What happens to people who have gifted VRC+ in the past but haven't been able to this month? Why won't they be included in the Top 10 or receive the Special badge?

I have a friend who has gifted over 8,000 VRC+, or more, I've lost count, since his VRChat badge only reaches 5,000. That's way more than the current Top 1 on the leaderboard, which is only 600. Why can't he participate?