Risk disclosure
What can go wrong
Illiquidity, issuer default, conversion friction and the off-chain dependency, regulatory change, and the current development stage — including the possibility of total loss.
These instruments are illiquid
There is no exchange listing and no guaranteed buyer. You may not be able to sell when you want to, or at all, and there is no reference price to sell against.
Holders can post what they hold on the resell board, but a posting is not a bid. A sale happens only if a buyer turns up and agrees terms.
Distributions depend on the issuer paying
Where an instrument pays income, nothing moves until the issuer deposits the funds. The contract distributes what arrives; it cannot create money that was never sent.
If the issuer doesn't pay, holders have legal recourse against the issuer. Recourse is a claim, not a payment: pursuing it takes time, costs money, and can end without recovery.
Conversion runs through an off-chain legal process
Conversion into shares is not automatic and does not happen on-chain. It goes through the standard legal share-transfer procedure, which depends on the issuer and its founders doing their part.
If they won't facilitate the transfer, the holder's route is legal recourse against them. Where a share pledge is registered in holders' favour, that is what gives the recourse teeth. Where one isn't registered, there is no collateral standing behind the claim.
Conversion and delivery require verification
Tokens are bearer instruments and, unless the class is KYC-gated, can be bought and traded without identity verification, but converting them into company shares or redeeming a physical asset requires it. A token can therefore reach a wallet that cannot convert or redeem it until its holder passes verification, and a buyer who expects to convert or redeem should check that they can before buying.
Manci does not move the goods. Delivery is arranged with the issuer, and a cancelled delivery returns the tokens rather than the asset.
The platform can freeze an issuer's proceeds
A Manci admin can freeze the proceeds of one issuer, for example on suspicion of fraud. Its sales stop and nothing is paid out to it until the Super Admin lifts the freeze. Money you already paid into that issuer's sale stays locked in the sale's escrow for as long as the freeze lasts: it is not refunded to you, and there is no instruction that returns it. You keep the units you bought.
An OTC deal cannot expire while one of its parties is on the blocklist: a Manci admin cancels it, which returns the deposits. Until an admin does, your deposit stays in the deal's escrow.
The regulatory position can change
Company ownership, debt and revenue share are issued through a Serbian SPV, capped at EUR 3 million per SPV per year. Some issues require whitepaper approval from the Serbian Securities Commission, and approval is not guaranteed.
The rules that apply to tokenized instruments are still developing. A change in law or in regulator practice can affect what may be issued, who may hold it, and what an issuer has to do.
The platform is at an early stage
The platform runs on Solana mainnet at v0.1, and the product can change.
Software can contain defects. Both on-chain programs have been through internal security reviews and automated testing. No independent external audit has been completed yet. Reviews reduce the risk of a contract-level failure; they do not remove it.
You can lose everything
Tokenized instruments carry risk, including total loss of the amount committed. Do not commit money you cannot afford to lose entirely.
Digital asset transactions are not covered by deposit insurance or by any investor protection or compensation scheme.
What each instrument actually carries →
Nothing on this page is investment, legal or tax advice, and nothing here is an offer to sell securities.