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InsurAce says it will pay millions to claimants after Terra’s collapse
DeFi insurance protocol InsurAce says it was well within its rights to reduce the claims period for people affected by the Terra USD (UST) depeg event from 15 days to seven — but added it has already processed nearly all 173 submitted claims and will pay out $11 million. InsurAce (INSUR) is the third largest insurance provider for decentralized finance (DeFi) protocols, with a market cap of $15 million. On May 13, InsurAce caused a stir when it announced it had shortened the claims window for those with cover related to Anchor (ANC), Mirror (MIR), and stablecoin Terra USD (UST) following the collapse of the Terra (LUNA) layer-1 blockchain. But CMO Dan Thomson told Cointelegraph on Thursday that its move to shorten the claims window for the 234 covers of Terra portfolios was necessary to pr...
‘Kwontitative easing’ — BTC price hits $43K in UST as Terra empties $2.2B BTC bag
Bitcoin (BTC) fell below $30,000 for the first time in ten months on May 10 as turmoil at Blockchain protocol Terra continued. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin price bounces at $29,700 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD plumbing lows of $29,731 on Bitstamp. The first trip under the $30,000 mark since July 2021, overnight BTC price performance came amid both declining stock markets and fresh trouble for Terra’s United States dollar stablecoin, TerraUSD (UST). As Cointelegraph continues to report, UST saw an attack involving mass-selling this week, which culminated in Terra using its giant 750 million BTC reserves to prop up its USD peg. Initial liquidity steps to mitigate the impact of the threat proved insufficient, ho...
Bitcoin institutional buying ‘could be big narrative again’ as 30K BTC leaves Coinbase
Bitcoin (BTC) may be heading under $40,000 but fresh data shows that demand from major investors is anything but decreasing. For Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, institutional BTC buying “could be the big narrative” in the crypto space once more. Coinbase Pro shifts serious amounts of BTC Ki highlighted figures from Coinbase Pro, the professional trading offshoot of United States exchange Coinbase, which confirm that large tranches of BTC continue to leave its books. Those tranches totalled 30,000 BTC in a single day this week, and the event is not an isolated one, with March seeing similar behavior. Coinbase Pro BTC reserves vs. BTC/USD chart. Source: CryptoQuant “30k BTC flowed out from Coinbase today,” he noted, “Institutional buys might be the bi...
