In accordance with the Recovery and Restructuring Plan issued on the 1st of January 2023, the pre-registration process for the migration to the reboot platform started yesterday and clients eligible for the migration will receive regular notifications in the coming weeks.

In order to migrate to the reboot platform, clients must indicate their acceptance of the Migration Terms of Use and the reboot platform’s (Vigiler) Terms of Use and Privacy Policy, which can be found in more detail on vigiler.io. Clients who wish to migrate can only submit their request in the new Inlock web application, which can be accessed at https://app.inlock.io/.

We would like to summarise the progress of the implementation of the Recovery Plan and the next steps to be taken. 

We intend to relaunch ILK tokenmarket and swap function on the Inlock platform on the 20th of January. Prior to this, all our ILK token holders will receive a detailed roadmap outlining the future of the ILK token ecosystem. However, due to the high number of questions we have been getting in this regard, we would like to present two important and widely discussed points of the forthcoming framework:

  • During the “Scheduled Release” phase, ILK tokens are not being released, so trading on the Tokenmarket can proceed freely throughout this phase as well.
  • Our clients will have the optional opportunity to deposit on the Inlock platform in order to use the token market for ILK and USDC tokens. 

More details will be published shortly.

We have received several inquiries from our clients regarding the “scheduled release” phase indicating that many of them do not wish to take advantage of this option or wish to postpone it. Although this option significantly complicates the process of pro-rata release and payment during the scheduled release phase; we are still trying to work out an option for our clients to request a temporary exemption from the scheduled release phase before it starts. The expected details of this option will be presented before this phase.

We get questions frequently about what happens to the assets (e.g. ILK, UNI, LUNA, etc.) left on the Inlock platform after the migration to the reboot platform. These assets remain on the Inlock platform unchanged and our clients can continue to manage them as set out in the Recovery Plan.

Clients who have a loan running on the Inlock platform should make the decision to migrate to the reboot platform as soon as possible, as loans still running on the Inlock platform will be subject to forced closure by mid-February at the latest. Only running loans that are migrated to the reboot platform will be exempted from this. The closure of the running loans from collateral is a necessary precondition for the further steps of the Recovery and Restructuring Plan.

In case the client does not want to use the migration option for their current loan and does not want to wait for the closure from collateral either, they should contact the Inlock team as soon as possible to discuss other options. 

We strive to keep our clients informed about the steps of the recovery process in the upcoming period. If you have any questions, please do not hesitate to contact us via [email protected]!