THE NEXT PHASE

Following our recent progress update, The AFP is pleased to announce that we have now officially entered the next phase of the refund program. This marks an important transition from development and preparation into active participant engagement and execution.

First and foremost, we would like to reiterate our appreciation to everyone who has already completed and submitted the required form. The level of participation continues to exceed expectations, and the information received has played a critical role in helping us reach this stage. The quality and consistency of the responses have strengthened our ability to move forward with confidence and begin the next steps of the process.

As part of this phase, The AFP would like to clarify that the submission form will remain open for the time being. We recognize that some eligible participants may require additional time to complete the process, and we want to ensure that every individual is provided with a fair opportunity to submit their information. When the appropriate time arrives to conclude the submission phase, an official announcement will be communicated through our established communication channels. Until such notice is provided, participants who have not yet completed the form are encouraged to do so at their earliest convenience.

With the commencement of this phase, our team will now begin reaching out to participants whose forms have been received and successfully reviewed. These communications represent the next step of the refund program and will provide instructions regarding the actions required to proceed. Participants who have already submitted their forms are encouraged to monitor official communications closely and respond promptly when contacted.

To provide greater transparency regarding the process, this phase consists of two distinct steps. The first step is designed to be completed within 24 hours. Upon successful completion of the first step, participants will proceed to the second step, which is also designed to be completed within 24 hours. As a result, participants who respond promptly and complete the required actions can expect the entire process associated with this phase to be completed within approximately 48 hours.

The AFP believes it is important to emphasize this timeline because it reflects one of the core objectives that has guided our efforts from the beginning: efficiency. Large-scale recovery and refund initiatives are often associated with lengthy delays, extended reviews, and prolonged administrative procedures. The AFP has worked diligently to develop a process that minimizes unnecessary delays while maintaining the standards necessary to ensure a structured and accountable outcome.

As many members of the community are aware, large-scale recovery and refund efforts often involve significant operational, legal, administrative, and technical challenges. The history of the Mt. Gox recovery process serves as a notable example. More than a decade after the initial collapse, affected users have continued to navigate a lengthy process involving trustees, legal reviews, court proceedings, compliance requirements, and multiple layers of oversight. While these mechanisms are designed to protect stakeholders and ensure accuracy, they have also contributed to substantial delays and increased costs over time.

From the beginning, The AFP has pursued a different objective. Rather than allowing the process to become entangled in years of procedural delays, our focus has been on accelerating recovery efforts while maintaining the highest standards of accountability and execution. Achieving this outcome has required the coordination of experienced recovery specialists, technical consultants, operational partners, compliance professionals, and support teams working across multiple areas simultaneously.

The speed with which progress has been achieved has not occurred without cost. In order to secure the expertise, resources, and operational capabilities necessary to move the program forward within an accelerated timeframe, substantial expenses have been incurred throughout the recovery process. These expenses include professional service costs, administrative and compliance requirements, partner-related obligations, and fees associated with engaging highly specialized recovery personnel whose expertise has been instrumental in helping bring the project to its current stage.

For this reason, a recovery and administration fee of 5% will be applied to refund balances distributed through the program. This deduction is intended solely to offset expenses incurred during the recovery and implementation process and to ensure that obligations associated with the program can be settled appropriately. After careful evaluation, it was determined that this approach represents the most practical and equitable method of covering the operational costs required to achieve an accelerated outcome.

The rationale behind this fee is closely tied to the efficiency of the process itself. Unlike recovery efforts such as Mt. Gox, where participants have faced years of delays due to legal, administrative, and procedural complexities, The AFP has invested significant resources into creating a streamlined process capable of progressing through critical stages within days rather than years. The expertise, infrastructure, coordination, and operational support required to achieve this accelerated timeline have resulted in costs that would not typically be incurred under a slower, more traditional recovery framework.

We believe that most participants will recognize the value of completing the process within a significantly shorter timeframe than many comparable recovery efforts. While no recovery initiative of this scale can be completed without expense, our objective has always been to prioritize efficiency, execution, and timely delivery for affected participants.

With this phase now underway, our commitment remains unchanged. Every decision being made is guided by the objective of delivering a structured, transparent, and successful outcome for the community. The completion of development has enabled us to move directly into participant engagement, and our teams remain fully focused on executing the process efficiently and effectively.

Additional updates regarding participant communications and future milestones will be provided through official channels as they become available. We appreciate the continued patience, cooperation, and support of everyone involved and look forward to sharing further progress in the days ahead.

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