InsurAce Says It Will Pay 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 USD ($UST) depeg event from 15 days to seven — but added it has already processed nearly all 173 submitted claims and will pay out $11 million. On May 13, InsurAce announced it had shortened the claims window for those with cover related to Anchor ($ANC), Mirror ($MIR), and stablecoin Terra USD ($UST) following the collapse of the Terra ($LUNA).