it was. LUNA of course was always speculative, and like any other investment, came with the risk of loss attached to its purchase. It seems like many of us staked our life savings on UST/LUNA, many of us staked our family rainy day funds on it, and then a whole lot of us staked retirement money, mortgage money, car payment money, money that might be needed in a month or two… money that we just couldn’t do without… money we couldn’t afford to lose… NONE of which is TFL or DK’s fault. It seems that many of us broke the first, most basic rule of investing… “never invest more than you are willing to lose”. THAT is solely on US. Our money being lost may be the fault of TFL and DK… but our life savings being lost? That’s on us and us alone. Greed has blinded our judgement, and the consequences are proving to be severe.
Crypto will never be the same! Governments are already using this event as a catalyst to regulate the entire space. But I suspect even regulations will not prevent something like this from happening again if WE do not reflect and change. The final point here needs to be that WE have to be smarter, and more responsible investors. Period. You are a leader in this community and a beacon of hope for those who have lost it all. I sincerely hope you will use your influence to not only rally together this community to find some restitute for those in dire straits, but most importantly, to encourage and foster more responsible investing and the practice of caution over greed.
@jcrypt1 Check out the FAQ section of Fatman Discord server. It might give you some ideas. UST Restitution Group (discord.com)
You can recheck that link if you search for Fatman in this thread. Always check a link, because some scammers might create copy discord servers.
Careful of scammers and impersonators.
@dtpman83 Evidence is still being brought to light, and it may turn out to be exactly as you have said. If that is the case, he is 100% responsible for “this” - the loss everyone’s money. I agree with you.
But users who invested and lost more than they could afford to lose? Life savings, mortgages, rainy day funds, family lifelines, etc. That’s not on DK or TFL. That’s on the individual isn’t it? No one forced anyone to empty their bank accounts into this ENTIRELY speculate space of crypto and DeFi right? What is the first and most important rule of investing?
“Never invest more than you are willing to lose”
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Hello FatMan,
Supporting totally your point of view on this.
But don’t really know what to do to help and what to do personnally with my UST still stacked on Anchor.
At first, I thought Do Kwon wanted to refund UST holders as a primary goal but that doesn’t seem to be the case anymore when you look at the final revival plan…
I wanted to vote NO for his proposal but I wasn’t able to vote, I don’t get how to do it.
Let me know if I can do anything to help regarding vote or more, for anything to get UST holders refunded fully.
Take care.
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so is this plan approved or?
Dude, i am really sorry that you did not do your homework. First rule of money management… NEVER keep all your eggs in the same basket. I mean 1.5m! I also lost around 50% of my portfolio since i had dry powder in UST to buy dips.
Start again and DIVERSIFY
Please 1 person wisp me
Please someone help me I’ve been depressed for days. I swear on my family that I will never get involved in the crypto world again
1 person sending 5$ thank you
@FatMan your “algoritm” can be improved:
- Take a snapshot of all forms of UST holders on the Terra blockchain “Pre-attack” at Terra Classic block 7544910 (2022.05.07 23:00:04+08:00)
- Check all adresses not protected by depeg event (this can be done in collaboration with Insurace Nexus etc)
- Check if not covered/partialy covered addresses have converted all forms of UST into other crypto different from the TerraLuna ecosystem
3.1. If yes → check UST value at that time and repay only “missing” depeg (if you have 100 UST and you have converted them to another coin different from TerraLuna ecosystem with a depeg value of 0.6 $, you’ll receive 40 USDC)
3.2. If no → repay 100% in USDC - Check if LFG has the amount to repay:
4.1 If yes → pay
4.2 If no → priority should be found but for example we can have something similar to “Instead of paying out just small wallets, we will pay out all wallets, including whale wallets, up to a set cap per address”
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IMHO an ulterior refinement is necessary:
point 3 states that " Check if not covered/partialy covered addresses have converted all forms of UST into other crypto different from the TerraLuna ecosystem".
Some people, including myself, moved the UST to CEXs to exchange them for other crypto, so you won’t see the exchange rate on chain and/or if they are still holding UST.
Two approaches come to my mind on this:
-
consider UST value at time of transaction for repayment. Not 100% fair in both ways since the user might have sold on the spot or hold it for a better pricing (may or may not have got it).
It might be morally correct to some extent since such transactions could be translated to: “I can’t take it anymore, too much loss. Need to stop the bleeding or I’m going to hang myself/hurt people” -
Ask the CEXs to collaborate on such transactions, might be a hard and a convolute thing to do.
they will feed you. they will crush you
Thanks for the FatMan! I just bridged my UST off of Solana to Terra. Some questions:
- Will this mean that I will be considered as a pre attack UST holder?
- I’m no whale so I fall below the 500k whale cap. Does that mean I’ll get 100%? and is this 100% of the value of my UST?
- This statement “30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff” does this apply to whales or everyone?
Sorry, I’m dumb 
bridged - nobody knows yet. most likely you should get it.
yes if they consider bridged then you are in pre attack pool.
you will get new tokens in proportion to your UST.
Assuming you had 100k UST and it is considered in pre attack -
you should get 10% new tokens * (your 100k UST / total pre attack UST added in the pool)
assuming, they add 5B UST pre attack, you should get
100 Million * (100k / 5B) new tokens
There are no whales in UST pool. so it applies to all. For Luna pools, they have mentioned whom it applies to.
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That’s reassuring. I hope it all works out.
Thanks for your response!
Finger crossed, I’m still staking my 6k on anchor… this is a huge amount of money for me, especially given the war started…
My UST was originally in a custodial wallet (Stable Gains) on Anchor Protocol pre depeg. It was then transferred to the kraken exchange. Do I need to move it back to a Terra wallet or will I still get airdropped on kraken?
Why Pre-attack aUST holders and not all UST holders are in the airdrop list? I had ust on terra station on 7 may and not in anchor