Follow-up on the claim - [UST on Beefy]

[Investigation] From the on-chain data, it is visible that the UST token was deposited to the account 6 days ago: https://snowtrace.io/token/0xb599c3590f42f8f995ecfa0f85d2980b76862fc1?a=0x910d6b8b59cd6d2c2c10a4bb5135a59f64901545

Based on the requirements set by the community members, the insurance plan coverage is enabled on the 7th day of placing tokens in the wallet of the member. The price of the token is calculated on the coverage enablement date.

More information can be found here: https://insuretoken.net/whitepaper.html#faq

[Copy of the claim from the member 0x910D6B8b59cd6D2c2C10A4BB5135a59f64901545]: Eligibility criteria for Insure Defi

The project Beefy Finance have its own fungible token (BIFI) that is listed and tracked on CoinMarketCap and Coingecko:

https://coinmarketcap.com/currencies/beefy-finance/

https://www.coingecko.com/es/monedas/beefy-finance

SC audit links: https://github.com/beefyfinance/beefy-audits

Token of the project is be listed on 2 Centralised Exchanges.

https://coinmarketcap.com/currencies/beefy-finance/ BIFI: Binance, PancakeSwap

https://coinmarketcap.com/currencies/terrausd/ UST: FTX, Binance

1.UST https://www.coingecko.com/en/coins/terra-usd 2.wallet: 0x910D6B8b59cd6D2c2C10A4BB5135a59f64901545: MetaMask Avalanche 3.Date of the incident: June 2, 2022. TerraUSD Price Coin had a reduction of 98% of it's value and dropped to $0.018.

4. Contact email: thomas.ackermann.3ts@gmail.com

5. Drastic Devaluations - Crypto asset that lose more than 98% of the initial invested $ amount.

Initial invested $ amount: $235.99, Price (UST) $1

Current invested $ amount: $4.25, Price (UST) $0.018

Transactions:

Deposit hash:

https://snowtrace.io/tx/0x8b4aedc7351a4a169813227e2344fe6e3491f122fd4642445ce8de4d52485877

https://snowtrace.io/tx/0xb97d7e9c229cf117c55bf0e5361343e2b352988c493877f66e1b0ab524debda3

Deposit amount: 235.99 UST ($235.99) at the time of deposits

Policy enable in March, 2022

Contributions

https://bscscan.com/tx/0xf1f2acd64aaa7c7693bea01d63e0fc37f7d11b90587686cf5fe4f356cde475e4

https://bscscan.com/tx/0xf1f2acd64aaa7c7693bea01d63e0fc37f7d11b90587686cf5fe4f356cde475e4

Current Insured Value $5160

I ask the community to vote for the reimbursement of $235.99 worth of SURE, as this claim meets all the eligibility criteria for Insure Defi.

Devaluation is by definition a reduction of a value (https://www.dictionary.com/browse/devaluation), as a consequence there is a loss of the initial investment. The criteria on the InsureDefi web is very clear, devaluation of 98% is covered. There is not an exclusion written, it doesn't say if the devaluation is due to a bank run or for coins that are not stablecoins or by whales or any other condition, it says devaluation, and in this case TerraUSD (UST) coin suffered a drastic devaluation for several reasons, it's devalued because it has a reduction of 98% of it's value, thus, it meets this criteria along with the other required criteria and the insurance have to cover it.

inSure #DeFi Community believes that the #DAO approach of transparency and trust is the right path to democratization of the financial system.