Steaker Dawn Project: Steaker Compensation Plan Revealed? A Recovery Plan Specifically for Affected FTX Users

The Taiwan financial platform Steaker is reportedly causing user damages due to the FTX incident, with users still waiting for resolution and compensation. Today on 5/26, Steaker released a new plan, the announcement is as follows:

Steaker Dawn Project Announcement

In response to the impact and losses caused by the FTX bankruptcy event on Steaker's business and users, Steaker is actively formulating a recovery plan to help affected users receive compensation. Therefore, Steaker has launched the Steaker Dawn Project, which is divided into three phases to implement the recovery plan.

"Dawn" symbolizes the breaking of day, signifying hope and recovery. Steaker hopes to assist Steaker and users in recovering from the impact of the FTX event through the Dawn Project. Users who have been affected by the FTX event and are unable to redeem the cryptocurrencies originally invested on the Steaker platform ("affected users") will be able to participate in the Steaker Dawn Project and receive cryptocurrency compensation upon signing the agreement.

Details and Participation Guidelines of the Steaker Dawn Project

User Participation Survey

1. Starting from the date of this announcement, users will gradually receive an electronic signing email titled "Participation Survey for the Dawn Project" sent by Steaker Inc. The purpose of this email is to confirm the users' willingness to participate in the project. Participants who agree will receive the "Dawn Project Agreement" to their email after signing.

2. Response deadline for the survey:

• The initial deadline is May 31, 2023, 00:00:00 (displayed in Taiwan time, UTC+8).
• If no response is received within the initial survey deadline, it will not affect the participation rights. Subsequent survey deadlines will be on the 15th of each month, 00:00:00.

3. Please note that only participants who agree will receive the agreement. This measure is to ensure that the agreement is received only by the user. For users who do not respond to the participation survey, the agreement will not be sent.

Phase One: User Signing Completion, Steaker Issues Phase One Compensation

1. Deadline for signing the Dawn Project Agreement:

• The deadline for signing the agreement is 00:00:00 on the 15th of each month. Participants must sign the agreement by the deadline and receive the electronically signed agreement file back from Steaker Inc. to complete the signing process.
• The Steaker team will consolidate the compensation list for each month after the deadline. For example: Tom completes the signing on June 12 at 12:00:00 and will be included in the compensation list for the period of June 15; Steve signs on June 15 at 01:00:00 and will be included in the list for the period of July 15.

2. Schedule for Phase One Compensation:

• Within 5 business days from the day after the agreement signing deadline, users who have completed the signing and fulfilled the agreement will receive the Phase One compensation, which will be transferred to their personal EOA wallet address.

3. Calculation method for Phase One compensation:

• The Phase One compensation will be 10% of the "Total Affected Cryptocurrency Quantity" as indicated in the "Subscription Plan and Virtual Asset Quota Information Confirmation" email, paid in an equivalent amount of USDC stablecoin.

Phase Two: Quarterly Announcement of Second Phase Compensation Based on Asset Recovery Progress

1. Calculation method for Phase Two compensation:

• The Phase Two compensation will be 40% of the "Total Affected Cryptocurrency Quantity" as indicated in the "Subscription Plan and Virtual Asset Quota Information Confirmation" email, paid in USDC stablecoin in quarterly installments.

2. Sources of Phase Two compensation:

• Virtual assets of Steaker affected by NSCA.
• SAFU assets.
• Portion of future profits from new business ventures of the Steaker team.

3. Quarterly virtual asset distribution plan:

• Starting from September 1, 2023 (third quarter), the total virtual asset quantity to be distributed to all users for the quarter and the payment schedule will be announced within five business days of the first month of each quarter. The USDC stablecoin to be paid to users for the current quarter and installment will be calculated based on the proportion of the "Total Affected Cryptocurrency Quantity" to the total affected cryptocurrency quantity of all users, as indicated in the "Subscription Plan and Virtual Asset Quota Information Confirmation" email, and will be paid within the scope of the Phase Two compensation.

4. Apart from waiting for the team to announce progress quarterly, users can check the compensation distribution progress at any time on the Dawn Project inquiry page by entering the EOA wallet address provided to Steaker.

Phase Three: Retrieval of Assets Returned by FTX as Third Phase Compensation

1. Based on the actual value of assets retrieved from FTX in the future, after deducting necessary legal proceedings and recovery costs, fees (including but not limited to litigation costs, legal fees, and other related expenses and taxes), and fees, the compensation will be in USDC stablecoin equivalent to the proportion of the "Total Affected Cryptocurrency Quantity" as indicated in the "Subscription Plan and Virtual Asset Quota Information Confirmation" email to the total affected cryptocurrency quantity of all users, and will continue to compensate affected users within the specified range until 100% compensation is reached (including the first and second phase compensations).
2. As the timeline and outcome of asset recovery from FTX are difficult to predict, an exact schedule cannot be provided at this time. However, the team is actively pursuing asset recovery and has received a letter from FTX confirming that Steaker has been included in the list of creditors applying for claims (FTX provided Unique Customer Code: 03507381). We will closely monitor the progress of the FTX bankruptcy proceedings. Further information on the details of the third phase compensation and progress in recovering from FTX will be announced separately.

Launching Steaker 2.0 - A New Chapter

After careful consideration and market evaluation, the Steaker team is actively planning new products and service directions. The Steaker cryptocurrency asset management model has been indefinitely suspended, and in the future, aside from servicing the redemption and withdrawals of existing user plans, the Steaker platform will no longer introduce new services and schemes. Next, we will embark on a new chapter with the cryptocurrency risk investment fund, Steak Ventures.

The goal of Steak Ventures is to seek investment opportunities in the global Web3 industry, focusing on institutions and overseas qualified investors, and targeting the market of the next billion users. Therefore, Steak Ventures will not accept participation from Taiwanese users. A portion of the future profits from Steak Ventures will also be allocated to the Steaker Dawn Project fund within the legal limits to compensate Steaker users affected by the FTX bankruptcy event.

Key Points to Note

• The "Participation Survey for the Dawn Project" is only for the purpose of participating in the survey. Users must complete the signing of the "Dawn Project Agreement" and return it to Steaker to confirm and receive the electronically signed file from Steaker to complete the participation process.
• To safeguard users' rights, users need to follow the steps to sign the agreement for a smooth receipt of cryptocurrency compensation.
• The "Subscription Plan and Virtual Asset Quota Information Confirmation" email may have revised versions (e.g., V2, V3...) due to the virtual asset quota confirmation process. The latest version will be the final version.
• Users who have not completed the real-name authentication (KYC) for their Steaker account will not receive the "Participation Survey for the Dawn Project." Users who wish to participate in the project must first complete the real-name authentication (KYC) on the Steaker platform.
• Compensation will be sent to the user's personal EOA wallet address provided, not Steaker's personal wallet. If the wallet is a centralized exchange wallet, it must be an exchange address capable of receiving smart contract transfers (e.g., Maicoin, Binance). One account is bound to one EOA wallet address and cannot reuse the same EOA wallet address.
• The amount and progress of each payment in Phase Two compensation will depend on the preparation of cryptocurrency compensation, and the quantity to be distributed each quarter will be announced on specified dates.
• The compensation for Phase Three will be based on the retrieval of assets returned by FTX, and the specific quantity and timing will be announced at a later date.

We appreciate the support, feedback, and patience of all users. If you have any questions about the Dawn Project, please contact [email protected].