InsurAce Has Paid $12M in Claims to More Than 150 Insured Customers Following the UST De-anchoring Incident

Aug 02,2022
KingData News: According to Cointelegraph, DeFi insurance agreement InsurAce has paid out $12 million in claims to more than 150 insured users in the wake of the UST de-anchoring incident, with 98 percent of claims approved.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.