BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Altcoins

FTX Clients in Asia form a DAO, over $200 Million Claimed

by Chiwuike Owunwa
Dec 1, 2022 - 12:00 am
in Altcoins
FTX Clients in Asia form a DAO

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.

WAGMI

— 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.

Tags: FTX
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

24H HOLD token price chart showing 35% surge despite market pullback

Solana Dips Below $150, But Altcoins HOLD, AB, and 0x0 Surge Ahead

June 15, 2025

Solana loses key support at $150, but HOLD, AB, and 0x0 soar with strong volume, social momentum, and...

Donald Trump at a crypto conference amid growing earnings and ethics concerns

Trump Reports $57M Crypto Windfall as Ethics Concerns Mount

June 14, 2025

Trump reports $57.4M in crypto income via World Liberty Financial. Ethics concerns rise over his influence and growing...

Tether logo overlaid on gold mining site representing Elemental investment

Tether Acquires 31.9% Stake in Canadian Gold Firm Elemental to Bolster Real-World Asset Strategy

June 12, 2025

Tether buys 31.9% of gold firm Elemental, boosting its XAUT token reserves with strategic gold royalties and expanding...

UK Financial Conduct Authority building representing crypto regulation efforts

UK FCA Seeks Public Feedback on Stablecoin and Crypto Custody Rules

May 29, 2025

UK FCA calls for public input on stablecoin and crypto custody rules, aiming to support innovation while ensuring...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise