FatMan

Idea: a module implemented into major exchanges that can verify UST claims and calculate exact losses to the cent with one single click. Let me explain how (and why) I think this could work. (1/7)

When a user clicks the button, in the background, the exchange: 1. checks if the deposited funds came from a pre-depg balance via Terra Finder 2. checks how much was sold and what the total loss was (sold at $0.30? Your loss is $0.70) (2/7)

3. if none were sold and UST is near $0, your loss is $1 per UST held 4. a downloadable claim PDF is generated that includes a PGP-style cryptographic signature 5. on a dedicated exchange sub-page, losses can be authenticated by donors/trustees/lawyers via the signature (3/7)

This would be a perfect way to verify exact losses that were inflicted on pre-depeg holders - both for people who held *and* people who sold. On-chain balances are easy to verify, so everything is sorted. Now, why the hell would exchanges do this? (4/7)

They're being sued! Binance is being sued. OKX/Nexo will be sued. Who knows, maybe FTX will be sued. Exchanges retain liability based on the misrepresentations and risk disclosures (or lack thereof) made. One already refunded users out of fear of litigation & fines. (5/7)