11. Regulatory Compliance and Risk Management

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11.1 Regulatory Framework

Token Classification

Item	Details
Classification	Utility token
Use	Content access, voting, membership, payments
Non-security requirements	No profit-sharing rights, no equity rights, no redemption rights
Legal opinion memo	Planned to be secured prior to launch

Non-security Design Principles

• No direct profit distribution to VIBER holders

• Buybacks are at the treasury’s discretion (not guaranteed)

• Governance voting is advisory in nature (no financial decisions allowed)

• Holding the token does not represent equity in the company

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11.2 Security Audit

Smart Contract Audit

Item	Details
Audit targets	VIBER token, staking contract, multisig treasury, ZK verification contract
Auditor	Beosin
Timing	Completed before TGE

Audit Scope

• Access control vulnerabilities

• Reentrancy attacks

• Integer overflow/underflow

• Privilege escalation attacks

• ZK verification logic errors

Post-audit Actions

• Publish the full audit report

• Transparently disclose discovered vulnerabilities and fixes

• Operate an Immunefi bug bounty program

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11.3 Risk Factors

Technical Risks

Risk	Description	Mitigation
Smart contract vulnerability	Loss of funds due to code bugs	Multiple audits, bug bounty, phased deployment
ZK proof error	Membership verification failure	Sufficient testnet validation, fallback mechanism
Solana network outage	Temporary service interruption	Establish outage response process, user notification system
Private key loss/theft	Loss of treasury funds	Multisig (3/5), hardware wallet usage

Business Risks

Risk	Description	Mitigation
Failure to secure content	Limited IP utilization scope	United Pictures partnership confirmed, phased expansion
Production project delay/cancellation	Roadmap disruption	Build a multi-project pipeline
Weak user acquisition	Failure to activate the ecosystem	Diversified marketing, community incentives
Film box office failure	Insufficient buyback funding	Risk diversification through multiple projects

Market Risks

Risk	Description	Mitigation
Crypto market downturn	Token price decline, reduced liquidity	Offer fiat payment option in parallel, operate with a long-term view
Regulatory environment change	Constraints on the business model	Monitor regulatory trends, respond proactively, and obtain legal advice
Intensifying competition	Emergence of similar projects	Secure content exclusivity, first-mover advantage

Operational Risks

Risk	Description	Mitigation
Key personnel departure	Disruption to development/operations	Vesting structure, team expansion
Fund depletion	Operations halt	Conservative budgeting, staged funding
Reputational risk	Negative public sentiment	Transparent communication, crisis response system

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11.4 Treasury Security

Multisig Structure

Item	Details
Platform	Squads Protocol
Structure	3/5 multisig
Signers	2 founding team members + 2 advisors + 1 emergency recovery
Storage	Hardware wallet (Ledger)

Fund Disbursement Policy

Amount	Approval requirement	Timelock
Under $10,000	2/5 signatures	Immediate
$10,000-$100,000	3/5 signatures	24 hours
Over $100,000	4/5 signatures	72 hours

Emergency Response

• Emergency freeze upon anomaly detection (2/5 signatures)

• Publish a post-incident report within 72 hours

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