Disclaimer

OpenForage Company, S.A. and its affiliates are not registered, licensed, authorised, recognised, approved or exempted in any jurisdiction as Virtual Asset Service Providers (VASPs), digital token service operators, financial institutions, financial advisers, nor any other regulated activity under any applicable securities regulation or VASP-related legislation, and do not hold nor purport to hold any licence with any regulator globally, nor does OpenForage Company, S.A. or its affiliates engage in any other form of regulated activity administered by any regulatory authority. Accordingly, OpenForage Company, S.A. is an unregulated person (with no licensing obligations) and must not be perceived as being licensed, regulated, sanctioned, endorsed or approved in any jurisdiction.

Protocol Risks

The following risk disclosures, drawn from our Terms & Conditions, describe risks you assume by interacting with the OpenForage Ecosystem and the Tokens.

By participating in the Ecosystem or using the Tokens, you acknowledge and accept the following risks:

Loss of Access to Tokens

A private key, or a combination of private keys, is necessary to control and dispose of the Tokens stored in your self-custodial digital wallet. Loss of the requisite private key(s) associated with your wallet will result in the irreversible loss of your Tokens.

If any third party gains access to your private key(s), including by accessing your login credentials or exploiting vulnerabilities in your wallet, they may misappropriate your Tokens without recourse.

Errors or malfunctions in the wallet you use to store Tokens, or your failure to properly maintain or use such a wallet, may result in the loss of your Tokens. Transactions in the Tokens are irreversible, and losses due to accidental or fraudulent transactions may not be recoverable. For example, sending Tokens to an incorrect address may result in permanent loss.

Blockchain-Related Risks

The Tokens operate on the Ethereum blockchain and are subject to the inherent risks of decentralised blockchain systems. These include:

Mining or validator attacks, such as double-spend attacks, majority mining power attacks, or selfish-mining attacks, which could compromise the integrity of Token transactions.

Network vulnerabilities, forks, and changes to cryptographic protocols or consensus mechanisms that may impact the functionality and security of the Tokens.

Any successful attack on the Ethereum blockchain or significant network congestion may delay or invalidate transactions involving Tokens.

Hacking and Security Weaknesses

Hackers or malicious entities may attempt to exploit vulnerabilities in the Ecosystem or the Ethereum blockchain, including through attacks such as malware, phishing, denial of service, consensus-based attacks, or Sybil attacks.

As the Ecosystem is built on decentralised, open-source software, there is a risk of unintentional or intentional introduction of vulnerabilities, including weaknesses in smart contract code, which could result in loss of functionality or value for Tokens.

Although the Company implements commercially reasonable security measures, the Company cannot guarantee protection against all cybersecurity threats.

Venue Concentration Risk

The Ecosystem’s trading operations may rely on a limited number of execution venues (including, without limitation, Hyperliquid). A regulatory action against, exploit of, liquidity crisis at, or operational failure of any such venue may interrupt the Ecosystem’s trading activities, delay redemptions, or impair the value of atRISKUSDC. The Company maintains contingency plans for venue concentration but cannot guarantee that a fallback venue will be immediately available in all circumstances.

Market-Related Risks

Tokens are utility tokens designed exclusively for use within the Ecosystem and are not intended as financial instruments. However, third-party exchanges may facilitate trading of the Tokens, and such markets may be unregulated and subject to volatility.

The external value of Tokens, if any, may fluctuate significantly or diminish entirely. The Company does not guarantee liquidity or secondary market value for Tokens.

Uninsured Losses and No Reserve Fund

Unlike traditional financial instruments or accounts, Tokens are not insured by any public or private insurance scheme. The Company does not maintain a reserve fund, insurance pool, or other dedicated mechanism to compensate for User losses. Any voluntary loss-coverage actions taken by the OpenForage governance treasury are discretionary, governance-approved, capped, and not contractually owed to any User. In the event of loss, theft, or diminution of value, there is no recourse unless you independently secure insurance coverage.

Team Dependency Risk

12A. The Ecosystem currently depends on a small operational team for software development, infrastructure operation, parameter tuning, and protocol governance support. Operational continuity, including the availability and quality of the Service, is materially affected by the team’s continued engagement. The Company is pursuing a published trajectory of progressive decentralization through governance, including the transfer of operational authority to FORAGE governance over time; however, until that decentralization is complete, the team-dependency risk remains material. There is no guarantee that the decentralization trajectory will be completed on any specific timeline, or at all.

Regulatory Risks

The regulatory status of blockchain technology and tokens remains uncertain in many jurisdictions and is rapidly evolving. Regulatory changes or enforcement actions — including without limitation those arising from the United States Guiding and Establishing National Innovation for U.S. Stablecoins (“GENIUS”) Act, the European Union Markets in Crypto-Assets Regulation (“MiCA”), guidance and enforcement positions adopted by the Monetary Authority of Singapore (“MAS”), and equivalent regulatory regimes in any other jurisdiction — could impact OpenForage, the Tokens, or your ability to use the Ecosystem.

The Company may cease operations in certain jurisdictions if regulatory changes make it illegal or commercially unviable to continue providing the Service in those areas.

Taxation Risks

The tax implications of acquiring, holding, and using Tokens vary by jurisdiction. You are solely responsible for consulting with tax advisors and complying with applicable tax laws, which may include withholding taxes, income taxes, and reporting obligations.

Company Disruption Risks

The Ecosystem may face disruptions due to unfavourable market conditions, technological challenges, intellectual property disputes, or other commercial factors. These disruptions could impact the availability, utility, or functionality of Tokens.

While the Company will take reasonable steps to mitigate operational risks, there is no guarantee that such measures will prevent all disruptions.

Unanticipated Risks

Cryptographic tokens like Tokens represent evolving technology. In addition to the risks identified above, there may be other unanticipated risks associated with your acquisition, holding, or use of Tokens. These risks may arise from unforeseen circumstances or as combinations of the risks described in these Terms.