On the 30th of November 2022, Suji Yan, the CEO, and founder of Mask Network, came on Twitter to announce the creation of Fix DAO, which would help curtail the consequences of FTX’s crash.
So far, we have already gathered credits > $200M, and the numbers are still going up. Neither Mask Network nor I will receive any compensation from the initiative. Please keep an eye on our updates around mid-Dec.
— Suji Yan – Mask is BUIDLing (@suji_yan) November 30, 2022
The crash of the centralized crypto giant, FTX, brought panic within the crypto space. And a lot of the people affected by the crash were of Asian heritage. Hailing from countries like Singapore, Korea, Taiwan, Japan, Hong Kong, and China.
Unfortunately, these users are not appropriately represented in the FTX bankruptcy case. They will probably lose their funds if nothing is done about it. And a lot of organizations are reaching out to individuals and families intending to assist them and get their personal gains from the endeavor.
That’s why the Mask Network, headed by Suji, rallied to create a DAO called Fix Dao.
Their first line of action is to gather legal practitioners from the countries mentioned earlier and participate in the hearings with a singular, unified voice.
To that end, they have already secured $200 million, and they will begin activities in the middle of December. Initial legal firms participating would be announced, and other firms that aim to be part of the process would be required to fill out a form as an indication of interest.
He finally made it clear. He is not doing this for any compensation, and neither he nor the Masked network would be receiving any part of the funds raised. They are just stepping forward for the community they love.
Mask Network isn’t one of the unfortunate projects that were affected by FTX’s crash, but some projects like Galois Capital and Temasek Holdings were not so lucky.
Temasek Holdings is a Singapore-based investment company that lost around $275 million worth of assets in FTX’s crash. Most of whom funds belong to people within the Asian region. The company disclosed that its investment in FTX is 0.09% of its net portfolio value of S$403 billion.
The Fix DAO is targeted more at individual Asian investors but would also profit establishments. This announcement was received with joy, and a lot of legal firms and individuals volunteered to partake in the process and help out as best they could.
Hopefully, the debacle of FTX’s crash would be resolved fast enough to give its victims closure.