Entropy is providing this update on behalf of the reviewing committee.
Reports
The reviewing committee has completed its investigations into all of its reports related to the historic incentive programs. Of the two investigations that were still outstanding as of last month, one was determined to be valid misuse while the other was considered not valid.
On Monday, May 11th, the new time-frame limit on eligible reports went into effect. Going forward only reports involving incidents or programs after 2025 will be investigated by the reviewing committee, which now includes the OpCo. As stated previously, Entropy and the reviewing committee will continue to work alongside OpCo for the next few months so that the transition can happen smoothly and help the members of OpCo get up to speed on how investigations are conducted.
Finances
The following is a breakdown of the Watchdog Program’s finances since the program launched in September, 2025. All numbers are denominated in ARB and assumes a price of $0.10 for May month end.
Only a single payment was completed in May, as the majority of outstanding payments were processed in the previous month. Outstanding opex payments were completed to Ministro for his work through March, April, and May. As of May 31st, there are still 2 earmarked payments for reporters that have not started KYC. Entropy continues to follow up with these reporters through the Globaleaks platform to remind them that their rewards will be forfeited in July if they do not begin this process. At month end, the working budget of the program was ~476,546 ARB (assuming an ARB price of $0.10).