InsurAce Is Ready To Pay Out 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's crash from 15 days to 7 days, but added that it has already processed almost all 173 submitted claims and is ready to pay $11 mln.

CMO Dan THOMSON clarified on Thursday that the move to reduce the claims period for the 234 covers of Terra's portfolios was necessary to prevent further losses as UST dropped to $0.08 by May 13, according to CoinGecko data.

Dan Thomson also suggested that the protocol may consider processing claims for the remaining 61 covers that haven't been filed yet.

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