🚨#LUNA #LUNC🔥 #USTC
SEC v. Terrafrom Labs/Do Kwon Securities Fraud Case Latest News: A settlement in principle has been reached between the two parties!

The title is explosive at first glance, but don't be fooled... See and understand clearly👇
Both parties have agreed to mediation, but it is not a final settlement.

Both parties must submit documents supporting the proposed final judgment consistent with the settlement before June 12, 2024, which is the final result!

The source message catcher I designed myself captured the document as soon as it was disclosed. Unfortunately, I went to the toilet and didn't get $LUNA , missing a 25% increase...

Guess! 🌩️🌩️
$LUNA $LUNC

🚨#FTX emphasized in the recently revised disclosure statement:
If this plan is not passed, FTX's bankruptcy procedure may switch from CH11 to CH7, and execute the "liquidation procedure" of Chapter 7 of the Bankruptcy Law.
The appointment of a trustee to liquidate the debtor's assets may eventually lead to a significant reduction in the compensation assets received by creditors.

Referring to Voyager Digital, after the restructuring failed, the liquidation procedure was switched to execute, and the first round of distribution was only 37%. According to the comparison of FTX's bankruptcy asset scale, if CH7 is executed, the first round of distribution received by creditors will be reduced from 119% to between 70% and 80%. (IMO)

For this reason, the FTX debtor team calls on all creditors to vote in favor of the existing plan. (This is a forced threat)

The bankruptcy court will hold a hearing at 10 pm on June 25 (Beijing time) to decide whether to approve this plan.
If approved → Start the creditor voting procedure for voting → Finally, the bankruptcy court will hold a hearing to review the voting results and confirm whether the plan meets the requirements of the Bankruptcy Law. If the plan is finally confirmed, it will be legally effective and executed.

If the plan is not passed, according to the procedural plan rules formulated by the bankruptcy petition, the end of the second quarter of 2024 is the deadline for plan confirmation, otherwise the liquidation procedure will be Toggled.
#FTT $FTT

📌 #FTT #FTX In the latest revised disclosure statement, the reasons for the failure of FTX 2.0's restructuring are explained in detail:

1. FTX lacks a sustainable operating system, and it is a severe challenge to re-establish a large operating team and system;

2. Restarting a compliant crypto exchange requires solving strict legal supervision in various countries;

3. Bidders require the establishment of a complex debt trading mechanism for creditors, which will not only face significant regulatory and execution risks and costs, but also greatly reduce customers' ability to freely trade and realize debts, and even reduce the value of claims;

4. Bidders require the FTX debtor team to make a series of complex and expensive operational and regulatory commitments, which will delay and increase the distribution and risk of assets returned to creditors;

5. The proposals of the 12 bidders have not been recognized and supported by interest organizations related to the restructuring. Considering that a lot of resources have been invested in the early stage of the FTX 2.0 restructuring plan, if negotiations and delays continue, huge expenses will continue to be consumed, but success cannot be guaranteed.

Therefore, based on comprehensive business judgment, the FTX bankruptcy debtor team finally negotiated with UCC and CAHC to "temporarily suspend" any further marketing and sales processes related to FTX 2.0 so that they can focus more on the current plan to return assets to creditors (liquidation)

(Key points) The document also stated: The debtor continues to hold software, customer lists, trademarks and other assets related to the FTX.com exchange for sale

(The expectations have been made clear, see the picture 👇) $FTT

📌#LUNA #LUNC🔥 #USTC #TerraformLabs
Terra system recent brief summary, expectations are below, everyone judge for themselves

[Do Kwon]
According to the news, the Montenegrin government may decide on the extradition result of Do Kwon before June;

[SEC vs Terraform Labs]
On May 22, the two parties will argue about the huge difference in civil penalties in the Southern District Court of New York. The former requires a fine of 5.3 billion US dollars, and the latter is only willing to pay 1 million US dollars to get out of it;

[Terraform Labs bankruptcy process]

* Bankruptcy assets and claims have been disclosed: the scale is pitifully small;

* Comprehensive hearings will be held on May 24 and June 6. The hearings will not be broadcast live before the currency price is affected;

$LUNA $LUNC $USTC

📌#LUNA #LUNC🔥 #USTC #TerraformLabs
Terra system recent brief summary, expectations are below, everyone judge for themselves

[Do Kwon]
According to the news, the Montenegrin government may decide on the extradition result of Do Kwon before June;

[SEC vs Terraform Labs]
On May 22, the two parties will argue about the huge difference in civil penalties in the Southern District Court of New York. The former requires a fine of 5.3 billion US dollars, and the latter is only willing to pay 1 million US dollars to get out of it;

[Terraform Labs bankruptcy process]

* Bankruptcy assets and claims have been disclosed: the scale is pitifully small;

* Comprehensive hearings will be held on May 24 and June 6. The hearings will not be broadcast live before the currency price is affected;

📌#FTT #FTX Progress report on debt account recovery:
The first list of more than 60 creditors has submitted a centralized quotation;
The second list is being collected, and everyone is welcome to fill in the form to register: forms.gle/eBNXVpTp6UFWeq…

Since the new plan has just been released, several debt recovery agencies are re-adjusting their quotations, so the quotation results will be released a few days later, please wait!
$FTT

📌 #LUNA #LUNC🔥 #USTC #TerraformLabs
Terra system recent brief summary, expectations are below, everyone judge for themselves

[Do Kwon]
According to the news, the Montenegrin government may decide on the extradition result of Do Kwon before June;

[SEC vs Terraform Labs]
On May 22, the two parties will argue about the huge difference in civil penalties in the Southern District Court of New York. The former requires a fine of 5.3 billion US dollars, and the latter is only willing to pay 1 million US dollars to get out of it;

[Terraform Labs bankruptcy process]
* Bankruptcy assets and claims have been disclosed: the scale is pitifully small;

* Comprehensive hearings will be held on May 24 and June 6. The hearings will not be broadcast live before the currency price is affected;

📕 #FTT #FTX Detailed explanation of the new revision plan of DS:
The two documents, the plan and the statement, total 371 pages. There is too much content, so I compressed it into 6 key points that Chinese creditors are more concerned about:

1. Different types of creditors correspond to different claim priorities/ratios;

2. Future bankruptcy estate recovery information;

3. Distribution method and cancellation rules of compensation;

4. FTT claim value determination;

5. Clearly provide a "merger liquidation trust" for the sale of creditor accounts;

6. 30% withholding tax issue;

I will post the in-depth explanation of each content in this thread, which is very important for creditors:👇

1. Different types of creditors correspond to different claim priorities/ratios. This part is explained in more detail:

① The plan divides creditors into 28 categories, with a total of 18 claim priority levels. The claim rates of creditors at levels 1-8A are all above 100% (except 3B).

100% of the price on the bankruptcy filing date will be fully returned to the creditors, with an additional 9% annual time cost interest (calculated as 1 year if less than 1 year). According to the expected return time assessment, general creditor customers will receive at least 118% of the compensation ratio;

② Chinese creditors are basically 5A or 7A convenient users:

* If your claim amount is less than US$50,000, you will be classified as a "convenient customer". Within 60 days from the date the plan takes effect, you can receive a compensation ratio of about 118% including interest.
This is a quick one-time first-round distribution method, which allows about 98% of FTX small and medium-sized creditors to save the long multi-round distribution process in the later stage;

* If your claim amount is higher than US$50,000, you will need to face multiple rounds of recovery distribution (first round/2nd round/3rd round...), and the compensation ratio may rise to between 127%-142%;

Compared with the first two versions of the plan, it is slightly "fraudulent sincerity"
Because compared with the increase in the crypto market, the debtor wants to increase the meager interest by 18% in exchange for the creditors' vote, which is really...

But the ad hoc committee (CAHC) and the creditors committee (UCC) said: "I reject the plan"

. . . . The thread continues to be released👇

🚨Everyone is waiting for the new version of FTX DS to be released
Just now #FTX The debtor team submitted the third revised reorganization plan disclosure statement to the US Bankruptcy Court. Brief key points:

👉FTX creditors will receive approximately 118% of the claim amount within 60 days after the implementation of this plan;

👉FTX has no new restart plan $FTT ;

The plan has been translated, everyone has a sneak peek, and a long article analysis will be made later: drive.google.com/drive/folders/…

$FTT

🚨#FTX "Disclosure Statement and Plan" is expected to be successful, congratulations to friends who have recently bought the bottom #FTT

*FTX debtors have just submitted a motion to the court, preparing to submit a new revised "Disclosure Statement and Plan" before May 7, referred to as "DS";

*After submission, creditors can raise objections before 4 pm on June 5;

*Finally, a hearing will be held at 10 pm on June 25 (Beijing time) to decide whether this "Disclosure Statement and Plan";

Regarding the specific content that DS will disclose, I have mentioned it in my previous tweets👇
There is a debt asset distribution plan that creditors want to see;
There is also important information that $FTT holders need to pay attention to;
$FTT

📌#LUNA #LUNC🔥 #USTC
Can Terraform Labs, which has filed for bankruptcy protection, afford the huge fine of $5.158 billion? (Warning at the end of the article 🚨)

Just now,#SECsubmitted a notice to the Delaware Bankruptcy Court, simultaneously requesting that Terraform Labs not be exempted from paying a huge civil penalty of $5.158 billion to the SEC because of its application for bankruptcy protection:
* Illegal proceeds: ≈$4.192 billion
* Administrative fines: ≈$420 million
* Preliminary interest: ≈$546 million
(In addition, the SEC also requires Do Kwon to pay an administrative fine of $100 million, which should actually be $5.2 billion)

Looking back at the SEC v. Terraform Labs/Do Kwon securities fraud case, the defendant applied to the local court for a final jury verdict, and the role of the judge is to guide the jury procedure and interpret the law. Although the jury ultimately found Terraform Labs/Do Kwon guilty, the administrative order to implement the penalty activities still needs to be signed by the judge.

A week has passed, and the order has not been signed. The judge should be hesitant whether the defendant is ready to appeal against this verdict, because so much money is really not available.
(Refer to Ripple Labs' appeal against the SEC's requirement that the company pay a $2 billion fine for its institutional sales of XRP)

But the SEC closed its eyes and said, "They have money," and listed all kinds of bad evidence.

For example, in the legal memorandum of the jury's verdict: "More than $40 billion in market value was almost wiped out overnight, while the defendants made more than $4 billion in ill-gotten gains from their illegal behavior, (and possibly much more)"

There are many more unreasonable evidences like this~

If you are interested or want to know from which angles and logic the SEC accuses crypto projects of illegal activities, then this document is worth a look, (translated) 👇
drive.google.com/file/d/1t6qLqd…

🚨I have a feeling that if the SEC wins the case against Ripple, CoinBase, Terraform, and Uniswap in the future, it will have enough confidence and cases to support its perverted continued intimidation and crackdown on many crypto industry projects!

🚨Many crypto head project teams and CEOs should be careful this year!

$LUNA $LUNC $USTC
-END

📌#FTX #FTT
Several expected events that are good for FTT are here. If you start with:

1. FTX reaches a claim settlement with the IRS;

(The $22 billion fine is reduced to the market's estimated $3-5 billion)

2. The SBF appeals court successfully reduced the sentence;

(The large sentence of 25 years is unlikely)

3. The official clarifies the value of the creditor's FTT token;

(The value of the debt is vague in the revised reorganization plan)

4. Recover more bankruptcy funds and increase creditor bids;

(For example, today's announcement that a batch of locked $SOL tokens will be auctioned, causing the FTT price to rise by more than 20%);

5. Hold a bankruptcy hearing;

(The bankruptcy court will accept and rule on all key issues surrounding the entire FTX Chapter 11 case process, with at least 20 scheduled this year)

6. FTX Update on the next bankruptcy plan
(After the IRS/CFTC claims are settled, the debtor team will release a new plan, including a creditor compensation plan/liquidation procedure or a sale and reorganization?)

7. The official destroyed about 73% of the remaining $FTT tokens in the treasury;
(FTX Digital Markets Ltd in the Bahamas, refer to Voyager, but the probability is small)

8. Understand Binance's trading methods, welcome to add~

🥲Several of them are not the positives that everyone knows, but they will indeed stimulate FTT to pull the market. In short, follow the expected positives, mainly the band, don't fall in love!
-$FTT

📌#FTX #FTT $FTT
FTX Comprehensive Hearing Postponement Notice:

The two comprehensive hearings on April 24 and May 15 (ET) have been postponed to 10 pm on May 23 (Beijing time)

-Please be informed!

📌#FTX #FTT $FTT
FTX.COM entity "FTX Digital Markets Ltd" has issued a "Claims Portal User Guide" for FTX international creditor customers

It contains a Chinese claims tutorial, which is very detailed, and tells you what to do next and what steps are still waiting.

I have uploaded it to Google drive, please read it for all Chinese creditors:
drive.google.com/file/d/1oHnJQB…

📌#LUNA #LUNC #USTC
SEC v. Terraform Labs/Do Kwon Securities Fraud Case Latest Development:
👉Since the jury found him guilty, the SEC requested the court to make a final judgment on the case and requested:
① Require the defendants Terraform Labs/Do Kwon to pay civil penalties of US$4 billion and US$100 million respectively;

② Impose an industry behavior ban on the defendants and executives;

③ Require Terraform Labs, which has filed for bankruptcy, to pay the fine in accordance with the court's ruling and not to evade payment through bankruptcy procedures;

👉 Do Kwon applied for defense, saying:
The court should not "take an injunction" against him and require him to "return the illegal gains", but should evaluate whether to impose an appropriate civil penalty on him based on Terraform Labs' arguments and the SEC's burden of evidence;

The case has entered the extension stage again, and Terraform Labs has not yet submitted an appeal document to respond (it is likely to insist on appealing to a higher court later)

$LUNA $LUNC $USTC

📌#FTX #FTT Recent attention:

[1] The progress of FTX's bankruptcy case is currently slow because the IRS is still evaluating the amount of claims against FTX, and there are still 4 months left before the deadline required by the bankruptcy court. (income tax, employment tax and penalties owed from 2018 to 2022)

It is reported that the IRS claim amount has dropped from the initial $44 billion to $24 billion and may drop again to $3 billion to $5 billion (IRS/CFTC). The debtor team requires a quick resolution of this dispute, and the two parties have begun negotiations

Undoubtedly, the IRS claim has undermined FTX's restructuring plan and seriously delayed the time to return creditor customer assets

But fortunately, the IRS is an "administrative claim". According to the "residual property priority" of Chapter 11 of the Bankruptcy Law, before any government and tax authorities receive compensation, the money will be paid to FTX customers first. This has been agreed by the US government, so there is no need to worry that the IRS or CFTC will take away all the creditor's compensation assets;

Note: Only by clearing the obstacles of the IRS can FTX smoothly implement the next bankruptcy plan, including paying creditors an estimated 100% of the compensation funds;

[2] FTX will hold a "comprehensive hearing" at the Delaware Bankruptcy Court at 2 a.m. (Beijing time) on April 25. The specific hearing expectations will be listed the day before the meeting;

[3] FTX Bahamas joint liquidators have transferred all $FTT tokens in the wallet to a new wallet, about 196 million FTT, accounting for 59.55% of the total FTT tokens, worth $249 million.
The intention of this move is unclear. Please pay attention to whether the FTX case library has plans to release relevant liquidation documents #FTT ;

[4] Regarding the "FTX 2.0 restart plan" that everyone has consulted me about the most, the key words have disappeared from the monthly report of FTXCOM/FTXJP. I think it has been cancelled for the time being. Are there any new plans?
Everything still needs to wait until the IRS problem is resolved before the debtor team can release the next new plan;

So for now, I only play FTT as a MEME and completely follow Binance's trading rhythm📈 (high control)
🧙$FTT

🚨 $FTT #FTT The largest holding wallet has a "liquidation" transfer
The address marked as "FTX Bahamas Joint Liquidator" has transferred all 195,869,347 FTT to a new wallet

💵About 196 million FTT, accounting for 59.55% of the total FTT tokens, worth $249 million

From:
0x2a4F8d77bAde18256b1BDB3cF8782645037f60d3
to:
0x5C9d457374899D67ff10ff5F3ad66aB53E0FB36B
(Another 1938.3 ETH were transferred)

This is the first official statement since #FTX filed for bankruptcy $FTT tokens are transferred to wallets in large amounts, beware!
etherscan.io/tx/0x2929ea37d…