Sorry if I can chime in again. With all due respect - SPVs are very common and used ubiquitously in the venture community. I’m happy for you to take our terms to ask any venture capital lawyer to ask for their feedback. The reason SPVs exist is grown out of decades of shitshows that have destroyed companies and IPOs and mergers and acquisitions. We’re just trying to avoid that.

For what it is worth, you can also take any reputable google or iOS app terms of service and see similar things - they have the right to kick users out in their sole discretion and terminate their services to you. You have no recourse whatsoever. Remember Donald Trump being banned by Twitter and him having no recourse?

In our case, we have to pay you fair market value. So I really disagree with the presumption that we’re doing anything shady here. We’re really going above and beyond what other companies have done and - if I may be honest - far more than what any other crypto company has done.

Secondly, I would note that BVI is not only the preferred jurisdiction here, but it is the ONLY jurisdiction that makes sense here because backpack exchange’s holding company is in the BVI. Since equity ownership and rights is a matter of corporate law, choosing any other governing law would actually be legal malpractice. Also I’d note that BVI is widely used in the crypto industry - Tether, Ethena etc all uses BVI.