Hey,
It’s expected that closing v1 markets will be finished in December. The DAO will work on v2 in January, and it’s hard to estimate how much time it will take.
Funds are locked because of a hack and lack of cash in the protocol, not because the v1 app is disabled. They are subject to reimbursement, which will take time even after the v2 launch.
There is no risk of liquidation because of the same reason.
The process of the v1 ⟶ v2 transition is started.
See Important question's to the community and XCN team? - #2 by alex for more info.