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InsurAce says it will pay millions to claimants after Terra's collapse

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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 prevent further losses as UST had dropped to $0.08 by May 13, according to CoinGecko.

He added:The move was controversial in the crypto community, some of whom suspected InsurAce was trying to reduce the amount of claims it would have to pay.

Read more on cointelegraph.com
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