I must say that I am very surprised that steamboat hasn't provided an official update considering that over the last few days at least a dozen of 10K chip orders have already been refunded.
However, I am confident that he has the situation covered and that there will be a satisfactory update shortly.
Reminder that in last update he said that refunds will be facilitated and that he was only waiting for a confirmation from Yifu allowing refunds:
Update:Chip Refunds:The Avalon website clearly states in their no BS terms of sale there are no refunds for Batch purchases. Yifu has since stated he will be making a refund form for chip purchases (
https://bitcointalk.org/index.php?topic=269950.msg3030839#msg3030839). Whether he will, when the refund option will be available, and when the refund will be processed is unknown. In the event Yifu and Bitsyncom do allow refunds, we will facilitate this process for all those willing to do so. We have tentatively drafted the following, which will be finalized and updated upon confirmation of this option from Yifu and Bitsyncom.
All those requesting a chip refund will be allowed to do so, so long as there are enough requests to fulfill an entire batch. We will not force anyone to accept a refund.
Refunds of batches will be requested from Yifu and Bitsyncom beginning with the last batch, and continue to the first so long as refund requests fill an entire batch.
Customers in a batch which has been refunded will be placed in an earlier batch according to their position in that batchs order, and their position relative to other batches. All purchases will be kept in their original order, and the order book truncated to reflect the refunded purchases.
Once a refund request has been placed with us, and the refund request submitted to Yifu and Bitsyncom, it is final. There will be no option to receive the chips originally ordered for any reason once the process has begun.
Chip purchase refunds will be dispersed upon receipt of the refund from Yifu and Bitsyncom. We will supply any administrative paperwork necessary and do what we can to facilitate the refund, but we are not responsible for any delays outside of our control, which include delayed receipt of the refund from Yifu and Bitsyncom, and will not disperse refunds prior to receipt of the funds from Yifu and Bitsyncom.
We will post an update and send an email to everyone who has purchased chips with additional information and instructions once we have received confirmation of the refund option.