Handling lost access to investor wallets
Replacing an investor's funds if they lose access to their Green wallet
In the case where an investor/registered user loses access to their Green wallet that holds an AMP asset, the issuer can follow a process that:
- Locks the UTXOS held in the wallet. This prevents them moving again, should the investor regain access to the wallet. They are locked by adding them to a list of UTXOs AMP/Green will never add the 2nd signature of the required 2-of-2.
- Takes a new wallet's AMP ID from the investor and adds it to the investor as the new default AMP ID.
- Reissuses the lost amount of the asset.
- Assigns it to the investor.
- Distributes it to the investor.
The full process and required endpoints are detailed below.
First the issuer calls:
That returns the balance of the asset that GAID/AMP ID holds - the issuer would need to note this for later when the amount will be reissued. Next the issuer calls:
The issuer iterates all UTXOS (which could be a lot) and then for each entry match to the AMP ID for the lost wallet, building up an array of the UTXOs that are related to the lost wallet and need locking. These are then sent as an array to:
The above prevents the investor from ever spending the asset if they then later regain access to the wallet.
Liquid circulating supply
As the issuer cannot burn the balance as they are stuck in the wallet and cannot be sent back to the issuer to then burn, the issuer should note than any asset balances derived form the Liquid blockchain, for example unblinding links and the actual values shown on the asset page (like this one) cannot deduct UTXOs that AMP has locked/blacklisted as the blockchain is not aware of them. Locked/blacklisted UTXOs are essentially "do not allow this UTXO to be spend via AMP adding a 2nd signature" records in AMP.
After the issuer has locked the balances for the wallet it is expected that the investor submits a new AMP ID from a newly created Green wallet that they have access to. The issuer then calls:
Now the issuer must reissue the amount locked and noted in the first step, assign it to the investor and distribute it.
By following the above process the investor regains the amount of the AMP asset in the wallet they lost access to.
Updated 3 months ago