As previously communicated, we have filed charges against B&S Holdings and have learned through the media today that seizure and search were conducted on B&S Holdings as part of that investigation. We will do everything we can to recover your assets.
Additionally, We are writing to provide you with an update regarding the questions you have raised in your recent emails to firstname.lastname@example.org. The information may still be lacking though we do appreciate your understanding that we are trying to provide as much as possible under the current situation.
Q1. What is the detailed plan for distributing the remaining assets?
We have already begun preparations for the recovery and distribution of assets. However, due to the nature of Virtual Assets, the recovery and distribution of assets under management is expected to take time. Additionally, the fact that the Company is accused will affect the decisions and procedures regarding distribution, which may take additional time.
However, we are ready to move forward even if it necessitates making several ongoing asset distributions. As the legal procedure progresses, we will continue to provide more specific distribution plans and the timing of such distributions.
Q2. Are there any plans to go into receivership or sell the company?
We thoroughly examine all possible legal avenues to recover our assets and ensure their rightful distribution to our customers. We are also considering various options to cover our losses, including the potential sale of the company’s assets. To this end, as of the end of June, the company has significantly reduced operating expenses, retaining only essential personnel and resources.
While the possibility of considering court management and sale exists, we firmly believe that, given the situation, it is most prudent to pursue maximum legal action and recover the existing assets, as we are actively doing.
Furthermore, to proactively mitigate potential risks such as hacking, theft, or loss, we have taken the necessary measures to entrust the custody of accounts and wallets, including cold wallets and hot wallets used for storing the recovered assets, to impartial and reliable crypto custodians that have no affiliation with our organization. These steps have been taken under the guidance of law firms to ensure the highest level of security and protection.
Q3. Can I not receive compensation for losses if I do not take legal action?
We aim to ensure equitable distribution of assets to all creditors, regardless of their decision to pursue legal action or not. However, please note that the loss ratio may vary depending on the specific products.
We hope this update provides you with a clearer understanding of the current situation. Please do not hesitate to contact us with any further inquiries or additional information. We appreciate your patience and ongoing support throughout this process.