0xc480940d…79d0sent to0x0d5ab74e…e203·#14,935,696·0xefa7bfe1…ba8add
Dear all,
As @vagrantcrypto said in his last comment on this case “This is a very specific case. Maybe it goes to a separate vote” – I will try my best to keep it short
As you can see my claim sounds simple at first. As everyone, I wanted get some good yield from Anchor. I am usually open to new DeFI and had some good experience with Orion.Money Saver so decided to use them as they simplify cross-chain and cross-stablecoin transactions. I used my USDC from ETH wallet and orion.money saver automated the rest.
On the orion.money Web3 page, there was an integrated link straight to InsureAce smart contract bundle insurance called "Orion Money + UST De-Peg", also denominated in USDC on ETH. As I was aware of both risks on this protocol, that insurance has offered a great peace of mind. I have shared on discord how both orion.money saver and InsureAce web3 pages were integrated if anyone wants to see (it worked a charm btw… see discord on 9th June 12:44 UTC).
I did notice later however the link to the V2 wording for that package was broken (reported on discord 13 May 00:37 UTC ) but assumed I have bought a fully dedicated package for what I was doing as everything was so well integrated.
When issues with LUNA and UST started, I watched the Discord, waited until De-Pegg was officially announced before withdrawal, consulted with @vagrantcrypto who was also of an opinion that this case looks fairly sensible, quoting @vagrantcrypto “you put $x USDC into orion, which was turned into UST and staked into anchor. UST depegged, reducing your USDC value, so you've incurred a loss. Simple. Just put those details into your claim with TXIDs along with your loss amount and it sounds like a fairly sensible claim.” – 13th May 14:33 UTC.
I submitted my claim, I have also emailed detailed screenshots from orion.money saver to support the claim amount only to find out later that my claim was rejected on the ground of "No holding of UST at cover purchase time" as the pre-requisite. That was a big surprise as I deposited via orion.money saver first and later bought the insurance via the integrated link.
Luckily I manage to prove I also had some additional substantial amount UST as liquidity on SIFCHAIN chain in my other wallet during the insurance purchase and during any interaction with orion.money, which met that pre-requisite and that was confirmed by the claim team (even though I strongly believe depositing into Anchor via orion.money saver alone was enough to meet that prerequisite).
SIFCHAIN wallet: sif18fyejz7wk5hcrk82uvfaqgcnta9l7j6gs89d5w
My main claim for the insured USDC deposit via orion.money saver using the insured ETH wallet was however still rejected. The discussion turned to what orion.money is... So I am quoting below the details with links:
“Orion Money is a software platform that doesn't hold any money or crypto assets. Orion Money provides a software tool that users use to deposit their crypto assets to smart contracts on Anchor Protocol, which is a decentralized blockchain protocol.” Source: https://orion.money/tc
“Orion Saver users deposit their Ethereum stablecoins (USDT, USDC, BUSD, DAI) in the Orion Saver Web App to immediately start earning high yields on their deposits. Behind the scenes, Orion Saver's smart contract will place their deposit into EthAnchor. EthAnchor will exchange the Ethereum stablecoins into Wrapped UST and bridge the deposits from the Ethereum blockchain into the Terra blockchain before depositing the UST into the Anchor Protocol.".
Source: https://orion-money.medium.com/orion-money-litepaper-release-7e98bb3acb6f
You can also see the swap of aUST on my withdrawal transaction from orion.money saver which I initiated after the De-pegg event was officially announced: https://etherscan.io/tx/0xd255d579c55763dc13c8b8789875e92315349fc25f8b9128c0b6d19060c1376c
At the end it was signed with my Insured wallet. All behind the scene cross-chain and cross-stablecoin steps could have been done manually but the end result would still be the same, there would be UST in Anchor contract untimely signed by my insured wallet.
I understand this case is very different from others but if you dismiss the usage of a tool like orion.money saver which simplifies crosschain and stablecoin swaps, you are really dismissing a lot of DeFI going forward. That's what people do to simplify their life.. sooner or later people will likely warry less about multiple wallets, chains, stablecoins and use solutions like orion.money saver that perform the relevant tansactions and bridges under the hood.
I do feel like I was either mis-sold and deceived despite my very clear intentions to protect my investment or there is some misunderstanding how this insurance should apply to tools like orion.money saver.
Myself and probably more future DeFI enthusiasts would greatly appreciate if you could please positively opinion this claim.
Thanks Allhttphash