UST Claims Update – Mirror, Orion, Aperture, Nexo and GOGO Coin.

**The information contained in this blog post is correct as of 5:00am UTC 17th May 2022, but is subject to changes. As new information comes to light from TFL (Terraform Labs) or other industry sources, updates may be released that change elements of this process. Please contact our team on Telegram or Discord for further clarification on any questions. Community feedback will enable us to improve this information.** 


Here is a guide for some specific cases that have resulted in an inability to claim thus far for the UST De-Peg event. This guide includes information for users who have UST funds in: 

  1. Mirror Protocol 
  2. Orion Money 
  3. Aperture Finance 
  4. Nexo 
  5. GOGOcoin 

Users can refer to a Claim Guide here to explain how to claim: https://www.insurace.io/blog/?p=2936 


1. Mirror Protocol

Mirror had suspended withdrawals or had insufficient liquidity until the 16th of May 2022. It is our current understanding that users can trade their mAssets and withdraw their UST at this time.  

Users can claim if they used UST to mint mAssets.

If UST was used as collateral for the mAsset then that mAsset is coverable.  

If those mAssets are then swapped or used to buy other mAssets, then those new mAssets are not coverable. 

To claim, users should redeem their UST from the mAssets, withdraw the collateral UST, and bridge to the EVM wallet that purchased the original cover.  

Selling the mAsset for UST will not qualify. As per our T&C’s, “any representation of UST supplied directly as liquidity” applies to this situation. Beyond this, any trading will invalidate the claim.  

Please provide all evidence of these transactions along with other supporting evidence over email.  

[Note: Amount of UST acquired by direct selling mAssets after 3rd May 2022, 5am UTC will not be claimable.] 


2. Orion Money

Orion Money users were given an opportunity to withdraw their funds at which point users should have withdrawn their UST and bridged to their EVM wallet that purchased the original cover.  

Users who were unable to withdraw from Orion Money should submit their claim indicating their claimable amount, with supporting evidence over email. They should contact us again once the withdrawal is made possible and we will arrange payout separately for them at that time.  


3. Aperture Finance 

Our latest information is that Aperture has found a workaround and users are now able to withdraw UST.  

https://medium.com/@aperturefinance/an-update-from-aperture-and-a-rescue-plan-for-ust-stuck-in-mirrors-protocol-ccf1e09351c0

Users should withdraw their UST and bridge to the EVM wallet used to purchase their insurance, recording all transactions and submitting them for evidence.  


4. Nexo 

Nexo users hold a synthetic form of UST, and so UST is not supported natively on the Terra Blockchain by Nexo. Nexo has confirmed they will not be supporting Terra. Withdrawal of UST will be impossible.  

When it comes to exposure, users are able to buy and sell UST synthetically and earn rates close to what was available on Anchor.  

Nexo has enabled trading of their synthetic UST again.  

Our policy wording on this matter is clear “UST refers to the UST token issued by the Terra Blockchain”. Nexo’s synthetic UST is not issued by the Terra Blockchain.  

In light of this information, UST held in Nexo will not be valid for De-Peg claims.  


5. GOGOcoin 

Since we do not KYC our customers, we do not know any details of the GOGOcoin position. We are working on the same information that they have made public.  
https://twitter.com/GOGO_coin/status/1526251728169013253?s=20&t=ARr1vlevKJwaVvki3kAGXQ 

If you are affected by GOGOcoin or have your UST held with them, we advise contacting the GOGOcoint team directly.  

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