(12/15/22) Response progress update on FTX Situation. Dear Pilots,. This is Team XPLA.
14 Dec 2022, 16:29
(12/15/22) Response progress update on FTX Situation
Dear Pilots,
This is Team XPLA.
In light of the FTX situation, we want to share our latest response, including the rescue agenda for $XPLA holders on the exchange.
1. The proof of ownership will require legal objective data.
- Only legal objective data that is mutually agreed upon by all XPLA members can be used to verify proof of ownership.
- Under circumstances in which the proof of ownership is based on individual verification, it may be inequitable for holders without secured data due to environmental constraints.
- In addition, there is a possibility that data may be damaged in terms of time, ownership information, quantity, and whether or not it has been in possession until now.
- Moreover, validating incorrect data may cause delays in the entire verification process.
As a consequence, the rescue agenda could only be able to move forward when the proof of ownership can be proven by objective evidence that is mutually accepted by all members of the XPLA community; when accurate information related to FTX is obtained with the help of relevant authorities.
Team XPLA will closely monitor this situation and respond immediately to the parts in which we can cooperate.
2. Despite the team's desire to support holders' damage, proper procedures must be followed.
- All support directions are based on the premise of the 'proposal approval.' Please stay alongside us during this challenging time.
It is not a single team's independent judgement and operation that makes XPLA. As a foundation composed of numerous members based on decentralized values, proposals and voting processes are required when making essential decisions or transferring tokens in a particular pool.
- Transparency is one of XPLA's core values, so strict internal and external surveillance is conducted during this process to ensure that the ecosystem remains transparent.
- In hence, all support procedures must be reviewed from various viewpoints to ensure that the amount of the 'Reserve Pool' is officially utilized appropriately and that an ecosystem of health and transparency is continually maintained.
3. Latest update related to FTX.
- Despite reaching out to various stakeholders, including FTX's top authorities, achieving tangible results regarding cooperative plans was challenging.
- Post-accelerated bankruptcy, FTX data has been transferred to relevant authorities. Team XPLA is closely monitoring the situation and examining possible legal/technical directions.
- As the FTX bankruptcy process is anticipated to take a considerable amount of time, our support may also require a substantial amount of time or may be challenging, depending on the circumstances.
4. Team XPLA is willing to help and minimize the impact in spite of the FTX situation on the $XPLA holders.
- Team XPLA's position on this matter has remained the same ever since we announced our intention to support $XPLA holders within FTX concern.
Please be mindful that this is not a message from the foundation, but from Team XPLA, with sincere sympathies for all $XPLA holders directly or indirectly affected by the FTX crisis.
Until the direction of support to accomplish positive results can be determined, under the legal process, Team XPLA will do to the best of our ability from the holders' perspective.
Your trust is a powerful part of our growth.
The sincerest gratitude goes out to all the Pilots with XPLA and everyone who always believes in and supports the team's direction despite various circumstances in 2022.
Lastly, some misleading, inaccurate information has been circulated outside official channels over the past few weeks.
The official community channels are the only means through which progress and official information will be announced regarding this matter.
Please pay attention to our official community channels, as the announcements will be communicated over the course of the period.
Sincerely,
Team XPLA