(12/29/22) Relief Fund Support for FTX Holder from Team XPLA. Dear, Pilots. This is Team XPLA.
29 Dec 2022, 13:59
(12/29/22) Relief Fund Support for FTX Holder from Team XPLA
Dear, Pilots. This is Team XPLA.
To begin with, we would like to thank you for taking a keen interest in the activities of Team XPLA.
Now that our plan has begun to move forward, we would like to inform you about the process for $XPLA Holders regarding FTX's circumstances.
[Step 1. Scope investigation]
- This investigation is a process to get ready for the Proposal.
- Responses from the investigation will only be used to determine the scope. The investigation will take place from 2022 December 29 at 13:00 to 2023 January 16 at 23:59 (UTC). (There could be an additional investigation if needed.)
- As a result of a close inspection process, our team has estimated the amount each individual holder has. We will determine a match by comparing the amount of individual holders with the amount internally aggregated based on this data and the results of the scope investigation.
* Please be aware that the actual support amount will be determined in accordance with the collected legal objective data and may differ from the amount you submitted in the survey.
[Step 2. Proposal and Voting]
- The Team's Proposal will start based on the identified individual holder's amount after the review of the investigation. Proposal voting will take 7 days (168 hours) and the result will determine whether $XPLA will be assigned.
- If the proposal is approved, $XPLA from the Reserve Wallet will be transferred to a different wallet or a contract for emergency support until the following process starts. In other words, if the vote is rejected, Team XPLA’s support cannot move to the next step.
- Validators and $XPLA holders will determine whether to pass or reject. Please refer to the conditions listed below to pass a Proposal. (Public criteria for mainnet)
※ A minimum of 33.4% of the total amount of stakes needs to participate in the voting process.
※ At least 50% of participants need to vote Yes.
※ There should not be more than 33.4% of NoWithVeto votes at the end of the voting process.
- Validators can cast a vote to express their opinion, and holders can delegate $XPLA to the validator to participate in the vote indirectly or directly.
[Step 3. Transfer and storage of support supplies]
- $XPLA support supplies suggested in the proposal will be transferred to the Contract assigned from Reserve Wallet.
- Transferred $XPLA is a supply to support individual holders on FTX, and since it is stored on the Contract, anyone can check the storage status.
- When objective proof of ownership becomes available, $XPLA will be claimable through the legal process.
* The method of provision we are currently planning for might be revised or changed depending on the situation.
[Reference details]
- Also, Team XPLA is consistently monitoring the legal proceedings on FTX. We are investigating whether there is a system that would enable $XPLA holders to protect their rights via a local law firm in the United States that can deal with the ongoing FTX legal proceedings. If we find out specific ways, we will immediately make an additional announcement to holders.
Team XPLA’s position on this matter has remained the same, and we are consistently stepping forward. However, an evaluation of legal and technical issues will determine the specific action to be taken. We will announce it through our official communities when we find out the specific ways to take action.
In order to carry out this process, Team XPLA needs unwavering support from Pilots. Please spread the word about our support and process.
If the community commits and agrees, we can move forward.
With the help and support of the Pilots, Team XPLA will continue to develop and build in 2023.
Thank you.
* Link to the scope investigation: