Quote from: allyouracid on November 27, 2024, 11:31:16 PM

Quote from: Qutays on November 27, 2024, 10:27:44 AM

I have good news for you, the commission approved the payment, the total payment is $4,584,409.75, since the total amount does not exceed the budget, everyone will receive 100% + 5% = 105% total payment,

Good luck to everyone,

Payment order approval link, https://www.sec.gov/files/litigation/admin/2024/34-101755.pdf

I think the payment will be made within 10 days.

Nice! Thanks kind stranger who likely only registered to deliver this great piece of news.

Gotta admit, I'm not used to so much good news in such a short period of time... After well over a decade of field training in "if it sounds too good to be true...", it almost feels wrong that something just works out in crypto, and it doesn't just work out, no, it works out very well, exceptionally well even, considering Xmas 🎄🎁 is right around the corner and all that.

Anyway. Praise the Fund Admin. Praise! \o/

Edit: re:105% - where did you get the info that the fund's size exceeds the total $ amount of claims? I think I've read the PDF (lol), but couldn't find any details in it regarding that. Just wanna make sure I didn't overlook anything because lawyer speak isn't my native language and English is neither, so these kinda of documents are sometimes a pain to read.

But it really seems to only mention that the transfer of the 4.58kk was authorized...

Let's do the math: The Commission ordered the Respondent to pay $8,484,313.99 in disgorgement, $403,995.12 in prejudgment interest, and a $1,500,000.00 civil money penalty to the Commission.

Total: 10.388.000 $

Adding compound interest to this money according to years

2021 - 2022 interest rate 3% 10,388,000 *103/100=10,699,000
2022 - 2023 interest rate 5% 10,699,000 *105/100=11,234,000
2023 - 2024 interest rate 5% 11,234,000 *105/100=11,796,000

Total amount to be in the bank with interest: $11,796,000
Let's subtract the expenses Lawyer's fee: 11,796,000 - 215,459.05 = $11,580,000

Lawyers fee document: https://www.sec.gov/files/litigation/admin/2024/34-99517.pdf

The amount of $11,580,000 is much more than the amount to be paid to individuals and since it exceeds it, everyone will receive 100% payment + reasonable interest.

I initially wrote 105% but it is actually around 114%. The interest rate for 3 years is around 14% with compound interest.

I think I explained it in an understandable way, I did the calculations as it is written in the payment plan.

It says that the payments will be made within 10 business days after they are transferred to the escrow account.