Please find the FAQs and responses related to the Second distribution:
Question 1: What recoveries can be expected under the Second Distribution?
Response: USD82.3m of token assets will be distributed to eligible Scheme Creditors which delivers, at effective rebalancing prices, USD recoveries of 25% to Pro-Rated Track Scheme Creditors and 29% to Variable Recoveries Track Scheme Creditors.
Each Scheme Creditor’s token share of the Second Distribution will be shown on the Withdrawal Request Form.
Set out below are the details in respect of the tokens distributable for the Second Distribution and their associated effective rebalancing prices:
Question 2: Who is eligible?
Response: Scheme Creditors on both tracks (Pro-Rated Track, “PRT”, and Variable Recoveries Track, “VRT”) who retain claims against Defi Payments Pte Ltd are eligible to receive a share of the Second Distribution.
If you receive an email from Kroll Issuer Services (“KIS”) to access the Withdrawal Request Form, you are eligible to receive a share of the Second Distribution.
Some further details on eligibility broken down by track (PRT & VRT):
PRT
PRT Scheme Creditors have no exposure to any RDA and are eligible to receive a share of the Second Distribution. Such Scheme Creditors will receive an email from KIS to access the Withdrawal Request Form.
VRT
VRT Scheme Creditors who did not submit any claims in the Initial RDA are eligible to receive a share of the Second Distribution. Such Scheme Creditors will receive an email from KIS to access the Withdrawal Request Form.
VRT Scheme Creditors who have fully and successfully submitted their claims in the Initial RDA have had their claims fully extinguished and are not eligible to receive a share of the Second Distribution. Such Scheme Creditors will not receive an email from KIS to access the Withdrawal Request Form.
VRT Scheme Creditors who have successfully submitted part of their claims in the Initial RDA have had that part of their claims extinguished. Such Scheme Creditors are eligible to receive a share of the Second Distribution to the extent of their remaining, unextinguished claims. Such Scheme Creditors will receive an email from KIS to access the Withdrawal Request Form.
VRT Scheme Creditors who have previously submitted all or part of their claims in the Initial RDA but were unsuccessful in their bid will not have such claims extinguished. Such Scheme Creditors will be eligible to receive a share of the Second Distribution. Such Scheme Creditors will receive an email from KIS to access the Withdrawal Request Form.
Question 3: How will the overall process work?
A login link for a Withdrawal Request Form and unique login credentials will be provided to all Scheme Creditors entitled to a share of the Second Distribution by Kroll Issuer Services (“KIS”), who have been engaged by the Company to administer the Withdrawal Request Form.
All Scheme Creditors (regardless of whether or not they reside in a jurisdiction supported by Crypto.com) must submit the Withdrawal Request Form to access their share of the Second Distribution. Each Scheme Creditor will only be able to submit the Withdrawal Request Form once.
If you reside in a jurisdiction supported by Crypto.com, please submit the Withdrawal Request Form only after you have created a Crypto.com account and completed KYC.
If you reside in a jurisdiction unsupported by Crypto.com (including NY State), please submit the Withdrawal Request Form and we will be in contact with further details regarding the Alternative Withdrawal Method.
For all Scheme Creditors who have signed up to Crypto.com and have a fully KYC-ed account, their allocation of the Second Distribution will be made available in their Crypto.com account once they have validly submitted their Withdrawal Request Form and the relevant internal verifications between Defi Payments and Crypto.com have been completed. This process is expected to take two calendar weeks. Such Scheme Creditors will then be able to trade / withdraw their share of the Second Distribution on Crypto.com.
Scheme Creditors who reside in jurisdictions not supported by Crypto.com must also submit the Withdrawal Request Form. These Scheme Creditors (residing in unsupported jurisdictions, including NY State) will receive further information in respect of the Alternative Withdrawal Method and how they may participate in receiving their share of the Second Distribution.
Question 4: Withdrawal Request Form
The Withdrawal Request Form tells the Company which Scheme Creditors want to withdraw their share of the Second Distribution. If you are not eligible for a share of the Second Distribution, you will not be able to access the Withdrawal Request Form.
If you want to withdraw your share of the Second Distribution, you must submit the Withdrawal Request Form. This is applicable regardless of whether you reside in a jurisdiction supported or not supported by Crypto.com.
On the Withdrawal Request Form, you will be shown your token entitlement under the Second Distribution, and you will be informed if you reside in a jurisdiction supported or unsupported by Crypto.com based on the Company’s records. You will have the opportunity to confirm / amend the jurisdiction in case you no longer reside in the same jurisdiction as when you last KYC-ed with Vauld.
The Withdrawal Request Form is expected to be held open until the end of the Scheme to give Scheme Creditors who did not initially submit it a chance to submit it later. Any changes will be communicated to Scheme Creditors.
The Withdrawal Request Form can only be submitted once.
Scheme Creditors who reside in a jurisdiction supported by Crypto.com should complete their account creation and KYC with Crypto.com before submitting the Withdrawal Request Form, and enter your relevant Crypto.com account details in the Withdrawal Request Form accurately.
Scheme Creditors who reside in a jurisdiction not supported by Crypto.com should submit the Withdrawal Request Form so that we can provide further information in respect of the Alternative Withdrawal Method in due course.
The Withdrawal Request Form is only applicable to the Second Distribution. It is not applicable to the First Distribution or any other distribution following the Second Distribution. Separate processes and withdrawal request forms will be created for such distributions.
Question 5: Second Distribution via Crypto.com: How will it work?
Once you have successfully created and KYC-ed a Crypto.com account and submitted the Withdrawal Request Form, verifications will be carried out by the Company and Crypto.com. Once internally verified, the relevant tokens will be transferred to Crypto.com and credited to your verified Crypto.com account as stated in the Withdrawal Request Form. This process is expected to take two calendar weeks.
Once the tokens have been credited to your Crypto.com account, you may trade them on Crypto.com or withdraw them to your private wallets. All such activities carried out on Crypto.com will be subject to the prevailing T&Cs of Crypto.com.
Question 6: Second Distribution via the Alternative Distribution Method: How will it work?
The Alternative Distribution Method is a contingency plan for a very small subset of Scheme Creditors residing in jurisdictions unsupported by Crypto.com.
Scheme Creditors will be able to see on the Withdrawal Request Form whether they reside in a jurisdiction supported / unsupported by Crypto.com.
Given that most Scheme Creditors are supported by Crypto.com, the Crypto.com approach will be prioritized to allow as many Scheme Creditors access to the Second Distribution as quickly as possible.
The Alternative Withdrawal Method will, by its more manual nature, take more time. Please rest assured that affected Scheme Creditors will not have their token quantity entitlements affected and you will not be missed out. We remain committed to seeing this through in due course and will keep affected Scheme Creditors updated on progress.
Question 7: Second Distribution via Crypto.com: Fixes for commonly encountered technical issues access and KYC
If you have issues accessing Crypto.com: we recommend trying different devices (desktop / laptop / mobile) and different kinds of networks (WiFi / mobile under different internet service providers).
Another fix that may work involves changing your DNS to Google DNS. On mobile devices, navigate to Settings > Network & Internet > Private DNS > Private DNS provider hostname, and enter “dns.google”. You may use Google Search to obtain instructions for other Windows / Mac devices.
If you have issues receiving mobile OTP on Crypto.com: please ensure you are not using Voice over Internet Protocol (VoIP) or temporary phone numbers which are blocked by Crypto.com. Issues with receiving mobile OTPs may also be due to your telecoms service provider. Please try with another mobile device and / or telecoms provider and if still not resolved, escalate to Crypto.com’s customer service.
If you have issues completing KYC on Crypto.com: We recommend submitting only camera-taken images of KYC documents (such as on your mobile device) as this is a liveness check run by Crypto.com’s KYC process.
Do not submit computer scanned KYC documents as they tend to get flagged by and rejected given the susceptibility of computer scanned files to modification.
If the above do not work for you, please write to [email protected] with details on your inability to access Crypto.com / clear KYC with Crypto.com. Written details (particularly any error messages) and screenshots of the issues you encounter should be provided.
We are in communication with Crypto.com to resolve commonly encountered issues or generate workarounds, and your feedback is important to this process.
Question 8: Once a Withdrawal Request is submitted, what will be the expected turnaround time for receipt of the Second Distribution?
We are targeting an initial turnaround time of 2 calendar weeks for the first tranche of Withdrawal Request Form submissions however this is subject to change particularly in the early days of the Second Distribution.
This turnaround time is necessary to allow Crypto.com to run their internal verifications and for the verified Second Distribution token allocations of each tranche to be transferred to Crypto.com.
Turnaround time is presently being worked on with Crypto.com and is likely to improve over time as the withdrawal process through Crypto.com becomes more mature.
This estimate is only relevant to Scheme Creditors who reside in jurisdictions supported by Crypto.com. Scheme Creditors who reside in jurisdictions unsupported by Crypto.com (including NY State) will have to go through the Alternative Withdrawal Method which is presently in being worked on and for which a time estimate is not presently available.
Question 9: How will Withdrawal Requests be prioritized for processing?
Withdrawal Requests will be processed in tranches on a first-come, first-served basis.
Other factors such as track choice (PRT or VRT), jurisdiction, and individual value of withdrawals will not affect prioritization of processing.
The above is only relevant to Scheme Creditors who reside in jurisdictions supported by Crypto.com. Scheme Creditors who reside in jurisdictions unsupported by Crypto.com (including NY State) will have to go through the Alternative Withdrawal Method for which processing methodology is presently in being worked on.
Question 10: Is there any option for Scheme Creditors to withdraw to a private wallet address instead of using Crypto.com?
If you reside in a jurisdiction supported by Crypto.com, you will have to sign up for and KYC an account with Crypto.com. Once you receive your share of the Second Distribution in your Crypto.com account, you may then withdraw it to your own private wallet address.
If you reside in a jurisdiction unsupported by Crypto.com (including NY State), you will have to go through the Alternative Withdrawal Method which will be more manual, will take longer to process and ultimately will either result in direct token deposit to private wallet addresses or direct fiat deposit to private bank accounts.
Please note that if you are eligible to use Crypto.com for the Second Distribution, you will not be able to use the Alternative Withdrawal Method which is maintained solely as a contingency for a very small subset of Scheme Creditors residing in jurisdictions unsupported by Crypto.com.
Question 11: Are there any withdrawal / trading charges applicable to Crypto.com?
Crypto.com will impose trading and withdrawal charges in line with their platform policy.
Defi Payments Scheme Creditors will be offered a complimentary 3 months of Level Up Plus subscription on the Crypto.com platform which includes perks such as nil trading fees for the first USD20,000 of crypto-crypto trades every month and 0% foreign exchange fees on any crypto-fiat currency conversions.
Question 12: Do I have to use the same registered Vauld email address to sign up with Crypto.com?
No – you do not have to use the same email address with Crypto.com as you did with Vauld. You will have the opportunity to provide your Crypto.com email address in the Withdrawal Request Form.
However, please do not provide Crypto.com account details for a third-party. You should only submit Crypto.com account details that you have personally KYC-ed with Crypto.com.
The Scheme Manager and the Company reserve the right to reach out to Scheme Creditors to clarify details in respect of their Withdrawal Request Forms submission, and doing so may result in your Withdrawal Request being subject to enhanced due diligence / verifications which are intended to mitigate risk of fraud and may result in material delay.
Question 13: Process for corporate Scheme Creditors
For avoidance of doubt, the Second Distribution process is the same for both corporate and retail Scheme Creditors.
Corporate Scheme Creditors will also have to create and KYC an account with Crypto.com if they reside in a jurisdiction supported by Crypto.com and submit a Withdrawal Request Form.
Corporate Scheme Creditors that reside in a jurisdiction unsupported by Crypto.com (including NY State) will have to submit a Withdrawal Request Form and will have to go through the Alternative Withdrawal Process.
Question 14: Who are Kroll Issuer Services (“KIS”)? Why are they involved in the Second Distribution?
KIS is the Issuer Services arm of the Kroll organization and specializes in centralized tabulation, balloting and verification work to support large-scale restructurings such as that of Defi Payments Pte Ltd. KIS was also the tabulation agent that supported the original Scheme vote in 2023.
KIS has been engaged by the Company to administer the Withdrawal Request Form to improve security and efficiency through automated verifications and unique authentications for user logins.
Following a detailed assessment of the proposed Second Distribution methodology, KIS’s involvement was requested by the two new directors (Jonny Edelman and Luke Furler) for its security and efficiency benefits. KIS’s involvement has since been unanimously approved by the Board for use in the Second Distribution.
Question 15: First Distribution: How will the process work?
The First Distribution commenced in 4Q2023 and the vast majority of Scheme Creditors have already withdrawn their share of the First Distribution.
While some Scheme Creditors have not yet withdrawn their share of the First Distribution, the Second Distribution is being prioritized given that significantly more Scheme Creditors are eligible for the Second Distribution.
Scheme Creditors who have not yet withdrawn their share of the First Distribution and want to do so will be able to do so via Crypto.com. This will commence at a later date once the Second Distribution is substantially complete and will be run in parallel with the Second Distribution.
Please note that the Withdrawal Request Form for the Second Distribution is not relevant to the First Distribution. A process and withdrawal request form for the First Distribution will be set up and communicated separately to eligible Scheme Creditors.
Question 16: I did not receive KIS email for access to the Second Distribution Withdrawal Request Form?
KIS email issuance reporting indicates that the main issues encountered by Scheme Creditor involve:
the KIS email being caught in spam;
email inboxes running out of storage space;
private email relay issues; and
user-side email address issues such as inactive / disabled email addresses, and email addresses being over quota, etc.,
If you did not receive the KIS email, the first thing you should do is check your spam.
If you still do not see the KIS email in your spam, please email [email protected] and Vauld Care will be able to provide more detail in respect of your specific issue and help with a resolution.
Another round of KIS emails will be sent on 13 February 2026 to Scheme Creditors who did not receive the first round of KIS emails sent on 30 January 2026.
Please ensure that you contact Vauld Care per the instructions above and resolve your issues before then to receive your KIS email.