Transcription
Hey, what's going on guys? Welcome back to the channel. I'm going to be diving straight into this one today because I find these points that I'm going to be raising to be of the most utter importance and something everybody should start to really think about and lend a little bit of thought to, if you will.
Is that we have these high ranking validators like All Nodes, like Dutch Lun, other validators which aren't actually that vocal. They're not doing anything for the blockchain. Validators like KCoin included. Um, they're really not leading the blockchain as they should be having all of that voting power, which means that they're getting a lot of funding from this blockchain and they're giving absolutely nothing back in return. They're not acting as market leaders. They're not acting as these people that really they should set an example for others to follow.
We've got all of these assets which are essentially lying around. Nothing is going to happen with them and we are essentially the only entity right that has a legitimate claim to them through a legal route. And I cannot stress this enough, validators with substantial amounts of voting power are getting a lot of funding from the blockchain, yet they are doing nothing in return. And it's time for you as a community member, as someone delegating right, to hold these validators accountable. Really, you want to see them traveling to the United States and working with the SEC and doing all of the ins and outs to really secure all of these assets that have been left behind.
One of the most important bundle of assets that are readily available for us as a blockchain are the BTC coins that remain in the LFG reserve. And the specification of the route forward with these assets was actually quite clear. I learned a lot when I was in the United States working with the SEC. I managed to ask a lot of questions and got answers to things that I thought it would never get answered. And one of those was the legalities around these assets that you're seeing on screen now.
And the dictation and the determination is quite clear in the final judgment. And if you're not aware of the final judgment, we'll quickly go over now and we'll reference that. And we're specifically looking at the bulky final judgment. There's a shorthand version which summarizes everything, but this one goes into the ins and outs. It's 11 pages. And here they're speaking about the dictation and determination of terraform crypto assets and in a manner not objectionable to the parties and the court in the bankruptcy action. Defendants shall otherwise burn or destroy the private keys in Terraform's possession to wallets or blockchain addresses holding Terraform crypto assets, including those tokens after they are received from the Luna Foundation Guard pursuant to the transfers contemplated by the terms of here to and to burn any vested Luna 2.0 tokens.
So, not only are they saying that they need to destroy the keys to terraform crypto assets, but in a manner not objectionable to parties in the court, which that wasn't, they need to destroy keys to assets including BTC. So any of these assets that were in the LFG reserve needed to be destroyed. We know that essentially you can't really destroy BTC. And this was something that I spoke about in the United States and they said, well, if you got a legal team together and this decentralized blockchain empowered somebody to go ahead and actually attempt to secure these assets, specifically speaking that 313 BTC that's in the LFG reserve. So this blockchain can secure those and bring them back for future development. And yes, we can create a wallet and yes, there can be a Bitcoin community pool fund. All of these things are possible. What we lack is initiative. What we lack is validators that actually care.
313 BTC is not a small amount by any means. This is currently valued at around $20.85 million. This is significant. It's huge. This would change everything. Now, you're probably thinking, can we even afford a lawyer, a legal team in the United States? And the answer to that is yes. We have a community pool which is sat there with a substantial amount of funding in and we do nothing with it but pay for more upgrades. The only people that are benefiting from these upgrades are the development teams which are raking in substantial amounts of money because they come from countries like Vietnam. $20,000 in Vietnam is absolutely life-changing. Each one of these upgrades again is probably giving these guys financial freedom for fixing things that didn't really need to be fixed and changing things that didn't really need to be changed. We've forked, we've deforked, we've upgraded, we've downgraded. At this point, what we need to be doing is going out and securing all of these assets that are remaining. And yes, this does include the 313 BTC in the LFG reserve. You'd have to be an complete at this point to say to yourself, "Well, no, we don't we can't do that."
The final judgment is clear. I have traveled to the United States. I have been in the actual state where they're actually dealing with this actual court case, which is Delaware, and they've advised me that yes, we can go ahead and secure these assets in the same way. Right? Just bringing this back up, in the same way that AVAC community came back and they secured their funds from the LFG Reserve. So if they can do it, why can't we do it? We know that the final judgment has been abided by thoroughly from the SEC side because they went in and burned the USC that was remaining in the LFG reserve. So we've got all of this evidence, right, which points us to a route forward, a character dangle, if you will.
The amount of content that could be created, the amount of momentum that could be built up on an initiative to hire a legal team and have them actually go secure these funds and report on it weekly, give us a weekly update as we pay them week by week. 313 BTC would, and I cannot stress this enough, change everything. What would I do with it personally? I would initiate some kind of LUNC buyback system where 50% is burned and then 50% is possibly sent to the community pool. You would say, why not put it back into your Oracle rewards pool? And I would say you would only be funding those top validators to continue the naughtiness that they're doing. What we need to work on is raising the price of the coin, not trying to refill the Oracle rewards pool. If we raise the price of a coin, it completely counters that negative effect of the oracle rewards pool diminishing over time. Again, price fixes absolutely everything.
Taking a look at other Terraform crypto related assets. Yes, there's a substantial amount remaining, not just with those ATFL wallets from Project Dawn, which make up around I think 4.6% of the total USC supply at the moment. We've also got possibly 2.8 billion USC sat in a Binance wallet that belonged to TfL. We've gone through, we've done the research, and we've proved all of this in previous videos, and I'll leave links to those at the end if you you're not up to date. But these are the things that we need to be focusing on.
And if you're a thinking man like I am, and you're probably saying to yourself in the back of your mind right now, well, what about all of the holders, Jay? What about all of the people that got wrecked during the crash that are making claims to get some of their funds back? Isn't that BTC going to be put towards that? And I would say to you, no. Go and read the final judgment. And on top of that, they've already secured a significant amount of Bitcoin for retributions to be paid back to these wrecked holders, wrecked institutions, and anyone that was wrecked across board that's made a claim. This BTC here is very, very specific. This was a 175 BTC that was transferred as per the final judgment. This was one of the requirements that the SEC put on TfL and Duke Kuan. And as you can see here, I'll just highlight it. 175 BTC and it was valued, I think at the time at around $71 million. I don't know if that's the current valuation of the BTC or if that was its value when it was transferred. You can see that this was to a wallet that's already moved an extra thousand I think Bitcoin valuing in again just over on the right hand side at $1,442 million. This is significant. This is a lot of BTC that they secured simply from TfL. And if we flick forward, we can see that it's then sent to another wallet where it's distributed out in three transactions. Showing here 318 BTC on the second transaction, 756 on that third transaction. Seeing all of those values coming in. I'll try to leave links to this in the description of this video if you want to go check these out and verify yourself.
Looking at these transactions actually shed a lot of light on the movements of the SEC around the time of that final judgment being put forward and everybody really abiding by it. So again, the SEC have secured a lot of Bitcoin that is going to be paid back to these holders. On top of this Bitcoin, there's a lot more assets that have been given over to the SEC and they now have control of it. But going back to my main point, we absolutely without a shadow of a doubt need to get a legal team together as a community to go ahead and begin the process to secure this 313 BTC because it yes can be used for buybacks. It can be used to fund marketing campaigns. It can be used to do so much and no one has a legal route forward to claim them but this chain. No one has a leg to stand on but this chain. It's insane at this point.
Again, this is the kind of thing you would really expect from a top validator like All Nodes, like Dutch LUNC, and uh anyone else that's really in the top 10 that spends their time really reporting on LUNC, and they've got so much to say when it comes down to any idea that's put forward, yet none of them are out there being actionable. None of them are out there doing the hard work. No one is out there chasing any of these funds that have been left over by TfL. No one is out fighting for the blockchain at the moment. There's a very slim few amount of people that are and guess what? People like that are having to eject from this blockchain. Keep an eye out today there's going to be a few announcements. It's a pretty sad day uh from my perspective, but I guess you guys will find that out in due course. But look, stay safe, stay humble, stay aware, stay actionable, and I'mma catch you in the next one.