DeFi Insurance InsurAce Guarantees 11 Million Payouts To Anyone Who Lost Funds From Terra Fall

DeFi insurance service InsurAce announced that it will reduce the period for considering claims from participants in crypto-currency activities that were affected by the collapse of Terra USD to seven days. In addition to this, it was added that the resource processed data on 173 cases and implemented payments in the amount of $11 million.

This insurance company is the third largest provider of insurance services using a decentralized protocol, i.e. DeFi, combined with a market capitalization of $15 million. accepting claims from those whose payouts are related to ANC, MIR or UST after the Terra blockchain went down.

Head of Marketing Dan Thomson announced that his move to reduce the term was necessary to minimize future loss of deposits. UST dropped to $0.08 anyway. The shortening of the term was perceived ambiguously, as some people began to suspect that in this way the company wants to reduce the number of applicants and, accordingly, reduce the amount of payments.

Additionally, it was reported that in addition to those ads that were rejected, most of the 173 applications have already been processed. Employees of the company want the best for everyone, but if this insurance belonged to the classic form, then procedural cases would stretch for months or even years.