{"investigation":{"slug":"ondo-finance","entity_name":"Ondo Finance","trust_score":62,"severity_base":null,"score_modifier":4,"confidence":0.72,"status":"published","content_type":"investigation","summary":"Ondo Finance is a real-world asset (RWA) tokenization protocol founded in 2021 that offers tokenized U.S. Treasury products (OUSG, USDY) and, through the separately incorporated Ondo Global Markets entity, tokenized U.S. equities and ETFs on Ethereum, Solana, BNB Chain, and other networks. The core tokenization and custody model — regulated broker-dealer custody, a bankruptcy-remote SPV issuer, and off-chain minting/redemption tied to Nasdaq/NYSE liquidity rather than on-chain DEX pools — is well documented and has not been credibly disputed. However, founder Nathan Allman's unexpected death in May 2026 triggered an unresolved corporate control dispute in Delaware Chancery Court between his estate (led by his mother, Kathleen Allman) and interim CEO Ian De Bode, compounded by a separate Hawaii conservatorship fight over Kathleen Allman's own capacity; this succession crisis, not the tokenization technology, is the dominant near-term governance risk. Ondo's underlying products, an SEC investigation closed without charges in late 2025, and continued regulatory engagement (no-action letter request, DTCC consortium) remain unchanged in substance since the prior review.","sections":[{"content":"Ondo Finance was incorporated in 2021 by Nathan Allman, who previously worked at Goldman Sachs and founded the crypto hedge fund ChainStreet Capital, and Justin Schmidt, a former Head of Digital Asset Markets at Goldman Sachs. Nathan Allman died unexpectedly in May 2026 at age 32; Ondo Finance announced his passing on May 26, 2026 without disclosing a cause of death. Ian De Bode, who had joined Ondo as chief strategy officer in March 2024 (after running digital-assets work at McKinsey) and was promoted to President in November 2025, was announced as CEO following Allman's death. This leadership transition and the corporate control dispute it triggered are covered in a dedicated section below.","heading":"Company Overview and Leadership","sources":[{"url":"https://iq.wiki/wiki/nathan-allman","name":"IQ.wiki: Nathan Allman profile","type":"research","credibility":2},{"url":"https://www.coindesk.com/markets/2026/05/26/ondo-finance-founder-nathan-allman-passes-away","name":"CoinDesk: Ondo Finance founder Nathan Allman passes away","type":"news_article","credibility":1},{"url":"https://finance.yahoo.com/markets/crypto/articles/ondo-finance-founder-passes-away-071418760.html","name":"Yahoo Finance: Ondo Finance Founder Passes Away, De Bode Takes Over as CEO","type":"news_article","credibility":1}],"severity":"medium"},{"content":"In April 2022, Ondo Finance raised a $20 million Series A led by Founders Fund and Pantera Capital, with participation from Coinbase Ventures, Tiger Global, Wintermute, GoldenTree Asset Management, Steel Perlot, and Flow Traders. No subsequent priced funding round has been publicly disclosed as of this review.","heading":"Funding and Investors","sources":[{"url":"https://www.coindesk.com/business/2022/04/27/founders-fund-pantera-invest-in-defi-investment-bank-ondo-finance","name":"CoinDesk: Founders Fund, Pantera Invest in DeFi Investment Bank Ondo Finance","type":"news_article","credibility":1},{"url":"https://www.prnewswire.com/news-releases/founders-fund-and-pantera-lead-20m-investment-in-ondo-finance-to-build-a-decentralized-investment-bank-301533900.html","name":"PR Newswire: Founders Fund and Pantera Lead $20M Investment","type":"news_article","credibility":1}],"severity":"low"},{"content":"Ondo's original products are OUSG (Ondo Short-Term US Government Bond Fund) and USDY (US Dollar Yield Token). OUSG provides tokenized exposure to short-term U.S. Treasury securities primarily by holding shares of BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), with a substantially lower minimum investment than BUIDL's direct $5 million threshold. USDY is a tokenized note secured by short-term Treasuries and bank deposits, issued under Regulation S for non-U.S. investors. Both offer 24/7 on-chain minting and redemption, with custody through Fireblocks and Zodia Custody. Because OUSG's primary holding is a third-party BlackRock product, Ondo functions in large part as a distribution and composability layer on top of BUIDL rather than a direct holder of sovereign debt, a structural dependency that has been noted by critics.","heading":"Core Products: OUSG and USDY","sources":[{"url":"https://www.ccn.com/education/crypto/ondo-finance-turns-us-treasuries-into-24-7-yield-tokens-ousg-usdy/","name":"CCN: How Ondo Finance Turns US Treasuries Into 24/7 Yield Tokens With OUSG and USDY","type":"news_article","credibility":2},{"url":"https://blockonomi.com/inside-ondo-finance-how-ousg-and-usdy-tokenize-us-treasuries-through-distinct-legal-frameworks","name":"Blockonomi: Inside Ondo Finance - OUSG and USDY Legal Frameworks","type":"news_article","credibility":2},{"url":"https://ondo.finance/ousg","name":"Ondo Finance Official: OUSG","type":"official","credibility":2},{"url":"https://ondo.finance/usdy","name":"Ondo Finance Official: USDY","type":"official","credibility":2}],"severity":"low"},{"content":"In October 2023, the SEC opened a confidential investigation into Ondo Finance examining whether its tokenized Treasury products and the ONDO token complied with federal securities laws. In late November 2025, Ondo received formal notice that the investigation had closed without recommended charges, enforcement action, fines, or required business-model changes, a development publicly reported in December 2025. The closure coincided with a broader shift in SEC enforcement posture under Chairman Paul Atkins, who also oversaw the closure or withdrawal of proceedings against Coinbase, Ripple, and Kraken. The two-year duration of the investigation and the underlying securities-classification questions remain part of the protocol's regulatory history even though the outcome was favorable.","heading":"SEC Investigation: Initiation and Closure","sources":[{"url":"https://www.coindesk.com/markets/2025/12/08/ondo-token-gains-as-sec-ends-investigation-into-rwa-tokenization-platform","name":"CoinDesk: RWA Tokenization News - SEC Ends Probe into Ondo","type":"news_article","credibility":1},{"url":"https://finance.yahoo.com/news/end-sec-ondo-finance-investigation-164325106.html","name":"Yahoo Finance: What the End of the SEC Ondo Finance Investigation Means for Tokenized Assets","type":"news_article","credibility":1},{"url":"https://www.cryptoinamerica.com/p/sec-ends-two-year-investigation-into","name":"Crypto in America: SEC Ends Two-Year Investigation Into Ondo","type":"news_article","credibility":2},{"url":"https://coinlaw.io/ondo-finance-sec-investigation-closed/","name":"Coinlaw.io: Ondo Finance Cleared by SEC After Two-Year Tokenization Investigation","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Ondo filed a public no-action letter request with the SEC on April 13, 2026, asking the agency to confirm that Ondo Global Markets can operate on Ethereum Mainnet without triggering enforcement action; this followed a confidential version submitted December 18, 2025. Separately, Ondo joined a DTCC consortium on tokenized-securities infrastructure; a July 15, 2026 production run under that consortium included more than 30 firms — including BlackRock, Goldman Sachs, J.P. Morgan, Circle, and Ondo — operating across the LF Decentralized Trust Besu and Canton networks. In March 2026, Franklin Templeton announced a joint tokenized-ETF initiative with Ondo. As of this review, no public SEC response granting or denying the no-action request had been identified. This pattern of proactive regulatory engagement remains distinctive relative to most crypto protocols.","heading":"SEC No-Action Letter and Regulatory Expansion","sources":[{"url":"https://cryptobriefing.com/ondo-finance-sec-no-action-dtcc-consortium/","name":"Crypto Briefing: ONDO Finance files SEC no-action letter, joins DTCC consortium","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/397258/ondo-seeks-sec-clearance-tokenized-equities-model-ethereum","name":"The Block: Ondo seeks SEC clearance for tokenized equities model on Ethereum","type":"news_article","credibility":1},{"url":"https://www.sec.gov/files/ctf-written-input-ondo-finance-041326.pdf","name":"SEC.gov: Ondo Finance No-Action Request - Broker-Dealer Support","type":"regulatory","credibility":1},{"url":"https://www.crowdfundinsider.com/2026/04/273248-ondo-finance-requests-sec-no-action-letter-for-ethereum-based-tokenized-securities-model/","name":"Crowdfund Insider: Ondo Finance Requests SEC No-Action Letter For Ethereum Based Tokenized Securities Model","type":"news_article","credibility":2},{"url":"https://theindustryspread.com/dtcc-tokenisation-october-launch-three-year-no-action-clock/","name":"The Industry Spread: DTCC's October tokenisation launch starts a three-year clock","type":"news_article","credibility":2}],"severity":"low"},{"content":"Ondo announced an agreement to acquire Oasis Pro, an SEC-registered broker-dealer, alternative trading system (ATS), and transfer agent, in July 2025; the acquisition closed in October 2025. Oasis Pro was among the first U.S.-regulated ATSs authorized to settle digital securities in stablecoins alongside fiat. Ondo describes the acquisition as giving it one of the most comprehensive sets of SEC registrations in the crypto tokenization sector, supporting private placements, underwriting, and M&A advisory.","heading":"Oasis Pro Acquisition","sources":[{"url":"https://blockworks.co/news/ondo-finance-finalizes-oasis-pro-acquisition","name":"Blockworks: Ondo Finance finalizes Oasis Pro acquisition","type":"news_article","credibility":1},{"url":"https://www.theblock.co/post/361120/ondo-finance-to-acquire-us-regulated-broker-oasis-pro-for-tokenized-securities-expansion","name":"The Block: Ondo Finance to acquire US-regulated broker Oasis Pro","type":"news_article","credibility":1},{"url":"https://ondo.finance/blog/ondo-acquires-oasis-pro","name":"Ondo Finance Official: Ondo Completes Acquisition of Oasis Pro","type":"official","credibility":2}],"severity":"low"},{"content":"Ondo Global Markets launched September 3, 2025 on Ethereum and has since expanded to BNB Chain, Solana, and Hyperliquid's HyperEVM. The tokens are issued not by Ondo Finance, Inc. directly but by Ondo Global Markets (BVI) Limited, a separate, purportedly bankruptcy-remote special purpose vehicle organized in the British Virgin Islands. According to Ondo's own legal documentation, the issuer is 90.01% owned by Flux Finance Inc. (a subsidiary of the Ondo Foundation) and 9.99% owned by Ondo Finance Inc.; Ondo Finance, Inc. acts as technology and service provider to the issuer rather than the issuer itself. The tokens are structured as debt instruments (structured notes) governed by Swiss law and are described as fully backed 1:1 by underlying securities held at U.S.-registered custodial broker-dealers. Tokenholders receive a first-priority, perfected security interest in the backing collateral, administered by an independent third-party security agent, Ankura Trust Company, which is empowered to seize and liquidate collateral for tokenholders' benefit if the issuer defaults or cannot service redemptions. Tokenholders explicitly do not receive shareholder voting or information rights in the underlying companies. This is a materially different (and more disclosed) structure than a typical wrapped-token bridge, but it also means holders are unsecured-adjacent creditors of an SPV rather than direct equity owners, and the arrangement's real-world resilience has not been tested by a live issuer default.","heading":"Ondo Global Markets: Structure, Custody, and Legal Entity","sources":[{"url":"https://docs.ondo.finance/ondo-global-markets/trust-and-transparency","name":"Ondo Finance Docs: Trust & Transparency","type":"official","credibility":2},{"url":"https://docs.ondo.finance/ondo-global-markets/legal-and-regulatory","name":"Ondo Finance Docs: Legal & Regulatory","type":"official","credibility":2},{"url":"https://www.coindesk.com/business/2025/09/03/ondo-finance-rolls-out-tokenized-u-s-stocks-etfs-as-equity-tokenization-ramps-up","name":"CoinDesk: Ondo Finance Rolls Out Tokenized U.S. Stocks, ETFs as Tokenization Trend Ramps Up","type":"news_article","credibility":1}],"severity":"medium"},{"content":"Ondo Global Markets is offered only to persons located outside the United States who are not \"US persons\" as defined under Rule 902 of SEC Regulation S; tokens cannot be resold to US persons or within the United States absent registration or an applicable exemption. Direct minting and redemption require completing Ondo's onboarding and KYC process, which the company states exists \"to comply with US laws and regulations.\" Ondo also applies jurisdictional and eligibility restrictions addressing sanctions and anti-money-laundering rules, including wallet and transaction screening. Because the tokens are standard, transferable tokens (ERC-20 on Ethereum/BNB Chain; SPL on Solana), they can circulate on secondary markets and be held in non-custodial wallets or by custodians such as BitGo, Fireblocks, and Ledger without the holder having gone through Ondo's KYC — meaning a token can end up in the hands of a US person or an unonboarded holder even though the primary offering restricts sales to eligible non-US persons; Ondo's own documentation acknowledges most centralized exchanges do not yet support custody of these tokens. This creates a gap between the restricted primary offering and the effectively permissionless secondary transferability of the tokens.","heading":"Ondo Global Markets: Eligibility, US Restrictions, and Access","sources":[{"url":"https://docs.ondo.finance/ondo-global-markets/legal-and-regulatory","name":"Ondo Finance Docs: Legal & Regulatory","type":"official","credibility":2},{"url":"https://docs.ondo.finance/ondo-global-markets/investing-and-redeeming","name":"Ondo Finance Docs: Investing & Redeeming","type":"official","credibility":2}],"severity":"medium"},{"content":"Ondo Global Markets expanded to Solana on January 21, 2026, launching over 200 (subsequently reported as 448 in a September 2026 third-party index) tokenized U.S. stocks and ETFs and becoming, by Ondo's own account, the largest real-world-asset issuer on Solana by asset count, entering a market where rival xStocks (Backed Finance) had held roughly 93% share since mid-2025. Ondo states that liquidity for its tokens is sourced primarily from traditional equity markets (Nasdaq/NYSE) via near-instant minting and redemption against broker-dealer-held shares, rather than from pre-funded on-chain DEX liquidity pools — a design the company frames as avoiding the shallow, easily-manipulated pools that affect other tokenized-stock issuers. An independent third-party dataset (Stonkpile, an open-source index aggregating Jupiter, DexScreener, and Pyth data, snapshot taken September 26, 2026) is broadly consistent with this framing but also illustrates its practical limits: of 448 Ondo stock tokens listed on Solana in that snapshot, only 2 had a DEX pool with more than $5,000 in liquidity, aggregate 24-hour DEX trading volume across all Ondo Solana tokens was approximately $0, and the tokens had roughly 2,700 holders combined. In the same snapshot, Ondo's tokenized SPY (SPYon) traded at $847.86 on a single $9,000-liquidity pool, a roughly 10% premium to xStocks' SPYx ($769.14), a gap plausibly explained by the extreme thinness of that specific pool rather than by any flaw in the underlying backing. Thin or nonexistent DEX liquidity does not by itself indicate that Ondo tokens cannot be exited: Ondo's documented redemption path (minting/redemption against custodied shares, available 24/7 as of an October 2025 feature launch) is a real, separate exit route from on-chain DEX trading, though it is only available to holders who have completed Ondo's KYC/eligibility onboarding — a secondary-market holder who bought a token opportunistically on Solana and never onboarded may find on-chain trading illiquid without necessarily being eligible to redeem directly. AVOID has not independently verified Ondo's redemption uptime or fill rates at scale; the assessment here rests on Ondo's public design documentation plus one independent liquidity snapshot and should be treated as provisional pending live redemption case studies.","heading":"Ondo Global Markets on Solana: Liquidity Model and Independent Data","sources":[{"url":"https://www.coindesk.com/business/2026/01/21/ondo-finance-brings-200-tokenized-u-s-stocks-and-etfs-to-solana","name":"CoinDesk: Ondo Finance Brings 200+ Tokenized U.S. Stocks and ETFs to Solana","type":"news_article","credibility":1},{"url":"https://ondo.finance/blog/global-markets-live-on-solana","name":"Ondo Finance: Ondo Global Markets Live on Solana","type":"official","credibility":2},{"url":"https://solana.com/news/ondo-global-markets-tokenized-stocks-etfs-solana","name":"Solana.com: Ondo Global Markets: Access 200+ Tokenized U.S. Stocks and ETFs on Solana","type":"official","credibility":2},{"url":"https://ondo.finance/blog/real-24-7-trading-for-tokenized-stocks","name":"Ondo Finance: Ondo Launches First 24/7 Minting and Redemption for Tokenized Stocks","type":"official","credibility":2},{"url":"https://stonkpile.xyz/api/index","name":"Stonkpile index, snapshot 26 Sep 2026","type":"on_chain","credibility":2}],"severity":"medium"},{"content":"On September 24, 2026, Ondo launched \"Ondo Intelligent Portfolios,\" a new category of single-token, actively rebalanced baskets built on model investment strategies licensed from BlackRock: Ondo High Income Powered by BlackRock (BLKHIon), Ondo Diversified Growth Powered by BlackRock (BLKDIGon), and Ondo High Growth Powered by BlackRock (BLKGRWon). Investors mint or redeem a single token representing the whole basket rather than managing constituent positions individually; holdings, weightings, and rebalancing activity are disclosed on-chain. These products are available only to eligible non-U.S. investors on Ethereum and BNB Chain and carry the same SPV/custody structure as other Ondo Global Markets tokens. Separately, in September 2026 Ondo launched an in-kind conversion mechanism with Alpaca (a U.S. brokerage infrastructure provider) as part of its Instant Tokenization Network, intended to let institutions mint and redeem tokenized stocks against brokerage-held shares around the clock. Ondo Global Markets TVL first surpassed $1 billion in May 2026, contributing to reported total protocol TVL exceeding $4 billion by June 2026, though these are Ondo-reported or press-reported figures and have not been independently audited by AVOID.","heading":"Ondo Global Markets: New Product Launches Since July 2026","sources":[{"url":"https://www.theblock.co/news/markets/2026-09-24-ondo-launches-onchain-portfolio-tokens-based-blackrock-developed-strategies-416260","name":"The Block: Ondo launches onchain portfolio tokens based on BlackRock-developed strategies","type":"news_article","credibility":1},{"url":"https://genfinity.io/2026/09/21/ondo-finance-in-kind-conversion-alpaca-instant-tokenization-network/","name":"Genfinity: Ondo Stocks Launches In-Kind Conversion With Alpaca","type":"news_article","credibility":2},{"url":"https://ondo.finance/blog/ondo-tokenized-stocks-surpass-one-billion-tvl","name":"Ondo Finance: Ondo Stocks Surpasses $1 Billion in Total Value Locked","type":"official","credibility":2},{"url":"https://www.prnewswire.com/news-releases/ondo-global-markets-surpasses-1-billion-in-total-value-locked-a-first-for-tokenized-stocks-302768520.html","name":"PR Newswire: Ondo Global Markets Surpasses $1 Billion in Total Value Locked","type":"news_article","credibility":1}],"severity":"low"},{"content":"Nathan Allman, Ondo's founder, sole director, and controlling shareholder, died unexpectedly in May 2026 without a will. A Hawaii probate court appointed his mother, Kathleen Allman, as personal representative of his estate on June 26, 2026. According to a complaint later filed in the Delaware Court of Chancery, at a July 24, 2026 board meeting Kathleen Allman voted to remove interim CEO Ian De Bode and appoint herself chair and interim CEO; De Bode disputed her authority to do so and continued operating as CEO, and Kathleen Allman sued him in Delaware Chancery Court (before Chancellor Kathaleen McCormick), alleging he wrongly claimed to have automatically become CEO under company bylaws, improperly elected himself sole director, and — within roughly a week of Allman's death — secured a compensation and token-incentive package for himself reported at approximately $11 million while attempting to consolidate control of the company. De Bode has called the estate's claims \"meritless.\" As of late September 2026, a Delaware court order allows De Bode to continue managing day-to-day operations while barring major corporate actions pending resolution of the suit. Separately, CoinDesk reported (based on anonymous sources) that Ondo had been shopped to potential buyers after Allman's death; Ondo issued an on-record denial calling the report \"wholly untrue,\" and one source told CoinDesk the ongoing litigation had likely stalled any sale process. This governance dispute — not any defect in Ondo's tokenization products — is the most significant open risk to the platform identified in this review, since it centers on unresolved legal authority over the company that operates Ondo Global Markets' technology and service functions.","heading":"Founder's Death and Corporate Control Dispute","sources":[{"url":"https://www.coindesk.com/policy/2026/08/06/power-struggle-erupts-at-ondo-finance-after-founder-s-death","name":"CoinDesk: Power struggle erupts at Ondo Finance after founder's death","type":"news_article","credibility":1},{"url":"https://www.kucoin.com/news/flash/ondo-finance-founder-dies-without-will-family-dispute-over-11m-compensation-plan","name":"KuCoin News: Founder of Ondo Finance Dies Without a Will; Family Disputes $11 Million Compensation Plan","type":"news_article","credibility":2},{"url":"https://blockonomi.com/ondo-finance-rejects-sale-talk-report-as-court-fight-over-control-continues","name":"Blockonomi: Ondo Finance Rejects Sale Talk Report as Court Fight Over Control Continues","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/business/2026/09/23/someone-was-trying-to-sell-ondo-finance-after-founder-nathan-allman-s-death","name":"CoinDesk: Tokenization firm Ondo Finance was shopped to buyers after founder's death","type":"news_article","credibility":1}],"severity":"high"},{"content":"In September 2026, a separate legal dispute emerged in Hawaii: Nathan Allman's half-sister, Dr. Lani Clinton (a professor of medicine at Duke University, estranged from Kathleen Allman since 2022), and Ondo investor David Chen petitioned a Hawaiian court for a limited conservatorship over Kathleen Allman's share of the estate, which includes controlling equity in Ondo and substantial ONDO token holdings. The petition alleges Kathleen Allman has a long-standing alcohol use disorder, exhibits behavior consistent with frontotemporal dementia, and engaged in reckless spending, including an attempted $4 million yacht purchase, an $18.5 million beachfront home, private aircraft use, and luxury lodging at roughly $4,000 per night. Kathleen Allman denies these allegations. This dispute directly overlaps with, and adds further uncertainty to, control of the entities behind Ondo Global Markets and the ONDO token, since Kathleen Allman is simultaneously a party to the Delaware litigation over company control.","heading":"Family Dispute Over Kathleen Allman's Capacity","sources":[{"url":"https://www.coindesk.com/business/2026/09/17/the-ondo-finance-succession-crisis-gets-messier-as-kathleen-allman-s-daughter-alleges-dementia-alcoholism-and-reckless-spending","name":"CoinDesk: The Ondo Finance succession crisis gets messier as Kathleen Allman's daughter alleges 'dementia', alcoholism and reckless spending","type":"news_article","credibility":1},{"url":"https://www.kucoin.com/news/flash/ondo-finance-succession-crisis-intensifies-as-family-disputes-over-kathleen-allman-s-mental-capacity","name":"KuCoin News: Ondo Finance succession crisis intensifies as family disputes over Kathleen Allman's mental capacity","type":"news_article","credibility":2},{"url":"https://finance.yahoo.com/markets/crypto/articles/controls-ondo-inside-mega-succession-073120536.html","name":"Yahoo Finance: Who Controls Ondo? Inside the Mega Succession War Shaking Crypto's RWA Giant","type":"news_article","credibility":1}],"severity":"high"},{"content":"In April 2025, Quinn Thompson, founder and CIO of Lekker Capital, publicly alleged on X that Ondo's TVL may be artificially inflated, questioning whether the team was selling ONDO tokens and recycling proceeds into the protocol to simulate organic growth. Thompson had previously argued in October 2024 that OUSG and USDY are largely wrappers around BlackRock's BUIDL fund and that Ondo's then-$7 billion fully diluted valuation was unjustified relative to a waived 0.15% fee and near-zero realized revenue. No on-chain evidence or independent investigation confirming or refuting the specific mechanism alleged was identified in the sources reviewed, either at the time or in the subsequent period covered by this update; Ondo did not issue a public rebuttal in the sources reviewed. This remains a low-confidence, disputed allegation originating primarily from social media commentary.","heading":"Allegations of Artificially Inflated TVL","sources":[{"url":"https://defi-planet.com/2025/04/ondo-finance-faces-scrutiny-amid-allegations-of-artificially-inflated-tvl-following-mantra-scandal/","name":"DeFi Planet: Ondo Finance Faces Scrutiny Amid Allegations of Artificially Inflated TVL","type":"news_article","credibility":2},{"url":"https://crypto.news/quinn-thompson-raises-red-flags-on-ondo-amid-mantra-token-fallout/","name":"Crypto.news: Quinn Thompson raises red flags on ONDO amid Mantra token fallout","type":"news_article","credibility":2},{"url":"https://x.com/qthomp/status/1902049288214978662","name":"Quinn Thompson on X","type":"social_media","credibility":3},{"url":"https://finance.yahoo.com/news/ondo-ondo-drops-over-80-112258021.html","name":"Yahoo Finance: Ondo (ONDO) Drops Over 80% While TVL Hits a New All-Time High","type":"news_article","credibility":1}],"severity":"medium"},{"content":"The ONDO token has a maximum supply of 10 billion. At the January 2024 token generation event, roughly 15% of supply was initially circulating, with the remainder vesting over 60 months. The largest unlock, on January 18, 2025, released 1.94 billion tokens (~135% increase in circulating supply) and triggered a sustained price decline from an all-time high of approximately $2.14 in December 2024 to roughly $0.36 by year-end 2025, an approximately 80% drawdown, with further unlocks in early 2026 adding sell pressure. Since then the token has partially recovered: as of September 25, 2026, ONDO traded around $0.53-$0.54, up roughly 27% over the preceding week, a move attributed by press coverage to the September 24, 2026 BlackRock-strategy portfolio launch rather than to a change in unlock schedule. Billions of ONDO tokens remain subject to vesting through 2029. In February–March 2026, 21Shares filed (and later amended) an S-1 with the SEC for a spot ONDO ETF targeting a Nasdaq listing with Coinbase Custody as custodian; no approval had been reported as of this review. The token's concentrated initial distribution and multi-year vesting overhang remain structural risk factors independent of the ongoing corporate governance dispute.","heading":"ONDO Token: Tokenomics, Unlock Events, and Price","sources":[{"url":"https://unchainedcrypto.com/ondo-is-about-to-unlock-34-more-tokens-that-its-current-1-8-billion-market-cap/","name":"Unchained Crypto: Ondo Is About to Unlock 34% More Tokens Than Its Current $1.8 Billion Market Cap","type":"news_article","credibility":2},{"url":"https://cryptorank.io/price/ondo-finance/vesting","name":"CryptoRank: Ondo Finance Token Unlocks and Vesting Schedule","type":"research","credibility":2},{"url":"https://tokenomist.ai/ondo-finance","name":"Tokenomist: Ondo Finance Tokenomics and Vesting Schedule","type":"research","credibility":2},{"url":"https://www.globalbankingandfinance.com/ondo-rises-27-47-percent-ondo-2026-09-25/","name":"Global Banking & Finance: ONDO rises 27.47% over the window to 25 September 2026","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/363897/21shares-files-for-ondo-etf","name":"The Block: 21Shares files for ONDO ETF","type":"news_article","credibility":1}],"severity":"medium"},{"content":"Ondo's smart contracts have undergone audits from multiple firms; a Code4rena competitive audit conducted March 29–April 3, 2024 identified 5 unique vulnerabilities (1 high, 4 medium severity), with no critical findings. Ondo maintains an Immunefi bug bounty and public security-philosophy documentation. A historical incident from October 2021 involved a smart contract bug causing incorrect token swaps in an early protocol version, with no reported user fund loss. Ondo's own security blog states that during a wave of DeFi exploits between March and April 2026 that cost the broader ecosystem more than $625 million (including the KelpDAO exploit), Ondo's bridges and products remained live and fully backed, and no incident directly affecting Ondo's own contracts was identified in the sources reviewed for this update; this claim is sourced to Ondo itself and has not been independently corroborated.","heading":"Smart Contract Security and Audits","sources":[{"url":"https://code4rena.com/reports/2024-03-ondo-finance","name":"Code4rena: Ondo Finance Audit Report 2024-03","type":"research","credibility":2},{"url":"https://docs.ondo.finance/audits","name":"Ondo Finance Docs: Smart Contract Audits","type":"official","credibility":2},{"url":"https://immunefi.com/bug-bounty/ondofinance/information/","name":"Immunefi: Ondo Finance Bug Bounty","type":"official","credibility":2},{"url":"https://ondo.finance/blog/ondo-security-philosophy","name":"Ondo Finance Blog: Assume Every Layer Will Fail - Security Philosophy","type":"official","credibility":2}],"severity":"low"},{"content":"Security researchers previously documented fraudulent wallet-drainer websites impersonating Ondo Finance, including rewards-ondofinance[.]app and ondo-voting[.]com, which are unrelated to the legitimate protocol and are described as irreversible-loss wallet drainers. Separately, an independent September 2026 dataset of the Solana tokenized-stock ecosystem found approximately 930 Solana tokens containing \"xStock\" in their name, almost none of which are genuine Backed Finance xStocks tokens — including a documented fake \"AAPLx\" (\"Applex\") token trading against the real AAPLx. While this specific look-alike pattern was documented for a competing issuer's brand rather than Ondo's, it illustrates a general risk applicable to any tokenized-stock issuer on permissionless chains: token names and tickers (including Ondo's \"...on\" suffix convention, e.g., SPYon) can be counterfeited by unrelated third parties, and users should verify mint addresses against issuer-published lists rather than trusting a token's displayed name or ticker alone.","heading":"Third-Party Impersonation and Look-Alike Token Risk","sources":[{"url":"https://www.pcrisk.com/removal-guides/33666-ondo-rewards-scam","name":"PCRisk: ONDO Rewards Scam Removal Guide","type":"community_report","credibility":2},{"url":"https://stonkpile.xyz/api/index","name":"Stonkpile index, snapshot 26 Sep 2026","type":"on_chain","credibility":2}],"severity":"high"},{"content":"The tokenized U.S. Treasury market exceeded $7.3 billion in early 2026. Ondo competes primarily with BlackRock's BUIDL (largest by AUM and DeFi integration depth) and Franklin Templeton's BENJI (lowest fees), with OUSG dependent on BUIDL as its primary underlying holding — a concentration risk given Ondo's position as one of BUIDL's largest holders. In tokenized equities, Ondo Global Markets competes with xStocks (Backed Finance), which retains substantially larger DEX-traded volume and liquidity across chains including Solana, and with newer entrants such as Backpack Securities' \"Sunrise\" tokens, PreStocks, and Tessera. A cross-issuer comparison in the September 2026 Stonkpile snapshot found meaningful price divergence between issuers for the same underlying company in thinly traded pools (e.g., roughly 10% between Ondo's SPYon and xStocks' SPYx), which the dataset attributes to differing token structures and extremely thin secondary-market liquidity rather than necessarily to backing failures.","heading":"Competitive Landscape and Market Position","sources":[{"url":"https://miniapp.gate.com/blog/102069/rwa-market-triopoly-blackrock-buidl-ondo-franklin-templeton-tokenized-us-treasury-market-real-world-assets-rwa-competition-onchain-treasuries-institutional-adoption-analysis","name":"Gate Blog: The Three Giants of the RWA Sector","type":"research","credibility":2},{"url":"https://yellow.com/en-US/research/tokenized-us-treasuries-hit-dollar73b-in-2025-complete-guide-to-digital-treasury-bonds","name":"Yellow.com: Tokenized U.S. Treasuries Hit $7.3B in 2025","type":"research","credibility":2},{"url":"https://finance.yahoo.com/news/ondo-brings-200-tokenized-stocks-171340632.html","name":"Yahoo Finance: Ondo Brings 200+ Tokenized Stocks to Solana, Challenging xStocks Dominance","type":"news_article","credibility":1},{"url":"https://stonkpile.xyz/api/index","name":"Stonkpile index, snapshot 26 Sep 2026","type":"on_chain","credibility":2}],"severity":"low"}],"timeline":[{"date":"2021","event":"Ondo Finance founded by Nathan Allman and Justin Schmidt, both former Goldman Sachs digital assets executives.","source":"IQ.wiki","source_url":"https://iq.wiki/wiki/nathan-allman"},{"date":"2021-10","event":"A smart contract bug caused incorrect token swaps in an early protocol version; no funds reportedly lost.","source":"Ondo Finance security blog","source_url":"https://ondo.finance/blog/ondo-security-philosophy"},{"date":"2022-04-27","event":"Ondo Finance raised a $20 million Series A led by Founders Fund and Pantera Capital.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/04/27/founders-fund-pantera-invest-in-defi-investment-bank-ondo-finance","date_evidence":"CoinDesk article dated 2022/04/27 headlined 'Founders Fund, Pantera Invest in DeFi Investment Bank Ondo Finance'"},{"date":"2023-10","event":"SEC opened a confidential investigation into Ondo Finance's tokenized products and the ONDO token.","source":"CoinDesk / Crypto in America","source_url":"https://www.cryptoinamerica.com/p/sec-ends-two-year-investigation-into"},{"date":"2024-01-18","event":"ONDO token generation event completed; vesting for locked tokens began.","source":"CryptoRank","source_url":"https://cryptorank.io/price/ondo-finance/vesting","date_evidence":"CryptoRank vesting schedule lists the ONDO token generation event date as January 18, 2024"},{"date":"2024-12","event":"ONDO token reached an all-time high of approximately $2.14.","source":"Yahoo Finance","source_url":"https://finance.yahoo.com/news/ondo-ondo-drops-over-80-112258021.html"},{"date":"2025-01-18","event":"1.94 billion ONDO tokens unlocked, increasing circulating supply ~135% and triggering a sustained price decline.","source":"Unchained Crypto / CryptoRank","source_url":"https://unchainedcrypto.com/ondo-is-about-to-unlock-34-more-tokens-that-its-current-1-8-billion-market-cap/","date_evidence":"CryptoRank vesting schedule and Unchained Crypto coverage date the largest unlock (1.94 billion tokens) to January 18, 2025"},{"date":"2025-02-06","event":"Ondo Finance announced Ondo Chain, a permissioned EVM-compatible layer-1 for institutional RWA tokenization.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2025/02/06/ondo-finance-unveils-layer-1-network-for-tokenized-assets","date_evidence":"CoinDesk headline dated 2025/02/06: 'Ondo Finance Unveils Layer-1 Network for Tokenized Assets'"},{"date":"2025-04","event":"Quinn Thompson publicly alleged on X that Ondo Finance's TVL may be artificially inflated.","source":"Crypto.news","source_url":"https://crypto.news/quinn-thompson-raises-red-flags-on-ondo-amid-mantra-token-fallout/"},{"date":"2025-07","event":"Ondo Finance announced agreement to acquire Oasis Pro, an SEC-registered broker-dealer, ATS, and transfer agent.","source":"The Block","source_url":"https://www.theblock.co/post/361120/ondo-finance-to-acquire-us-regulated-broker-oasis-pro-for-tokenized-securities-expansion"},{"date":"2025-09-03","event":"Ondo Global Markets launched, offering non-U.S. investors access to 100+ tokenized U.S. stocks and ETFs on Ethereum.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2025/09/03/ondo-finance-rolls-out-tokenized-u-s-stocks-etfs-as-equity-tokenization-ramps-up","date_evidence":"CoinDesk headline dated 2025/09/03: 'Ondo Finance Rolls Out Tokenized U.S. Stocks, ETFs as Tokenization Trend Ramps Up'"},{"date":"2025-10","event":"Ondo launched its Instant Tokenization Network for 24/7 minting and redemption against brokerage-held shares; Ondo completed the Oasis Pro acquisition.","source":"Ondo Finance / The Block","source_url":"https://ondo.finance/blog/real-24-7-trading-for-tokenized-stocks"},{"date":"2025-11","event":"Ondo Finance received formal notice that the SEC's two-year investigation had been closed without charges.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2025/12/08/ondo-token-gains-as-sec-ends-investigation-into-rwa-tokenization-platform"},{"date":"2025-12-18","event":"Ondo Finance submitted a confidential no-action letter request to the SEC regarding Ondo Global Markets on Ethereum.","source":"Crowdfund Insider","source_url":"https://www.crowdfundinsider.com/2026/04/273248-ondo-finance-requests-sec-no-action-letter-for-ethereum-based-tokenized-securities-model/","date_evidence":"Crowdfund Insider reporting references a confidential no-action letter version submitted December 18, 2025"},{"date":"2026-01-21","event":"Ondo Global Markets launched on Solana with 200+ tokenized U.S. stocks and ETFs.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2026/01/21/ondo-finance-brings-200-tokenized-u-s-stocks-and-etfs-to-solana","date_evidence":"CoinDesk headline dated 2026/01/21: 'Ondo Finance Brings 200+ Tokenized U.S. Stocks and ETFs to Solana'"},{"date":"2026-04","event":"Ondo Finance filed a public no-action letter request with the SEC and joined the DTCC tokenized securities consortium.","source":"Crowdfund Insider / SEC.gov","source_url":"https://www.sec.gov/files/ctf-written-input-ondo-finance-041326.pdf","date_evidence":"Crowdfund Insider article states Ondo submitted the request 'on April 13'","date_original":"2026-04-13"},{"date":"2026-05","event":"Ondo Global Markets total value locked surpassed $1 billion, described as a first for tokenized stocks.","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/ondo-global-markets-surpasses-1-billion-in-total-value-locked-a-first-for-tokenized-stocks-302768520.html"},{"date":"2026-05-26","event":"Ondo Finance announced the unexpected death of founder Nathan Allman; Ian De Bode became CEO.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/05/26/ondo-finance-founder-nathan-allman-passes-away","date_evidence":"CoinDesk article dated 2026/05/26: 'Ondo Finance founder Nathan Allman passes away'"},{"date":"2026-06-26","event":"Kathleen Allman formally appointed as personal representative of Nathan Allman's estate via Hawaii probate.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2026/08/06/power-struggle-erupts-at-ondo-finance-after-founder-s-death","date_evidence":"CoinDesk reporting states Kathleen Allman was formally appointed personal representative through Hawaii probate on June 26, 2026"},{"date":"2026-06","event":"Ondo Finance total protocol TVL reported to have crossed $4 billion.","source":"Cryptobriefing","source_url":"https://cryptobriefing.com/ondo-finance-leads-rwa-tokenization-4b/"},{"date":"2026-07-15","event":"DTCC consortium production run including Ondo, BlackRock, Goldman Sachs, J.P. Morgan, and Circle across Besu and Canton networks.","source":"The Industry Spread","source_url":"https://theindustryspread.com/dtcc-tokenisation-october-launch-three-year-no-action-clock/","date_evidence":"Reporting describes 'a July 15, 2026 production run' under the DTCC consortium"},{"date":"2026-07-24","event":"Kathleen Allman voted at a board meeting to remove interim CEO Ian De Bode and name herself chair and interim CEO; dispute escalated to Delaware Chancery Court.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2026/08/06/power-struggle-erupts-at-ondo-finance-after-founder-s-death","date_evidence":"CoinDesk reporting on the Delaware complaint describes 'a July 24, 2026 board meeting where Kathleen Allman voted to remove De Bode'"},{"date":"2026-08-06","event":"Delaware Chancery Court filings detailing the De Bode/Kathleen Allman control dispute were publicly reported.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2026/08/06/power-struggle-erupts-at-ondo-finance-after-founder-s-death","date_evidence":"CoinDesk article dated 2026/08/06: 'Power struggle erupts at Ondo Finance after founder's death'"},{"date":"2026-09-17","event":"Nathan Allman's half-sister and an Ondo investor petitioned a Hawaiian court for limited conservatorship over Kathleen Allman's estate share, alleging incapacity.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2026/09/17/the-ondo-finance-succession-crisis-gets-messier-as-kathleen-allman-s-daughter-alleges-dementia-alcoholism-and-reckless-spending","date_evidence":"CoinDesk article dated 2026/09/17: 'The Ondo Finance succession crisis gets messier as Kathleen Allman's daughter alleges dementia, alcoholism and reckless spending'"},{"date":"2026-09-23","event":"CoinDesk reported Ondo had reportedly been shopped to buyers after Allman's death; Ondo denied the report as 'wholly untrue.'","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2026/09/23/someone-was-trying-to-sell-ondo-finance-after-founder-nathan-allman-s-death","date_evidence":"CoinDesk article dated 2026/09/23: 'Someone was trying to sell Ondo Finance after founder Nathan Allman's death'"},{"date":"2026-09-24","event":"Ondo launched Ondo Intelligent Portfolios, tokenized baskets based on BlackRock model strategies.","source":"The Block","source_url":"https://www.theblock.co/news/markets/2026-09-24-ondo-launches-onchain-portfolio-tokens-based-blackrock-developed-strategies-416260","date_evidence":"The Block article dated 2026/09/24 headlined 'Ondo launches onchain portfolio tokens based on BlackRock-developed strategies'"},{"date":"2026-09","event":"Independent Stonkpile index snapshot found only 2 of 448 Ondo stock tokens on Solana had DEX pools above $5,000 liquidity, with ~$0 24-hour DEX volume and ~2,700 holders.","source":"Stonkpile index snapshot","source_url":"https://stonkpile.xyz/api/index","date_original":"2026-09-26"}],"sources_used":[{"url":"https://www.coindesk.com/business/2022/04/27/founders-fund-pantera-invest-in-defi-investment-bank-ondo-finance","name":"CoinDesk: Founders Fund, Pantera Invest in DeFi Investment Bank Ondo Finance","type":"news_article","archive_url":"http://web.archive.org/web/20251119041219/https://www.coindesk.com/business/2022/04/27/founders-fund-pantera-invest-in-defi-investment-bank-ondo-finance","credibility":1,"archive_timestamp":"2025-11-19T04:12:19+00:00"},{"url":"https://www.coindesk.com/business/2025/02/06/ondo-finance-unveils-layer-1-network-for-tokenized-assets","name":"CoinDesk: Ondo Finance Unveils Layer-1 Network for Tokenized Assets","type":"news_article","archive_url":"https://web.archive.org/web/20260926083457/https://www.coindesk.com/business/2025/02/06/ondo-finance-unveils-layer-1-network-for-tokenized-assets","credibility":1,"archive_timestamp":"2026-09-26T08:34:57+00:00"},{"url":"https://www.coindesk.com/markets/2025/12/08/ondo-token-gains-as-sec-ends-investigation-into-rwa-tokenization-platform","name":"CoinDesk: SEC Ends Probe into Ondo","type":"news_article","archive_url":"http://web.archive.org/web/20260105131614/https://www.coindesk.com/markets/2025/12/08/ondo-token-gains-as-sec-ends-investigation-into-rwa-tokenization-platform","credibility":1,"archive_timestamp":"2026-01-05T13:16:14+00:00"},{"url":"https://www.coindesk.com/business/2025/09/03/ondo-finance-rolls-out-tokenized-u-s-stocks-etfs-as-equity-tokenization-ramps-up","name":"CoinDesk: Ondo Finance Rolls Out Tokenized U.S. Stocks, ETFs","type":"news_article","archive_url":"http://web.archive.org/web/20260226115610/https://www.coindesk.com/business/2025/09/03/ondo-finance-rolls-out-tokenized-u-s-stocks-etfs-as-equity-tokenization-ramps-up","credibility":1,"archive_timestamp":"2026-02-26T11:56:10+00:00"},{"url":"https://www.theblock.co/post/361120/ondo-finance-to-acquire-us-regulated-broker-oasis-pro-for-tokenized-securities-expansion","name":"The Block: Ondo Finance to acquire Oasis Pro","type":"news_article","archive_url":"http://web.archive.org/web/20251118235217/https://www.theblock.co/post/361120/ondo-finance-to-acquire-us-regulated-broker-oasis-pro-for-tokenized-securities-expansion","credibility":1,"archive_timestamp":"2025-11-18T23:52:17+00:00"},{"url":"https://www.theblock.co/post/363897/21shares-files-for-ondo-etf","name":"The Block: 21Shares files for ONDO ETF","type":"news_article","archive_url":null,"credibility":1,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.theblock.co/post/397258/ondo-seeks-sec-clearance-tokenized-equities-model-ethereum","name":"The Block: Ondo seeks SEC clearance for tokenized equities model on Ethereum","type":"news_article","archive_url":"http://web.archive.org/web/20260429231954/https://www.theblock.co/post/397258/ondo-seeks-sec-clearance-tokenized-equities-model-ethereum","credibility":1,"archive_timestamp":"2026-04-29T23:19:54+00:00"},{"url":"https://www.sec.gov/files/ctf-written-input-ondo-finance-041326.pdf","name":"SEC.gov: Ondo Finance No-Action 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Investigation","type":"news_article","archive_url":"http://web.archive.org/web/20251210045236/https://finance.yahoo.com/news/end-sec-ondo-finance-investigation-164325106.html","credibility":1,"archive_timestamp":"2025-12-10T04:52:36+00:00"},{"url":"https://finance.yahoo.com/news/ondo-ondo-drops-over-80-112258021.html","name":"Yahoo Finance: Ondo (ONDO) Drops Over 80% While TVL Hits New All-Time High","type":"news_article","archive_url":"http://web.archive.org/web/20260729201323/https://finance.yahoo.com/news/ondo-ondo-drops-over-80-112258021.html","credibility":1,"archive_timestamp":"2026-07-29T20:13:23+00:00"},{"url":"https://blockworks.co/news/ondo-finance-finalizes-oasis-pro-acquisition","name":"Blockworks: Ondo Finance finalizes Oasis Pro acquisition","type":"news_article","archive_url":"http://web.archive.org/web/20251204113234/https://blockworks.co/news/ondo-finance-finalizes-oasis-pro-acquisition","credibility":1,"archive_timestamp":"2025-12-04T11:32:34+00:00"},{"url":"https://cryptobriefing.com/ondo-finance-sec-no-action-dtcc-consortium/","name":"Crypto Briefing: ONDO Finance files SEC no-action letter, joins DTCC consortium","type":"news_article","archive_url":"http://web.archive.org/web/20260725044217/https://cryptobriefing.com/ondo-finance-sec-no-action-dtcc-consortium/","credibility":2,"archive_timestamp":"2026-07-25T04:42:17+00:00"},{"url":"https://defi-planet.com/2025/04/ondo-finance-faces-scrutiny-amid-allegations-of-artificially-inflated-tvl-following-mantra-scandal/","name":"DeFi Planet: Ondo Finance Faces Scrutiny Amid Allegations of Artificially Inflated TVL","type":"news_article","archive_url":"http://web.archive.org/web/20260725125607/https://defi-planet.com/2025/04/ondo-finance-faces-scrutiny-amid-allegations-of-artificially-inflated-tvl-following-mantra-scandal/","credibility":2,"archive_timestamp":"2026-07-25T12:56:07+00:00"},{"url":"https://crypto.news/quinn-thompson-raises-red-flags-on-ondo-amid-mantra-token-fallout/","name":"Crypto.news: Quinn Thompson raises red flags on ONDO","type":"news_article","archive_url":"http://web.archive.org/web/20260421003221/https://crypto.news/quinn-thompson-raises-red-flags-on-ondo-amid-mantra-token-fallout/","credibility":2,"archive_timestamp":"2026-04-21T00:32:21+00:00"},{"url":"https://code4rena.com/reports/2024-03-ondo-finance","name":"Code4rena: Ondo Finance Audit Report 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Investigation","type":"news_article","archive_url":"http://web.archive.org/web/20260108214654/https://coinlaw.io/ondo-finance-sec-investigation-closed/","credibility":2,"archive_timestamp":"2026-01-08T21:46:54+00:00"},{"url":"https://iq.wiki/wiki/nathan-allman","name":"IQ.wiki: Nathan Allman profile","type":"research","archive_url":"http://web.archive.org/web/20260613114530/https://iq.wiki/wiki/nathan-allman","credibility":2,"archive_timestamp":"2026-06-13T11:45:30+00:00"},{"url":"https://miniapp.gate.com/blog/102069/rwa-market-triopoly-blackrock-buidl-ondo-franklin-templeton-tokenized-us-treasury-market-real-world-assets-rwa-competition-onchain-treasuries-institutional-adoption-analysis","name":"Gate Blog: Three Giants of the RWA 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