Terra–Luna “repayment process” ≠ recovery.
What’s happening now is bankruptcy administration, not value creation.
Based on comparable crypto cases (MT.GOX, FTX, Celsius):
• Expected recovery: ~5–10% base case
• Timeline: multi-year
• Early distributions: symbolic, not material
This is an event-driven trade, not a turnaround story.
Price reacts to headlines — fundamentals remain impaired.
Trade volatility. Don’t price in hope.
