InsurAce, a DeFi insurance platform that offered cover against a UST de-peg event, has confirmed that they will be paying out $12 million in USDT to users who hold a valid policy. The CMO of InsurAce, Dan Thomson, confirmed to us directly that “we’ll payout and recover fast.” Thomson went on to say,

“This shows the importance of insurance in the industry and in any smart investor’s strategy.

Crypto is never risk free but there are ways to reduce risk. This is why we founded InsurAce, to make crypto safer for everyone.”

InsurAce explains what happened and how to make a claim if you hold a valid policy in a blog post. A claim can be made when “the TimeWeighted Average Price (TWAP) 10-day average drops below $0.88.”

This event occurred at 5:00 …