Terra

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/sec-acts-on-terra-collapse" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC Acts on Terra Collapse</a><br></p>
<p style="text-align: justify">In a significant development, the U.S. Securities and Exchange Commission (SEC) has taken measures related to the Terra collapse, which severely impacted the cryptocurrency markets in mid-2022. The downfall of Terra led to financial losses exceeding $40 billion, also contributing to the demise of major companies like FTX and 3AC. Now, the SEC is stepping in to address the aftermath.</p>
<h2 id="sec-s-new-initiatives">SEC’s New Initiatives</h2>
<p style="text-align: justify">The SEC has established a dedicated information page to aid Terra victims. By 2024, individuals affected by this collapse, alongside those impacted by other incidents such as Mt Gox, may start receiving compensation. Although FTX’s refund timeline remains uncertain, it’s anticipated that clarity will emerge soon. For Terra, the SEC has outlined a detailed plan for restitution.</p>
<h2 id="how-will-terraform-handle-compensations">How Will Terraform Handle Compensations?</h2>
<p style="text-align: justify">Terraform is liable for $4.47 billion in various penalties and compensations. These payments will be processed through Terraform’s ongoing bankruptcy case. The Final Judgment mandates Kwon to transfer $204 million to the bankruptcy estate, including $7 million in cash and various crypto assets, to be distributed to affected <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>.</p>
<h2 id="steps-for-affected-investors">Steps for Affected Investors</h2>
<p style="text-align: justify">A bankruptcy plan for Terraform will be prepared and submitted for approval. Investors need to submit proof of claim forms to participate in the voting on the Chapter 11 plan. The approval hearing is scheduled for fall 2024. Necessary documents and further assistance are available on the SEC’s dedicated page, and investors can also contact the SEC directly via email.</p>
<h2 id="concrete-actions-for-investors">Concrete Actions for Investors</h2>
<ul>
 <li>Visit the SEC’s dedicated Terra information page for detailed guidance.</li>
 <li>Submit proof of claim forms to participate in the bankruptcy plan voting.</li>
 <li>Contact the SEC at ENFTerraInvestors@sec.gov for specific inquiries.</li>
 <li>Stay informed about the approval hearing scheduled for fall 2024.</li>
 <li>Consult with financial advisors regarding potential compensations.</li>
</ul>
<p style="text-align: justify">The Official Committee of Unsecured Creditors will oversee the process, with McDermott Will &amp; Emery LLP managing Terraform’s bankruptcy case. Although the FTX case faces delays, Terra’s refunds could coincide if the process advances smoothly. Full compensation might not be feasible, but the steps taken by the SEC provide hope for those impacted.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/sec-acts-on-terra-collapse" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC Acts on Terra Collapse</a></h5>

SEC Acts on Terra Collapse

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