So there is no snapshot then? So the swap will be us sending our SIGT to a wallet controlled by the STRAKS team and they credit us 1:4 in a new wallet on the STRAKS chain?
Pretty much this.
How do they effectively burn the coins and prove it? Do they send the coins to a wallet that doesn't exist or something?
I'm repeating myself, but yes, this is how coin burning is handled. Coins are sent to an unreachable address.
You'll be able to find a TXID with your coin amount being sent to the burn address (maybe the swap process will even provide it for you?).
The rest of what I said it right though, the devs don't have to do any of this for the SIGT community, they could just start up their new coin without a swap.
But they are giving us a chance to re-coup some of our losses into this new coin.
Agreed.