Solution to refund for UST buyers and stakers on Binance

Summary
Ask Binance to refund UST stakers 1:1 because they were mislead by Binance’s false advertising of a stable coin with high APY.

Motivation
This will reduce the refund claims of the small UST holders from the limited LFG funds.

A Brazillian cryptocurrency exchange has refunded all UST holders at a 1:1 rate with USDT

Proposal
Ask Binance to refund 1:1 UST for stakers
Like and retweet fatman’s tweet on Binance and share on other social media platform.

Please write your opinion on this matter if you are a legal expert (state which country you are from)

8 Likes

I support. I will say goodbye to binance and crypto if there is no adequate solution for Terra. Binance promised me that UST=$1, not Terra. What Terra promised to binance is none of my business. With all due respect to CZ, they start to get out https://twitter.com/FatManTerra/status/1527234272301654016?t=Yzr7l2bJ8uh25rRY-TyWjw&s=19

i had over 30k UST staking in binance before depeg, but Binance told me that staking UST in binance cant receive any refund even LFG can refund to small holders. it is ridiculous.

Please share this group to all the victims of staking UST in binance. t. me/ustvictims

2 Likes

Don’t have UST, never will as I don’t trust algo stablecoins.
Don’t even use Binance.
But I fully support this proposal.

Estoy de acuerdo en obtener algún reembolso por medio del exchange en uso, o alguna garantía de recuperación del ingreso. Es lamentable pero el trading es para el más astuto conocí gente que compro justo en 0.00000250 en binance y vendió en 0.001… los que compramos el día 12/05 pensando que era parte de la bajada en 0.04 no pudimos ni siquiera obtener un rebote de arrepentimiento.

1 Like

Binance actually takes a cut from your staked UST. By the time of the depeg, they give you only 12%, while Anchor APY was still at 17%. They need to take some responsibility.

1 Like

Even CZ admitted that Binance did false advertising.

I think they have not decided. Below is what the tech support replied me last night:

“ Thank you for sharing your concern dear user. Binance have not yet made any decision nor any official announcement regarding the UST airdrop or compensation including for Luna situation. you may stay tuned via our announcement link to check for updates in the near future or you may always get back to us via this chat to check on the updates. Support Center