My 56000 UST position is in Huge loss. Please advice what to do

My dear comrades,

Could you help me please to clarify a few things regarding UST and also regarding an airdrop of new Luna token as you are more deeply familiarized with these topics. I putted all my life savings into buying around ~56000 UST stable coins and staked them on Binance exchange. Long story short: I have now a massive unrealized loss on the paper but I still did not close my position.

Recently I came across Terra Ecosystem Revival Plan 2 [UPDATED AND FINAL] on this website: Terra Ecosystem Revival Plan 2 [AMENDED] - Governance & Proposals - Terra Research Forum

I must say I am not so much experienced in crypto world so I can’t fully understand this revival plan. My understanding so far is that I can’t claim an airdrop of new Luna token as I did not stake UST tokens on Anchor protocol. Now this is what was said on Final Revival Plan 2:
‘’ Disclaimer : Please be aware that due to technical constraints, it is not possible to include all UST and LUNA holdings on Terra and other chains in the snapshots mentioned. Assets that may not be included: UST or LUNA bridged off of Terra’’

My questions #1 is: can I claim an airdrop of new Luna token considering a fact that I bought and staked my UST tokens on Binance exchange ?

Also this was said on Final Revival Plan 2:
‘‘Users with bridged UST or LUNA who would like to be included in the post-attack snapshot need to bridge back to Terra before the snapshot is taken’’.

My question #2 is: What is bridged UST and bridged Luna and how to bridge back to Terra? Can I be included in the post-attack snapshot and claim an airdrop of a new Luna tokens ? (I am still holding UST tokens ).

My question #3: Do you think I could also claim for the airdrop of a new Luna token because I have bought some old Luna tokens post-attack on Binance exchange? Do you think that in order for me to claim for the airdrop of new Luna tokens I need to open Terra wallet (I do not have it) and move all my UST and old Luna tokens there to Terra wallet before snapshot on 27.05.2022 ?
It was said in Revival Plan 2 that “Post-attack” snapshot will be taken at Terra Classic block 7790000 (2022.05.27 03:59:51+08:00).

My friends you would help me immensely if you could answer my questions. Please help.
Thank you very very much.

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UST bridged off of Terra means UST that is not native to the Terra blockchain (ie: UST that lives on Ethereum, BSC, Polygon blockchains etc). If you are holding UST on Binance you are holding the native UST token that lives on Terra, and not a bridged one, so the short answer is that you are eligible for the airdrop. You don’t have to move your UST to a Terra wallet, you can keep it in Binance and wait to receive the airdrop.

Regarding your Luna tokens. Same answer. You bought these on Binance so these are the native Luna tokens that live on the Terra blockchain (not the wrapped Luna that lives on Ethereum). As long as you do not sell those before the snapshot is taken you will be eligible for the airdrop too. The date of the snapshot is not precisely known as it is determined by a block number. The Terra blockchain creates a new block on average every 6 seconds, so block 7790000 should be in about 3 days (right now last block is 7750884. You can check the current block number on many websites, one of them is Anchor Protocol (look at the number at the bottom of the page, next to the green circle).

I’m not here to give you any sort of advice, as I’m not able to do so and don’t want you to feel lead on by me, so take what I say just as a clarification of facts.

UST holders will be included in the snapshot, not just aUST. You’ll be included in the pre-attack and if you keep holding, also post-attack snapshot. The airdrop could be worth nothing though… so don’t get high hopes for it.

Generally speaking, the safest prediction anyone can give you is, UST on chain (terra chain) is safe to say it will be accounted for, on exchanges it’s a guess but they’d mentioned working with some. If I had to bet, Binance will probably be one of them, but no promises.

Bridged UST is if you send UST to other chains, via what’s called a bridge, if you’re using Terra chain you don’t need to bother with that terminology. Or if you’re purely on an exchange also don’t bother, unless it’s Coinbase, as they worked with wUST (which is a bridged version of UST).

Do note that there seems to be a movement around Binance false claims about backing around UST, and maybe that could lead to some form of compensation from them, but highly unlikely.

Please don’t buy Luna now, it’s a gamble and probably not worth it, unless you’re a skilled trader. But if you did buy it, and wish to keep them, it’s the same answer as UST. Best bet is to have them on-chain, but there has been mention of supporting airdrops on some exchanges.

I withdrew my aUST a couple days ago and sent it to my Terra wallet. Does it matter if it is in Anchor wallet or Terra wallet in terms of the airdrop??

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Hello Brigid
Sorry to contact you and probably take some of your time, but I am a 70 years old man and English is not my native language, so, it’s hard for me to understand the crypto world.
About 8 months ago, I have invested 15000 euros in the anchor UST protocol with around 20% yearly interest.(now my account shows around 20.000 UST
Of course, like everyone, I have lost all.
Until now, I did not touch those UST, which are still in ANCHOR.
My question is :
Do I have to do something? Claim something.?
Is there any hope to recover part of this money.?
Thank you very much for your help

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