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What does the community feel about a massive decentralized legal fund war chest (raised by issuing governance tokens) to help UST victims seek restitution against TFL via a class action filed in Singapore? Token holders vote on major decisions and are rewarded if the case wins.
Give me your thoughts and opinions! This is an avenue we are absolutely considering due to popular demand and I want to hear what you think. (The main reason is normal litigation financing wants 4x to 10x their legal costs while this would only be 1.5x to 2x.)
Please include people who had assets bridged off Terra, pre-attack.
UST holders would *not* be expected to contribute - in fact, I would actively discourage them from doing so. They've lost more than enough. This would basically be a raise from outside capital as a decentralized alternative to traditional litigation financing which is predatory.
Where would the money come from if we won? It seems like it would have to be personal accounts of ppl like DK and other employees who got rich working there. Am I misunderstanding that TFL and TFG has virtually no money?
It's likely that TFL employees cashed out large amounts of personal wealth from LUNA that can be clawed back into the estate - money can also be clawed back from VCs or exchanges if the transactions happened too close to the insolvency
Searching for answers to an experimental and supposedly decentralized blockchain problem in litigation makes LUNA users look stupid. Assume the consequences of your actions if you did not know how you SAVE and how you INVESTED.
Need my worthless UST replaced 1:1 by USDT or equivalent. @FTX_Official please make small wallets whole this is devastating to small holders who were seeking a safe and stable place for our savings
Singapore is a highly regulated country but if MAS is not on top of this it's hard to gain traction. If every country user press their local authorities e.g. US securities / FBI / interpol to escalate the matter upwards, its more powerful than a class suite imho.
Think it's a waste of time & giving folks false hope. Crypto, particularly decentralized #crypto is unregulated and thus, if a protocol goes south for any reason the onus & responsibility falls on the investor. Most in crypto know that! While I lost $ like many, time to move on!
i guess you lost in the luna crash too
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