FatMan

1/ Okay people, storytime about @Nexo! Buckle up, because it's long (but worth the read): So, here is what happened to many other customers that bought Terra $UST on their platform and me and it is time to stand up for them.

Hi Frederick, first of all, we appreciate your feedback and we acknowledge that we have not communicated as clearly as we and the community would have liked to. We embrace this feedback and will work on improving how we address such cases in the future. /1

Having said that, we are focused on achieving the best outcome for our users. There were and still are many uncertainties that prevent the crypto community from painting a clear picture of the Terra ecosystem. Detailed responses to all the points you raised follow. /2

Let’s clear the air. Nexo users own “real” UST. When a Nexo client buys UST on the Nexo platform, this UST is traded on one or more of our partner exchanges in a spot pair, such as BTC/UST, UST/USDT, etc. /3

Assets are stored in aggregated wallets both on exchanges and on-chain. We are in active communication with the Terraform Labs (TFL) team and fully able and committed to finding a solution on behalf of our customers to make them whole. /4

Re: the UST withdrawal functionality: it takes extensive technological integration time with our custodians, which cannot be easily enabled. /5

Nexo is actively working to support the Insurace team and collect claims. The Insurace team did not have any preexisting contact with the platforms they insure, which means they were not able to connect with the right people within these organizations. /6

Any claims that UST on Nexo is not “real” spot UST is categorically false and has been explained and refuted in direct communication with Insurace team. Any refusal to honor claims is made with the full awareness that all Nexo UST is spot, on-chain $UST. /7