(The following are comments from the Twitter community and do not represent the position of Lian News)
Wassielawyer, an anonymous lawyer who is well-known in the encryption community, has been interviewed many times on the well-known program "Unchained". He tweeted that there was some practical advice for actual small FTX victims. Yang Mingdao, the founder of dForce, also agreed with his statement and said that retail investors in the past large exchange bankruptcy case, Mt. Gox, did not spend a single penny in litigation costs.
Wassielawyer’s practical advice for small businesses
Wassielawyer’s advice is as follows:
Waiting for more information, but must be mentally prepared for a long process
If your country regulates FTX, you can report it to the regulatory agency
Pay Attention to Financial Scam Lawyers
For the sake of your mental health, stop dwelling on the loss amount.
Is it useful to spend money to send a claim letter?
A British retail investor asked Wassielawyer and said he was not sure whether he needed to seek legal advice or anything that could be done. A lawyer is currently quoting €3,000 to send him a letter of claim. Is this valid?
Wassielawyer responded decisively: "No." Eventually, the estate may send an email asking people to submit their claims. A "claim letter" is not a legal document, it is just a letter. You can also write an email to FTX yourself.
dForce founder Yang Mingdao: Mt. Gox retail investors did not spend their money
Yang Mingdao, founder of dForce, said that this is a pragmatic suggestion. FTX is currently undergoing bankruptcy reorganization, and various gods are selling plans, including class-action lawsuits. Most of them want to cut another piece of meat from retail investors.
He said that Mt. Gox retail investors did not spend any legal fees. They just waited for the final overall liquidation plan to come out and followed the trend. There were big investors supporting it. For ordinary retail investors, they will be treated differently unless they hire a lawyer. In the end, the bankruptcy court will only agree to one plan.
Practical advice: Don’t be fooled by lawyers and restructuring experts when it comes to FTX’s bankruptcy liquidation.
Various people are selling plans, including class action lawsuits, most of which are trying to get a piece of the pie from retail investors.
MtGox retail investors did not spend a penny on legal fees, and when the overall liquidation plan came out, they just had to follow it, as there were big investors to support them.
For ordinary depositors, you will not be treated differently just because you hire a lawyer. In the end, the court will only agree to one solution. https://t.co/rzYhCaPnxB
— Mindao (@mindaoyang) December 2, 2022
Review Podcast: FTX goes bankrupt and reorganizes in the U.S., what else can victims in Taiwan do?
This Article Class Action Lawsuit? Advice to small victims of FTX: Pay attention to lawyers who defraud money. Founder of dForce: Mt.Gox retail investors have not spent any legal fees. First appeared on Chain News ABMedia.