In the days following last week’s market event, we commenced a complete review and investigation of the circumstances that led to the sudden movement in NIL. We now want to provide a clear update on the progress of that investigation and  our immediate response, the processes now in motion, and how we are positioning the project moving forward. What we did immediately after the incident. The liquidation of NIL tokens by this market maker happened very rapidly and without Nillion’s knowledge or authorisation. As soon as we identified the source of the issue, we took immediate action. The speed and time at which this market maker acted prevented us from being able to halt their actions. After a full accounting of the situation, we began implementing our initial buybacks. The Association allocated capital from the treasury to fund the purchase of NIL within hours of the situation unfolding. However, when volatility and volume spiked to ATHs, the trading conditions became untenable. We paused these buybacks after acquiring 1.1 million NIL to avoid amplifying the existing disruption. Across each step, we acted quickly, coordinated closely with our partners, and focused on protecting the integrity of the market and the community. What Happens Now We are close to finalizing a fulsome structured buyback program. This plan is being developed with our other market making partners at Flow Desk to ensure that buybacks are executed in compliance with market rules, methodically and without creating new instability in the market. The goal is a deliberate, coordinated approach rather than a reactive one. For those looking for an immediate price retrace this is not our strategy, our buyback program will be a longer term program prioritizing stable recovery. We are also accelerating our transition to new market making partners. These firms are being onboarded with stronger controls, clearer oversight, and a framework designed to prevent any recurrence of this type of event. This incident was not the result of a technical error or a system failure. We also want to be absolutely clear that zero team or investor tokens were sold at any point since TGE. This is verifiable onchain through mintscan. The sudden drop in the NIL token was caused by the unilateral and unauthorised actions of the market maker who held a large number of NIL tokens and chose to liquidate the entire position without warning. The facts show that we were acquiring tokens and strengthening our ecosystem. We were blindsided by a unilateral decision that broke both trust and contract, and we are treating this with the utmost seriousness. This will not derail our mission Our mission has not changed. Our community and our belief that privacy is a fundamental human right continue to guide us. This event has tested us but it will not stop us, and what we are building will outlast any single incident. We are here for the long term, and we are not going anywhere.