Over the past week, the Inlock team has been working with all efforts to isolate the damages and provide the services available. Both institutional and in-platform customer loans and expiring loans are getting returned on a scheduled basis. Considering the current asset portfolio, the last fixed-term institutional loan will be repaid in the last week of January 2023. After that date, while a significant amount of open in-platform loans are expected to be held, the platform will no longer have to involve intermediary counterparties to manage the still outstanding collateral, and will be fully independent of the risk of loss.

“Early Payout” – convert dust for small amounts of assets

The applications for the “Early Payout” program are currently under processing. We have received several client reports that their accounts contain small amounts of coins that cannot be swapped due to their low volume. To solve this problem, we have developed a “convert dust” option. 

This is available to clients who have requested the “Early Payout” option, and only those coins can be converted that are currently eligible to swap on the platform.

In order to claim this service, you only need to send an email to [email protected] with the subject “Convert dust” from the email address you used to register on the platform and requested the Early Payout by 12:00 (CET) on the 30th of November 2022 at the latest.

Conversions of smaller amounts up to $30 will be processed automatically. In all cases, the conversion will be settled at the current dollar (or stablecoin) exchange rate, for which the platform will NOT charge a fee. USDC will be credited as a result of the transaction.

Luna airdrop release

Although it is not related on any level to the damage currently being handled, the Inlock platform will continue its efforts to distribute the assets received from the LUNA airdrop locked to clients who would have been eligible if they had kept their assets outside the platform.

The collapse of the Terra Classic network has led to the Terra Ecosystem Recovery Plan, based on which the locked LUNA airdrop is getting released between the 24th of November 2022 and the 13th of November 2024.

Along with this, Inlock is also prepared to partially support the new Terra 2.0 chain, whereby all clients will be provided with the LUNA airdrop (compensation) received or released. They will have the opportunity to exchange their (new) LUNA airdrop to stablecoins through the Swap function, therefore minimizing any losses they may have incurred on the Terra Classic collapse. However, no other activity will be allowed besides the Swap function.