What Is the Financial Risk of an Unvested Token Being Treated as a ‘Naked’ Position?

Treating an unvested token as a 'naked' position (an option sold without owning the underlying asset) is incorrect, as the holder owns the asset but is restricted from selling. However, the financial risk for the project is that if the team or investor sells the unvested tokens through illicit means, it creates a massive, uncovered short position that can lead to a 'liquidity crisis' or 'rug pull' when the tokens are due to be released.