On November 14, 2022, the Inlock platform was forced to suspend its services in order to secure its customers’ assets due to a damage incident. Subsequently, a Recovery and Restructuring Plan has been developed with the aim of managing the incident in a customer-tailored manner. The Plan included a number of alternative solutions, all of which were implemented in 2023. These included early payouts, the Exit Payout program, and migration to the reboot platform. The Scheduled Release program was designed for customers who did not wish to take advantage of other alternative options.

The details of the Scheduled Release program were published on 2nd April 2023 and payments have been made since 28 April 2023. The objective of the Scheduled Release Programme is to achieve the highest possible asset value (in USDC) for clients who have suffered a loss in the event of the damage but did not wish to take advantage of the opportunities offered by previous asset-based payout programmes (e.g. switching to the Vigiler platform or the Exit Payout programme with loss deduction, etc.).

In the one and a half years since the services suspension, we have closed thousands of customer claims, and as of today, we are now managing the assets of only 300 customers who were affected by the claim and opted for the asset value based Scheduled Release programme. The fixed asset value at the time of the claim of the clients covered by the program is $3,212,394- of which USDC  3,321,761- have been converted and paid out as of August 28, 2024. This means that the platform has fully paid out more than 103.4% of the value of the assets recorded at the time of the damage.

The payout ratio may vary from client to client, given that the exchange rates of different assets have changed and continue to change in different ways since the damage occurred. Clients will receive a monthly summary letter of the current situation, which will include the assets and the value of the assets at the time of the claim and the amount of the payout since then.

Customers who opt for Inlock Scheduled Release will continue to receive a pro-rata payment each month. This is Inlock’s way of ensuring the following commitment in the Recovery and Restructuring Plan:

… the operator has been making its best efforts in recent weeks to prepare a Recovery and Restructuring Plan that will allow the Inlock platform’s active clients to receive the highest compensation that is realistically achievable, which could be up to 100% in some cases.

Our latest announcement details how the settlement of the FTX failed crypto exchange will affect customers of the Inlock platform, and the highest compensation that can realistically be expected to be awarded as a result of the partial settlement.

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