Resolv Path Forward
May 26, 2026
Intro
A Note Before You Read This
On 22 March 2026, a security incident caused illicitly minted USR tokens to enter the market, forcing Resolv protocol to pause operations and enter recovery mode. Since the incident, Resolv team has been working through the recovery alongside the projects and users affected by it — holders of USR and wstUSR, RLP users, lending market participants, and other integrations counterparties across the ecosystem.
That work has been quieter in the public space than some would have liked. We made an early decision to communicate when there was something material to mention, rather than narrate the process in real time and making statements that can’t be backed later, and we know that decision has tested the patience of users waiting for clarity. We did not take that decision lightly and want to provide a comprehensive overview for a path forward while still acting within the disclosure limitations of the settlement process. Thus, we will keep the communication specific and straight to the point.
USR and RLP — How They Were Designed to Work
Before walking through the path, we want to be explicit about how USR and RLP were designed to work, because it's the foundation of everything that follows.
USR was designed as the senior tranche of the protocol — a stable product pegged to USD and backed by collateral. RLP was designed as the junior tranche sitting beneath USR. Its structural role was to absorb losses before those losses reached USR holders. RLP is, in effect, the insurance layer of the system. This nature of RLP is reflected in section 4.3 of the Terms of Service.
The recovery framework follows this design. Pre-incident USR — the senior obligation, fixed by snapshot — is preserved on senior terms. The remaining collateral pool assets are backing RLP after applying losses stemming from the exploit.
Settlement for Categories of Users
General Treatment Approach
The recovery framework distinguishes users by when the exposure was established (before or after the incident) and how it was held (direct holdings of USR or RLP, liquidity provision in automated market making pools on DEXes, lending, derivatives, vault products). Eligible users have 3 months from May 26 to August 26, 2026, to claim their recovery payment.
Alongside the core recovery shown for each case, holders within some of the affected categories will also be eligible to claim a RESOLV token allocation. This is a Foundation-funded layer, calibrated per category, intended to raise total recovery above the core level.
Foundation allocates 10% of total RESOLV token supply for recovery, with 70% of that amount being attributed to affected RLP holders.
RESOLV allocations are referenced at $0.03 (roughly a post-incident average price) and are vested on the investors terms (24 months linear monthly unlocks starting June 2026) for allocations exceeding 10,000 tokens.
Find your case in the categories below — within each, the relevant sub-cases are listed with the applicable recovery, timing, and operational path.
1.Direct Holders of USR / wstUSR
1.1 Pre-incident USR and wstUSR
Tokens held throughout the incident and captured by snapshot were backed by the full pre-incident collateral pool. A substantial share of this category has already been redeemed on a 1:1 basis through direct settlement with whitelisted (KYC-verified) holders; the remaining non-whitelisted group is now being processed on the same terms.
Recovery: 1 USR : 1 USDC
When: live on Resolv app
1.2 Post-incident USR and wstUSR
Tokens acquired after the incident — by purchase, transfer, or otherwise — were mixed with illicitly minted supply. This category has its own recovery track.
Recovery: 1 USR : 0.5 USDC
When: specific timeline to be announced separately over the next 4 weeks
In this category, certain holders and asset pools have been exempted from direct recovery due to existence of a separate, prevailing recovery track for these assets (for example, irrecoverable USR put as collateral in lending venues can be burned by Resolv with transfer of agreed recovery amount directly to lenders). Reach out to Resolv via Discord if you have questions on eligibility of your position.
2. USR / wstUSR LP Positions
LP positions are addressed at a per-position level. Each position is decomposed at the snapshot block into its underlying components: a USR/wstUSR component and a paired non-USR stablecoin. The treatment of the USR/wstUSR component depends on the type of position.
The reason for this position-level approach is that LPs held a mix of pre-incident assets and post-incident illicitly minted supply. Rather than apply a single flat ratio that would unfairly average those two very different exposures, each position is treated according to what it actually contained — and the RESOLV layer is calibrated on top to bring overall outcomes close to the position's initial dollar value.
2.1 Simple LP without leverage
Eligible positions: Fluid, Uniswap, Pancake Swap, Curve, Aerodrome, Balancer LP positions on stablecoin pairs with wstUSR or USR against other stablecoins created prior to the incident
Recovery: 1 USR : 1 USDC on the pre-incident allocation portion of the position; 1 USR : 0.5 USDC on the rebalanced portion (post-incident exposure to illicitly minted supply). Total cash recovery is variable depending on the position with average at around 75%
RESOLV allocation: calibrated to bring total recovery to 95% of the initial LP position
When: pre-incident positions are live on Resolv app; specific timeline for post-incident exposure to be announced separately over the next 4 weeks
2.2 Leveraged LP
If you borrowed against your LP position, and the collateral after recovery covers the outstanding debt.
Eligible positions: Fluid leveraged LP positions on stablecoin pairs with wstUSR or USR against other stablecoins created prior to the incident
Recovery: 1 USR : 1 USDC on the pre-incident allocation portion of the position; 1 USR : 0.5 USDC on the rebalanced portion (post-incident exposure to illicitly minted supply) after debt
RESOLV allocation: calibrated to bring total recovery to 95% of the initial gross position
Note: Due to leverage effect and deduction of debt from recovery value, these positions will have generally lower recovery ratio as compared to LP positions without leverage
When: pre-incident positions are live on Resolv app; specific timeline for post-incident exposure to be announced separately over the next 4 weeks
2.3 Lending markets against USR/wstUSR
2.3.1 USR, wstUSR supplied as collateral before the incident
Users supplying USR pre-incident as collateral on lending platforms were holding senior protocol exposure, just on a different platform. The underlying claim is identical to that of a wallet-held pre-incident position, so the treatment is identical.
Recovery: 1 USR : 1 USDC
When: live on Resolv app
2.3.2 USR supplied on the lending side before the incident
Users supplying USR liquidity pre-incident on lending platforms were holding senior protocol exposure, just on a different platform. The underlying claim is identical to that of a wallet-held pre-incident position, so the treatment is identical.
Recovery: 1 USR : 1 USDC
When: live on Resolv app
2.3.3 USDC or USDT supplied into lending markets pre-incident.
Stablecoin suppliers did not hold direct exposure to USR's collateral pool. If you have been affected, recovery for these positions runs through the protocol or curator directly.
Recovery: per the protocol or curator you interacted with
When: per the protocol or curator timeline
3. RLP users
3.1 RLP holding
The RLP reference price is reset to reflect the share of impairment absorbed based on the recovery framework outlined above.
Recovery: 1 RLP : 0.71 USDC. RLP price is reset to 55% of the last pre-incident reference price. Applied uniformly across the category
RESOLV allocation: 2.71 RESOLV tokens per 1 RLP. Together with RESOLV token allocation at the reference RESOLV price, RLP recovery is brought to 60%+
When: specific timeline to be announced separately over the next 4 weeks
3.2 Leveraged RLP positions
Where leverage caused the position to be liquidated, or deemed irrecoverable, no further recovery is provided.
4. USR Yield Maxi Vault
Positions in the USR Yield Maxi Vault, as of the date of the incident, have contained leveraged wstUSR positions and leveraged LP positions in stablecoin pools containing wstUSR and underlying exposure is resolved accordingly.
Recovery: 90% of the last pre-incident share price (at block 24710030) per Resolv USR Yield Maxi
When: live on Resolv app
5. Pendle (wstUSR PT, YT, LP)
Once exposure is converted back to wstUSR, it is treated equivalently to direct pre-incident holders at the SY token level.
Recovery: 1 USR : 1 USDC for SY-equivalent value
When: live on Resolv app
6. Other vaults and structured products
Recovery: settled at the vault or curator level under this framework.
When: TBA by the vault or curator
Recovery process: affected users will receive directions from the respective operator. We have engaged with the integrators across the post-incident period with consistent methodology
If your situation is not described in any of the categories above and you believe it should be addressed, please contact us directly by raising a ticket in Discord.
Path Forward — Vault Street
The General Idea
Resolv has spent the past weeks focused on finalizing post-incident settlements while a dedicated unit within the team continued building.
We are presenting Vault Street.
Vault Street is a dedicated business line governed by Resolv Foundation, focused on distribution of tokenized real-world assets.
The team behind Resolv brings together deep TradFi pedigree in structured products, leveraged finance, and securitization with hands-on experience building on-chain markets and DeFi infrastructure. We operate in both worlds, and Vault Street is built on that foundation.
primeUSD — The First Vault Street Product
Structured money market strategies represent a substantial and mature segment of TradFi. The on-chain equivalent is largely undeveloped. Resolv has been among the earliest teams working on leveraged RWA yield, and primeUSD is the product that formalizes that work.
primeUSD is a permissioned leveraged RWA product designed for professional allocators. It accepts stablecoin deposits, deploys them into tokenized T-bill exposure, and uses approved DeFi money markets to apply controlled leverage on top of that base position. Treasury balances and liquidity are held in institutional custody infrastructure; strategy operations are confined to a tightly allowlisted set of approved actions.
Vault users are professional institutional investors — ecosystem treasuries, larger capital pools, and other capital operators with prudent risk frameworks — operating under permissioned workflows.
For these allocators, the value proposition is twofold. First, access to a strategy whose unlevered economics are no longer commercially attractive on a standalone basis but become meaningful at controlled leverage. Second, the conversion of ongoing operational burden — custody, treasury management, cross-chain execution, monitoring, borrow-rate optimization, partner diligence — into a single product fee. Allocators at this scale care deeply about execution quality. Vault Street builds the execution stack designed for that profile.
Security Architecture and Approach
One of the key goals of Vault Street's design is to make sure the architecture is not exposed to the range of vulnerabilities exposed during the latest wave of industry-wide exploits.
Vault Street is being built around a revised operational architecture that materially reduces attack vectors and reinforces operational security. With the help of external security teams, permission boundaries within the system were enhanced with the goal of reducing single-point dependencies and tightening the controls applicable to sensitive access or operations. Additional infrastructure-level and on-chain controls are being added to provide layered safeguards across the lifecycle of operations within the product.
Future Developments
primeUSD is live in private beta and on track for a full public launch in June.
It is the first Vault Street product, not the last. The roadmap extends beyond a single vault. The vision is for Vault Street to become a distribution champion for tokenized financial assets, connecting institutional-grade instruments with on-chain capital markets at scale.
The opportunity is structural: tokenized financial assets are proliferating faster than the on-chain infrastructure to distribute and deploy them. Vault Street is being built to close that gap — sourcing high-quality tokenized instruments, structuring them for on-chain deployment, and routing them to the allocators and liquidity venues where they create the most value.
The operational foundation is already in place: the team, the custody and treasury stack, the partner relationships, and the market access required to support that expansion.
RESOLV Token
Token Functionality
The utility of the RESOLV token remains unchanged. RESOLV continues to be tied to the Resolv ecosystem and continues to operate alongside the new business line — Vault Street and the products that follow. Nothing in this letter contemplates changes to the underlying functionality, role, or design of the RESOLV token, and nothing here should be read as implying any modification to its existing structure.
Staking
Staking and unstaking of RESOLV via Resolv application is restored in the app. It will also be available in the Vault Street application when it is live.
Staking Rewards
Staking rewards distribution has resumed starting from May 26 with 300,000 RESOLV pool for the next 2 weeks epoch.
Foundation Position and Support
The Foundation remains committed to supporting the RESOLV token as part of the broader ecosystem and to continuing to develop the product line and infrastructure in a way that preserves the role of the token within the system.
Outro
There's still real work in front of us. Activation of the recovery portal for the next stage of pre-incident recovery, final operational materials for the post-incident categories, the security and product materials for Vault Street, partner integrations — all of those will be communicated through our official channels as each piece is finalized. Please rely on those formal communications and not on third-party speculation.
Two things we want to say before closing.
The team has handled this period with discipline. People worked through stretches and pressure that nobody should have to work through, and they've done it because they care about getting this right.
The counterparties, integrators, and users who've been with us through this period have shown patience and continued trust, and the work being described here exists because of it. To the people in the community who pushed back, asked hard questions, and held us to account through this period — thank you. That's exactly how this is supposed to work.
The chapter that ran from Resolv's launch through the incident is closing. The chapter that begins with Vault Street is the one we're writing now, and there's more after that. We're looking forward to it.
Important Information
This communication is provided for informational purposes only and does not constitute investment, tax, legal, insurance, or business advice, an offer to sell or a solicitation of an offer to buy any asset, or a recommendation with respect to any transaction.
Final operational terms applicable to any recovery category, the recovery portal, Vault Street, or related infrastructure will be communicated through the Foundation's official channels. Where such formal communications differ from the descriptions in this letter, those formal communications will govern.
Nothing in this letter should be construed as an admission of liability, an acknowledgment of any particular allocation of responsibility, or a waiver of any right or defense. References to particular categories of participants, particular instruments, particular venues, or particular partners are for descriptive purposes only.
Intro
A Note Before You Read This
On 22 March 2026, a security incident caused illicitly minted USR tokens to enter the market, forcing Resolv protocol to pause operations and enter recovery mode. Since the incident, Resolv team has been working through the recovery alongside the projects and users affected by it — holders of USR and wstUSR, RLP users, lending market participants, and other integrations counterparties across the ecosystem.
That work has been quieter in the public space than some would have liked. We made an early decision to communicate when there was something material to mention, rather than narrate the process in real time and making statements that can’t be backed later, and we know that decision has tested the patience of users waiting for clarity. We did not take that decision lightly and want to provide a comprehensive overview for a path forward while still acting within the disclosure limitations of the settlement process. Thus, we will keep the communication specific and straight to the point.
USR and RLP — How They Were Designed to Work
Before walking through the path, we want to be explicit about how USR and RLP were designed to work, because it's the foundation of everything that follows.
USR was designed as the senior tranche of the protocol — a stable product pegged to USD and backed by collateral. RLP was designed as the junior tranche sitting beneath USR. Its structural role was to absorb losses before those losses reached USR holders. RLP is, in effect, the insurance layer of the system. This nature of RLP is reflected in section 4.3 of the Terms of Service.
The recovery framework follows this design. Pre-incident USR — the senior obligation, fixed by snapshot — is preserved on senior terms. The remaining collateral pool assets are backing RLP after applying losses stemming from the exploit.
Settlement for Categories of Users
General Treatment Approach
The recovery framework distinguishes users by when the exposure was established (before or after the incident) and how it was held (direct holdings of USR or RLP, liquidity provision in automated market making pools on DEXes, lending, derivatives, vault products). Eligible users have 3 months from May 26 to August 26, 2026, to claim their recovery payment.
Alongside the core recovery shown for each case, holders within some of the affected categories will also be eligible to claim a RESOLV token allocation. This is a Foundation-funded layer, calibrated per category, intended to raise total recovery above the core level.
Foundation allocates 10% of total RESOLV token supply for recovery, with 70% of that amount being attributed to affected RLP holders.
RESOLV allocations are referenced at $0.03 (roughly a post-incident average price) and are vested on the investors terms (24 months linear monthly unlocks starting June 2026) for allocations exceeding 10,000 tokens.
Find your case in the categories below — within each, the relevant sub-cases are listed with the applicable recovery, timing, and operational path.
1.Direct Holders of USR / wstUSR
1.1 Pre-incident USR and wstUSR
Tokens held throughout the incident and captured by snapshot were backed by the full pre-incident collateral pool. A substantial share of this category has already been redeemed on a 1:1 basis through direct settlement with whitelisted (KYC-verified) holders; the remaining non-whitelisted group is now being processed on the same terms.
Recovery: 1 USR : 1 USDC
When: live on Resolv app
1.2 Post-incident USR and wstUSR
Tokens acquired after the incident — by purchase, transfer, or otherwise — were mixed with illicitly minted supply. This category has its own recovery track.
Recovery: 1 USR : 0.5 USDC
When: specific timeline to be announced separately over the next 4 weeks
In this category, certain holders and asset pools have been exempted from direct recovery due to existence of a separate, prevailing recovery track for these assets (for example, irrecoverable USR put as collateral in lending venues can be burned by Resolv with transfer of agreed recovery amount directly to lenders). Reach out to Resolv via Discord if you have questions on eligibility of your position.
2. USR / wstUSR LP Positions
LP positions are addressed at a per-position level. Each position is decomposed at the snapshot block into its underlying components: a USR/wstUSR component and a paired non-USR stablecoin. The treatment of the USR/wstUSR component depends on the type of position.
The reason for this position-level approach is that LPs held a mix of pre-incident assets and post-incident illicitly minted supply. Rather than apply a single flat ratio that would unfairly average those two very different exposures, each position is treated according to what it actually contained — and the RESOLV layer is calibrated on top to bring overall outcomes close to the position's initial dollar value.
2.1 Simple LP without leverage
Eligible positions: Fluid, Uniswap, Pancake Swap, Curve, Aerodrome, Balancer LP positions on stablecoin pairs with wstUSR or USR against other stablecoins created prior to the incident
Recovery: 1 USR : 1 USDC on the pre-incident allocation portion of the position; 1 USR : 0.5 USDC on the rebalanced portion (post-incident exposure to illicitly minted supply). Total cash recovery is variable depending on the position with average at around 75%
RESOLV allocation: calibrated to bring total recovery to 95% of the initial LP position
When: pre-incident positions are live on Resolv app; specific timeline for post-incident exposure to be announced separately over the next 4 weeks
2.2 Leveraged LP
If you borrowed against your LP position, and the collateral after recovery covers the outstanding debt.
Eligible positions: Fluid leveraged LP positions on stablecoin pairs with wstUSR or USR against other stablecoins created prior to the incident
Recovery: 1 USR : 1 USDC on the pre-incident allocation portion of the position; 1 USR : 0.5 USDC on the rebalanced portion (post-incident exposure to illicitly minted supply) after debt
RESOLV allocation: calibrated to bring total recovery to 95% of the initial gross position
Note: Due to leverage effect and deduction of debt from recovery value, these positions will have generally lower recovery ratio as compared to LP positions without leverage
When: pre-incident positions are live on Resolv app; specific timeline for post-incident exposure to be announced separately over the next 4 weeks
2.3 Lending markets against USR/wstUSR
2.3.1 USR, wstUSR supplied as collateral before the incident
Users supplying USR pre-incident as collateral on lending platforms were holding senior protocol exposure, just on a different platform. The underlying claim is identical to that of a wallet-held pre-incident position, so the treatment is identical.
Recovery: 1 USR : 1 USDC
When: live on Resolv app
2.3.2 USR supplied on the lending side before the incident
Users supplying USR liquidity pre-incident on lending platforms were holding senior protocol exposure, just on a different platform. The underlying claim is identical to that of a wallet-held pre-incident position, so the treatment is identical.
Recovery: 1 USR : 1 USDC
When: live on Resolv app
2.3.3 USDC or USDT supplied into lending markets pre-incident.
Stablecoin suppliers did not hold direct exposure to USR's collateral pool. If you have been affected, recovery for these positions runs through the protocol or curator directly.
Recovery: per the protocol or curator you interacted with
When: per the protocol or curator timeline
3. RLP users
3.1 RLP holding
The RLP reference price is reset to reflect the share of impairment absorbed based on the recovery framework outlined above.
Recovery: 1 RLP : 0.71 USDC. RLP price is reset to 55% of the last pre-incident reference price. Applied uniformly across the category
RESOLV allocation: 2.71 RESOLV tokens per 1 RLP. Together with RESOLV token allocation at the reference RESOLV price, RLP recovery is brought to 60%+
When: specific timeline to be announced separately over the next 4 weeks
3.2 Leveraged RLP positions
Where leverage caused the position to be liquidated, or deemed irrecoverable, no further recovery is provided.
4. USR Yield Maxi Vault
Positions in the USR Yield Maxi Vault, as of the date of the incident, have contained leveraged wstUSR positions and leveraged LP positions in stablecoin pools containing wstUSR and underlying exposure is resolved accordingly.
Recovery: 90% of the last pre-incident share price (at block 24710030) per Resolv USR Yield Maxi
When: live on Resolv app
5. Pendle (wstUSR PT, YT, LP)
Once exposure is converted back to wstUSR, it is treated equivalently to direct pre-incident holders at the SY token level.
Recovery: 1 USR : 1 USDC for SY-equivalent value
When: live on Resolv app
6. Other vaults and structured products
Recovery: settled at the vault or curator level under this framework.
When: TBA by the vault or curator
Recovery process: affected users will receive directions from the respective operator. We have engaged with the integrators across the post-incident period with consistent methodology
If your situation is not described in any of the categories above and you believe it should be addressed, please contact us directly by raising a ticket in Discord.
Path Forward — Vault Street
The General Idea
Resolv has spent the past weeks focused on finalizing post-incident settlements while a dedicated unit within the team continued building.
We are presenting Vault Street.
Vault Street is a dedicated business line governed by Resolv Foundation, focused on distribution of tokenized real-world assets.
The team behind Resolv brings together deep TradFi pedigree in structured products, leveraged finance, and securitization with hands-on experience building on-chain markets and DeFi infrastructure. We operate in both worlds, and Vault Street is built on that foundation.
primeUSD — The First Vault Street Product
Structured money market strategies represent a substantial and mature segment of TradFi. The on-chain equivalent is largely undeveloped. Resolv has been among the earliest teams working on leveraged RWA yield, and primeUSD is the product that formalizes that work.
primeUSD is a permissioned leveraged RWA product designed for professional allocators. It accepts stablecoin deposits, deploys them into tokenized T-bill exposure, and uses approved DeFi money markets to apply controlled leverage on top of that base position. Treasury balances and liquidity are held in institutional custody infrastructure; strategy operations are confined to a tightly allowlisted set of approved actions.
Vault users are professional institutional investors — ecosystem treasuries, larger capital pools, and other capital operators with prudent risk frameworks — operating under permissioned workflows.
For these allocators, the value proposition is twofold. First, access to a strategy whose unlevered economics are no longer commercially attractive on a standalone basis but become meaningful at controlled leverage. Second, the conversion of ongoing operational burden — custody, treasury management, cross-chain execution, monitoring, borrow-rate optimization, partner diligence — into a single product fee. Allocators at this scale care deeply about execution quality. Vault Street builds the execution stack designed for that profile.
Security Architecture and Approach
One of the key goals of Vault Street's design is to make sure the architecture is not exposed to the range of vulnerabilities exposed during the latest wave of industry-wide exploits.
Vault Street is being built around a revised operational architecture that materially reduces attack vectors and reinforces operational security. With the help of external security teams, permission boundaries within the system were enhanced with the goal of reducing single-point dependencies and tightening the controls applicable to sensitive access or operations. Additional infrastructure-level and on-chain controls are being added to provide layered safeguards across the lifecycle of operations within the product.
Future Developments
primeUSD is live in private beta and on track for a full public launch in June.
It is the first Vault Street product, not the last. The roadmap extends beyond a single vault. The vision is for Vault Street to become a distribution champion for tokenized financial assets, connecting institutional-grade instruments with on-chain capital markets at scale.
The opportunity is structural: tokenized financial assets are proliferating faster than the on-chain infrastructure to distribute and deploy them. Vault Street is being built to close that gap — sourcing high-quality tokenized instruments, structuring them for on-chain deployment, and routing them to the allocators and liquidity venues where they create the most value.
The operational foundation is already in place: the team, the custody and treasury stack, the partner relationships, and the market access required to support that expansion.
RESOLV Token
Token Functionality
The utility of the RESOLV token remains unchanged. RESOLV continues to be tied to the Resolv ecosystem and continues to operate alongside the new business line — Vault Street and the products that follow. Nothing in this letter contemplates changes to the underlying functionality, role, or design of the RESOLV token, and nothing here should be read as implying any modification to its existing structure.
Staking
Staking and unstaking of RESOLV via Resolv application is restored in the app. It will also be available in the Vault Street application when it is live.
Staking Rewards
Staking rewards distribution has resumed starting from May 26 with 300,000 RESOLV pool for the next 2 weeks epoch.
Foundation Position and Support
The Foundation remains committed to supporting the RESOLV token as part of the broader ecosystem and to continuing to develop the product line and infrastructure in a way that preserves the role of the token within the system.
Outro
There's still real work in front of us. Activation of the recovery portal for the next stage of pre-incident recovery, final operational materials for the post-incident categories, the security and product materials for Vault Street, partner integrations — all of those will be communicated through our official channels as each piece is finalized. Please rely on those formal communications and not on third-party speculation.
Two things we want to say before closing.
The team has handled this period with discipline. People worked through stretches and pressure that nobody should have to work through, and they've done it because they care about getting this right.
The counterparties, integrators, and users who've been with us through this period have shown patience and continued trust, and the work being described here exists because of it. To the people in the community who pushed back, asked hard questions, and held us to account through this period — thank you. That's exactly how this is supposed to work.
The chapter that ran from Resolv's launch through the incident is closing. The chapter that begins with Vault Street is the one we're writing now, and there's more after that. We're looking forward to it.
Important Information
This communication is provided for informational purposes only and does not constitute investment, tax, legal, insurance, or business advice, an offer to sell or a solicitation of an offer to buy any asset, or a recommendation with respect to any transaction.
Final operational terms applicable to any recovery category, the recovery portal, Vault Street, or related infrastructure will be communicated through the Foundation's official channels. Where such formal communications differ from the descriptions in this letter, those formal communications will govern.
Nothing in this letter should be construed as an admission of liability, an acknowledgment of any particular allocation of responsibility, or a waiver of any right or defense. References to particular categories of participants, particular instruments, particular venues, or particular partners are for descriptive purposes only.
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