(11/13/22) Important Announcement from XPLA on FTX Situation. Dear Pilots,. This is Team XPLA.

13 Nov 2022, 07:59

(11/13/22) Important Announcement from XPLA on FTX Situation Dear Pilots, This is Team XPLA. We want to share our current response to the FTX situation. Team XPLA is absorbed in finding a way to support our Pilots concerning the FTX incident. We are currently investigating adequate solutions to minimize the overall impact amid the FTX crisis for our Pilots in the aspect of actions within the supportable range. Even though this announcement may not be finalized information, Team XPLA wanted to share an insight into our ongoing discussion regarding our action plans for the current situation. 1. How the discussion is going: - We are scrutinizing multiple possible ways to minimize the impact on the Pilots whose $XPLA is held in FTX within our capable boundaries. - One of the ways we are considering is finding stored $XPLA in FTX and returning them back to the original holders. - However, this is only possible with the help and cooperation of FTX. Proceeding with this is beyond the power of Team XPLA alone and thus seems to be difficult to achieve at the moment. - Carrying out support on complete recovery may be challenging due to the current status of FTX in general and comprehensive legal procedures regarding getting technical assistance from FTX. - In the meantime, Team XPLA is examining the prospects of other solutions from a different perspective. - Considering the possibilities of additional damage to Pilots, modifications to how we can support may occur during the legal review duration. * Please keep in mind that this announcement intends to share our ongoing progress, not the conclusion. 2. Explication of the discussion regarding minimizing the overall impact: - One of the alternative considerations is to utilize $XPLA from the Reserve Pool by addressing a 'Governance Proposal.' - Team XPLA will deliver $XPLA to the original owners preferentially, while the foundation acquires the ownership of the Pilot's $XPLA stored in FTX wallets in a separate procedure. - The possibility of covering the whole $XPLA on FTX impact with our crisis response program is under review. The program was strategically built on the premise of an emergency since the launch of XPLA. - Once the proposal is passed, we will be able to proceed based on the Allocation of the XPLA ecosystem. - The review process of legal issues and technical resources may be impeded due to the difficulty of the precise verification method in matching the original holders of $XPLA on FTX. - Please understand that operating this plan depends on the final legal/technical review. Team XPLA is keeping an eye on the situation and is taking action to find the most suitable route for the Pilots. Please pay attention to our official community channels, as additional announcements will be constantly updated over the period. Sincerely, Team XPLA. * Please comprehend that this announcement intends to communicate our continuous discussion, not the conclusion.