📌150 million #LUNA tokens will be destroyed, accounting for about 13% of the total supply (data: from the Terra community)

After losing the lawsuit to the SEC, the Terraform Labs team decided to disband operations and plan to destroy all unlocked LUNA in the TFL wallet, as well as the remaining LUNA held

A proposal for the destruction plan will be released soon, detailing the destruction details and decided by the community. After the destruction proposal is passed, LUNA is bound to usher in a new wave of trading opportunities!

At the same time, the governance of Terra Classic will be transferred to the community for leadership, and the Terra ecosystem may usher in major changes.

At present, the entire Terra community is like dry firewood, and the fire will ignite at a touch!

After being short for 2 months, I started to build LUNA positions on dips today, and mainly made LUNA band expectations in the second half of the year (without faith)🎢
As with the previous in-depth tracking of#FTT#VGX, I will share my trading ideas and tracking methods with you after the proposal is released!

In addition, regarding the bankruptcy process of TerraForm Labs, it is currently progressing smoothly and the results are good. I will describe it in detail in the next tweet!
#LUNC #USTC $LUNA $LUNC $USTC

📌 $FTT #FTX #FTT
FTX claims portal claims.ftx.com Step 6-The "Voting" window for the plan is open. The voting starts on July 10 and ends on August 16. Suggestions:

1. If you are going to sell your claims, it is not recommended to vote for the time being.

2. If you choose to wait for official compensation, it is recommended to vote in favor.

Why is it recommended to vote "in favor"? Although the plan is not very reasonable, such as token compensation is not calculated at the current price, 30% withholding tax, cash wire transfer/check, etc., the compensation ratio is relatively reasonable.

The most important thing is that according to the bankruptcy plan, if the plan is not voted through, it may switch to the CH7 liquidation procedure, then the proportion and time of creditors' compensation will be greatly reduced! This is a helpless and forced choice.

3. In addition, if there are unresolved issues with your claims.ftx claims account, you can go to the Bahamas program to apply for compensation distribution.

It should be noted that if you want to distribute through the Bahamas, you must select 'Bahamas Opt-in election' in the program before August 16 to participate in the voting on the plan, otherwise it will lead to incomplete Bahamas claims, because the official will not check such accounts.

4. Finally, as shown in the figure, "Step 7-Tax Requirements" is still inevitable. As for how much tax to deduct, it has not yet been finally confirmed.

IMO: Although the court has not yet decided on the compensation schedule, 5A/7A creditors may still not be compensated by the end of 2024.
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🚨 $FTT #FTX #FTT Voting procedure for the plan:
*Voting starts: July 10
*Voting ends: August 16
*Voting results: October 1 or 7 days before the hearing
*Hearing approval: October 7 10:00 ET (tentative)

🪙 FTX debt recovery, multiple institutional quotations/super high efficiency/unlimited/individual retail/institutional accounts, professional solutions to various "KYC/claim proof" issues of FTX debt accounts

Homepage Contact information

📌#FTT #FTX The disclosure statement has been approved by the court!

The next step will be the creditor voting procedure, where the creditors will vote to decide whether to approve the plan!

The process will last from July to August, and the specific schedule is as I listed before↓

#FTT赔款 $FTT

#FTT abnormal movement, market funds began to ambush FTX's hearing expectations on the 25th.

It should be noted that the hearing on the 25th is just a routine confirmation of the adequacy and rationality of the plan by the court, and reasonable arrangements will be made for the creditors' voting procedures, which will definitely be approved.

But this "approval" is not the final approval, and the creditors need to vote between July and August to decide whether to pass this plan (for detailed process, please see my previous tweets)

So after the results of the hearing on the 25th come out, FTT band profits can be temporarily settled, and after a wave of negative declines, consider ambush the expected voting procedures in July and August.

The universal formula for playing bankrupt coins: find a safe position to buy the bottom after the decline, because there are always event expectations, so just wait patiently, and after the event is realized, you will make a profit and wait for the next expectation to appear and then ambush.
#FTX $FTT

🚨 #LUNA #LUNC #USTC
Terraform CEO announced: We lost! The Terra team will be disbanded and operations will be shut down

All unowned $LUNA of TFL will be destroyed, and any remaining value in the wallet will be sold! In the future, the ownership of the chain will be transferred to some teams through the sales process to continue operating

The Terra era has come to an end. LUNA will become a MEME that relies on Binance to survive. CZ once made it clear that he still holds LUNA

$LUNA $LUNC $USTC

📌#FTX The proposed "Creditors Voting Procedure" process and time schedule has been submitted to the court for reference only. The court will make adjustments based on this at the hearing:

① Disclosure Statement Hearing Date: June 25
Instructions: Approve the "Disclosure Statement", solicit procedural proposals, ensure compliance with bankruptcy law requirements, and provide sufficient information for subsequent voting procedures;

② Voting Record Date: June 25
Instructions: Determine which creditors and equity holders are eligible to vote;

③ Email Delivery Deadline: July 10
Instructions: The last date for the debtor to send voting packages and related documents to creditors, ensuring that all relevant parties can receive the necessary information within the prescribed time so that they can vote on the plan or raise objections;

④ Rule 3018 Motion Submission Deadline: July 16
Instructions: If a creditor requests temporary permission or changes to his voting rights, the motion must be submitted before this date. Resolve disputes before the formal vote to ensure the fairness and accuracy of the vote.

⑤ Deadline for submission of supplementary documents to the plan: August 9
Note: Submit supplementary documents to the plan;

⑥ Deadline for submission of confirmation objections: August 16
Note: All objections must be submitted to the court and delivered to the relevant notified parties;

⑦ Deadline for voting: 4:00 p.m. on August 16 (Eastern Time)
Note: All votes must be properly executed, completed and delivered before this date;

⑧ Deadline for voting report: 7 days before the confirmation hearing
Note: Submit voting result report;

⑨ Deadline for replying to confirmation objections: 7 days before the confirmation hearing
Note: Deadline for submitting replies to objections;

⑩ Proposed date for confirmation hearing: October 7, 10:00 a.m. (Eastern Time) [tentative]
Note: The hearing date for the court to consider confirming the reorganization plan;

Combined with the above time analysis:
If the legality of the "disclosure statement" is approved on June 25, the creditor vote will be opened between July 17 and August 16, and the plan will be confirmed in early October!

#FTT $FTT

📌#FTT #FTX :
FTX's important creditor organization "Customer Ad Hoc Committee (CAHC)" has objected to the revised plan

1. Discharge clause: too vague and broad, and inappropriately grants the debtor the right to discharge, which does not comply with Section 1141(d)(3) of the Bankruptcy Code;

2. Not in line with the best interest test: The plan is considered to have failed the "best interest test" under Section 1129(a)(7) because it forces the sale of customers' digital assets, resulting in unnecessary taxes. And pointed out that physical distribution is more beneficial to creditors;

3. Outdated disclosure statement: The disclosure statement is described as outdated and incomplete, lacking major subsequent events including an agreement with the IRS;

4. Timing issues: There are problems with the proposed timetable for submitting the plan supplement, which may be submitted after the voting deadline, which may result in creditors lacking important information needed to make an informed decision;

5. Whether the assets belong to the estate: The disclosure statement does not address the issue of whether the assets distributed by the debtor's plan actually belong to the debtor's estate.

-In addition, UCC has not yet filed an objection
$FTT

📌#FTT #FTX The revised "disclosure statement" plan submitted by the debtor was opposed by multiple creditors/institutions! (June 5 is the deadline for submitting objections)

It also includes regulatory agencies such as the "SEC" and the "New Jersey Securities Bureau". The main objections are summarized as follows:

1. The disclosure statement does not meet the requirements of Section 1125 of the Bankruptcy Law;

2. The disclosure statement is insufficient, which will prevent creditors from making wise judgments on the plan and require more information;

3. Asset ownership issues, whether the assets that are not clearly allocated in the plan truly belong to the debtor's property;

4. The assets are inconsistent with the debts, and the debtor has failed to prove that the return provided by this plan is not less than the return under Chapter 7 liquidation;

5. Many arrangements and timetables in the disclosure statement are unreasonable, and the timetable is required to be adjusted to ensure that all relevant parties have enough time to understand and respond to the specific content of the plan;

6. SEC:
* Dissatisfied with the mandatory opt-out clause in the plan, believing that it is unfair to retail investors and other claimants who are considered to have rejected the plan
(Claimen and shareholders who reject the plan (including retail holders of FTT) submit an opt-out form, otherwise they will be deemed to have agreed to give up their rights against non-debtors)

*SEC hopes to protect the rights of investors in FTX's bankruptcy proceedings and ensure that the plan and disclosure statements meet legal standards;

7. New Jersey Securities Bureau:
Reserves its rights in the process of confirming the plan and reserves the right to object to the handling of its claims. Defend and express opinions on these issues in the relevant procedures in the future;
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It seems that the hearing on the approval of the plan on June 25 will be another bloody storm!
$FTT

📌#FTT #FTX Reached a settlement with the IRS (yesterday)

IRS will receive a priority claim of $200 million and a junior subordinate claim of $685 million (lowest priority) in the FTX bankruptcy case

The settlement agreement will take effect only after the judge approves the revised plan at the hearing on June 25;

From the initial claim of $44 billion → $24 billion → $200 million
The FTX debtor team finally did something practical for the creditors
$FTT

📌#Voyager #VGX
The United States Bankruptcy Court for the Southern District of New York will hold a Voyager hearing at 22:00 (Beijing time) on June 13, the content is as follows:

The plan administrator requested the court to issue a second order: Extend the deadline for objections to creditor claims proof

This hearing is meaningless!

$VGX

📌#LUNA #LUNC #USTC
Next Monday or Tuesday, please pay attention to the important updates of Terra tokens!

Since the results of the SEC vs TFL trial came out, Terrafrom Labs CEO announced that an important event will be announced at the beginning of next week!

🔔 Turn on the little bell and wait for updates... How to ambush is up to everyone to judge!
$LUNA $LUNC $USTC

📌#FTT #FTX Advance notice of important hearings:
The Delaware Bankruptcy Court will hold an FTX hearing at 10 pm (Beijing time) on June 25 to issue an order approving the "disclosure statement" plan submitted by the debtor and formulate a creditor voting procedure:

1/ Approve the package bidding plan;

2/ Approve the form of the ballot;

3/ Determine the voting, bidding and tabulation methods;

4/ Formulate notification and objection procedures for confirmation plans;

Once approved, FTX will officially start the last crucial "creditor voting procedure" of the Chapter 11 procedure. The court will set a timetable, and creditors will complete the voting within 20-30 days of the voting deadline to decide whether to pass this plan.

If the vote fails, as disclosed in the previous statement, it is possible to switch to Chapter 7 bankruptcy liquidation.

One thing is certain, the debtor has no chance to modify this plan again, because the deadline for the bankruptcy plan formulated on the petition date is the end of June in the second quarter of 2024.

Is the plan likely to be passed?

For the plan to be passed, more than half of the creditors must vote, and the amount represented must exceed 2/3 of the total amount of claims.

Even though the two major creditor organizations, UCC and CAHC, are currently opposed, they have also seen the corruption methods of debtors behind the scenes. After all, this is the largest crypto bankruptcy case in history, and the interests and conflicts involved are too deep (extreme).

Only if it is passed can everyone be happy, otherwise the liquidation will be a mess!

- $FTT

🚨#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