What are Reserved Funds?
You may read more about this market event here.
The funds labelled as ‘reserved’ can therefore be released only subject to Finblox reclaiming the amounts owed in the course of 3AC asset liquidation proceedings.
How are my reserved funds calculated?
Calculating the percentage of reserved funds is based on factors such as:
The user’s balance on 15 June 2022 (23:59:59 UTC)
The percentage of their asset contribution to the entire pool
The portion of that asset affected by the illiquidity of 3AC at that moment
Will I get yield rewards on my reserved funds?
The reserved funds cannot generate rewards as Finblox does not have those funds in its possession.
Will I suffer a loss?
The only immediate way for Finblox to un-reserve the funds is the distribution from 3AC’s liquidation proceedings, as Finblox is not in possession of these funds. Re-claiming assets from 3AC in the course of such proceedings can realistically take a number of years based on similar proceedings. We will keep the affected users updated as there are material developments and updates from the appointed liquidators (Teneo). As of today, no distributions from the liquidation proceedings have been made. As additional resources become available, subject to market conditions and the growth of the Finblox ecosystem, Finblox may aim to allocate a portion of its future operating reserves in good faith to reduce the impact of this market event on the affected users. However, any allocation Finblox potentially makes “out of its pocket” will ultimately still be a liability of 3AC.
Are new deposits affected?