blocksec

The following are two *preliminary* findings regarding the flow of @globiance's XDC. Much more work remains to be done. A conclusive, complete analysis will take time. This isn’t that. But it is a start. 1/n

1) Globiance is obliged to return user funds in full, regardless of what Atul does to help. “Pausing” efforts to return user funds was disingenuous of them from the start. Nothing Atul does negates their legal obligations. 2) Contrary to their public announcements, to this day I’ve seen no credible (on chain) evidence that Globiance has returned any user funds. 3) In addition, by discouraging users who’ve (supposedly) received their funds from sharing TX hashes and by refusing to share TX hashes themselves so the community can independently verify their public claims, they are being doubly disingenuous. Globiance could easily share the public address of the wallet they’re using to return user funds - their refusal to do so (on manifestly absurd grounds), combined with the lack of users credibly claiming to have received their funds back, suggests that they have not returned any user funds. TL;DR Globiance continues to play games. Until they share the wallet address they’re using to return funds to users, I’d trust nothing they say. P.S. For our part, work on the legal structure is ongoing - this is a massive, tricky undertaking and, as I’ve said, it will take time to get everything in place. Nothing is over until the fat lady sings, but we’re doing our best.

For the record, this is false. To avoid confusion, please approach unreliable sources of information with a high dose of skepticism.

Another brief update here. We are now getting legal advice on the process before publishing the uptake form. Once that’s done, and the language/process is approved, we’ll be moving forward. As I said from the beginning, this is going to take time. Again, thanks for your patience.

Update on the Reimbursement Process: Phase 1. We have not yet been able to get Globiance to agree to share the required data. We will keep trying. That is of course unfortunate. Fortunately, however, @AndreCasterman, @B3lle888, and I have put a plan in place to begin to move forward without their help. We will be moving forward in phases, starting with Phase 1. Phase 1 will focus solely on victims who deposited XDC to Globiance and were unable to withdraw their funds. We will be sharing a Google Form shortly. You can expect to be asked to share (among other things) the addresses of the wallets you used you deposit XDC on Globiance, your Globiance deposit address, relevant TX hashes, as well as screenshots of your Globiance dashboard. Zoom meetings will subsequently be scheduled during which you’ll be asked to share your screen, login to Globiance’s platform, and show us the data we need to see. You’ll also be asked to confirm your identity, partly by displaying a government issued ID. If you can’t speak English, we will find suitable translators to help us communicate on the call. Once we have verified the claims of victims who lost XDC deposited to Globiance in Phase 1, we will (in later phases of the reimbursement process) try to find ways to accommodate and verify victims who deposited other assets (BTC, ETH, etc.) and purchased XDC on Globiance’s platform. Again, we will share the uptake form soon, which we hope Globiance will circulate to victims, so that nobody gets left behind. Thank you for your continued patience.

Update on the Reimbursement Process We’ll publish an uptake form for you to submit your reimbursement claim in the coming days. Each claim will be verified (among other things) against on-chain fund flows and the evidence you provide — including Globiance account balances, transaction history, and screenshots. We’ll also ask for your X (Twitter) handle and Telegram username. These are optional, but a history of posts about your Globiance losses can help validate claims. The reimbursement process will be overseen by me, @B3lle888, and @AndreCasterman. We may invite other trusted community members to assist in various ways. Please trust only updates from us, and beware of scammers pretending to represent this process. So far, Globiance appears willing to share some user data with us — but only if users give explicit permission. A consent form for that will therefore be included with the uptake form. That said, whether Globiance provides enough reliable data for us to validate claims is beyond our control. If Globiance cooperates fully, the process should run relatively smoothly. If not, some or even many cases may prove difficult to verify. Negotiations are ongoing, and we hope Globiance will provide the information needed to complete this effort properly. A few key points to bear in mind: Each claim must be independently verified. In some cases, we may reach out for additional information. We don’t yet know how many claims we’ll need to process — so please be patient. Once a claim is approved, it will be submitted to the XDC team, who will disburse funds from their reserves. There will be a vesting schedule for reimbursements. The specifics are still being finalized, but this step is economically necessary. For example, payouts might occur in tranches — such as one-third immediately, one-third after six months, and one-third after one year. The final schedule will depend on the number of claims and total XDC distributed. The percentage reimbursed (e.g., 100%, 90%, 75%) will likewise depend on total verified losses. Atul and Ritesh remain committed to doing everything possible to make victims whole, while also protecting the economic integrity of the ecosystem and its existing holders. Only XDC losses will be reimbursed (not BTC, ETH, etc.), and the staking rewards Globiance promised users will not be reimbursed. Finally, once claims are validated and disbursements begin, we’ll provide periodic public updates, including: • Total number of claims received • Number of claims verified • Total funds disbursed (with on-chain data) Thanks for your continued patience. Once we reach an agreement with Globiance on data sharing, we'll be able to begin the process.

Brief update on this. @B3lle888 and I are working on finalizing the process by which Globiance victims will be able to submit claims. In the meantime, victims should screenshot everything on their Globiance dashboard, including especially deposit/withdrawal addresses and transaction history, with TX hashes. We expect there will be many fraudulent claims filed, since this is the Internet, and we’re going to need to make sure only validated victims are reimbursed. Please stay tuned, and be patient as we work through this - this is a big job. 🙏

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