{"investigation":{"slug":"singularity-finance","entity_name":"Singularity Finance","trust_score":28,"severity_base":null,"score_modifier":0,"confidence":0.62,"status":"published","content_type":"investigation","summary":"Singularity Finance (SFI) is an EVM-compatible Layer 2 blockchain protocol that emerged in late 2024 from a three-way token merger involving SingularityDAO, Cogito Finance, and SelfKey, positioning itself as a DeFAI (decentralized finance plus AI) platform within the Artificial Superintelligence Alliance ecosystem. The SFI token launched at an ICO price of approximately $0.123 in February 2025, reached an all-time high near $0.20 on launch day, and had declined approximately 97-98% to around $0.004 by May 2026. On-chain investigator ZachXBT has flagged Singularity Finance as a concern; independently verifiable risk indicators include a catastrophic post-ICO price collapse, an undelivered Q1 2025 mainnet promise, an unaudited smart contract, a reported CertiK Skynet score of 3.6 out of 10, and significant token supply overhang with only 31% of the 500 million maximum supply in circulation.","sections":[{"content":"Singularity Finance was announced on October 15, 2024, as a strategic merger of three existing blockchain projects: SingularityDAO (an AI-powered DeFi portfolio management platform), Cogito Finance (a real-world asset tokenization protocol), and SelfKey (a decentralized identity solution). The project describes itself as the DeFi engine of the Artificial Superintelligence Alliance (ASI), aiming to build an EVM-compatible Layer 2 blockchain using the OP Stack to serve what it calls the 'agentic economy.' The native token, SFI, functions as both a gas token and governance token, and the project claims to offer AI-guided portfolio tools, diversified yield vaults, tokenization of AI compute resources, and non-custodial AI trading agents. The merger was presented as combining the three predecessor projects' communities and treasuries under a single token and governance structure.","heading":"Protocol Overview and Origin","sources":[{"url":"https://cryptoslate.com/press-releases/singularitydao-cogito-finance-and-selfkey-merge-to-build-the-foundation-for-the-tokenised-ai-economy/","name":"SingularityDAO, Cogito Finance, and SelfKey Merge — CryptoSlate Press Release","type":"news_article","credibility":2},{"url":"https://docs.singularityfinance.ai/background/merger","name":"Singularity Finance Official Documentation","type":"official","credibility":2},{"url":"https://coingape.com/blog/singularity-finance-aiming-to-bring-ai-economy-on-chain-one-dapp-at-a-time/","name":"Singularity Finance Aiming to Bring AI Economy On-Chain — CoinGape","type":"news_article","credibility":2}],"severity":"low"},{"content":"The SFI token's Token Generation Event (TGE) occurred on February 6, 2025, with an ICO price of approximately $0.123. The token reached an all-time high of approximately $0.17–$0.20 on or around its launch date, before entering a sustained decline. By May 30, 2026, the token was trading near its all-time low of approximately $0.004, representing a decline of roughly 97–98% from its all-time high and approximately 96% below the ICO price. ICO Analytics reports a current return of 0.04x for investors who participated at the ICO price. The market capitalization at the time of this investigation was approximately $337,000–$620,000 USD, with a 24-hour trading volume of approximately $70,000–$178,000. The token trades primarily on MEXC, which reportedly accounts for approximately 78% of volume, alongside Uniswap V3, Gate, PancakeSwap V3, CoinEx, and KuCoin. Investors who purchased at the ICO price of $0.123 and held to May 2026 would have lost approximately 96% of their invested capital.","heading":"Token Performance and Investor Losses","sources":[{"url":"https://www.coingecko.com/en/coins/singularity-finance","name":"Singularity Finance (SFI) — CoinGecko","type":"other","credibility":2},{"url":"https://icoanalytics.org/projects/singularity-finance/","name":"Singularity Finance (SFI) Token Sale Analytics — ICO Analytics","type":"research","credibility":2},{"url":"https://coinmarketcap.com/currencies/singularity-finance/","name":"Singularity Finance price today — CoinMarketCap","type":"other","credibility":2}],"severity":"high"},{"content":"Singularity Finance's official documentation explicitly stated that its Layer 2 mainnet was 'scheduled for Q1 2025,' to follow the testnet phase. The project launched its incentivized testnet on December 30, 2024, with a planned three-month testnet campaign through March 30, 2025. Subsequent marketing materials adjusted this target to Q2 2025. As of May 2026, no confirmed mainnet launch announcement has been publicly documented in major crypto news outlets or on the project's official channels that are indexed in open-source searches, representing a delay of more than a year beyond the original Q1 2025 promise. The project continues to operate in a pre-mainnet state while the SFI token trades on secondary markets. The absence of a delivered mainnet is a material risk factor given that the token was sold and traded on the premise of an imminent fully operational Layer 2 network. Roadmap delays of this duration in small-cap DeFi projects have historically been associated with increased investor risk.","heading":"Undelivered Mainnet and Roadmap Concerns","sources":[{"url":"https://docs.singularityfinance.ai/launch/mainnet","name":"Mainnet — Singularity Finance Official Documentation","type":"official","credibility":2},{"url":"https://www.cryptotimes.io/2025/01/02/singularity-finance-launches-l2-testnet-with-rewards-for-early-users/","name":"Singularity Finance Launches L2 Testnet With Rewards for Early Users — CryptoTimes","type":"news_article","credibility":2},{"url":"https://docs.singularityfinance.ai/tokenomics-and-utility/roadmap","name":"Roadmap — Singularity Finance Official Documentation","type":"official","credibility":2}],"severity":"high"},{"content":"The SFI ERC-20 token contract (address: 0x7636d8722fdf7cd34232a915e48e96aa3eb386bf) is deployed on Ethereum and verified on Etherscan. The contract was written in Solidity v0.8.25 and implements role-based access controls including minting, pausing, and token burning capabilities — features that, if controlled by a centralized party, could represent significant risks to token holders. According to Etherscan records at the time of this investigation, no third-party security audit report has been submitted for or linked to the SFI token contract. CoinMarketCap data indicates a CertiK Skynet security score of approximately 3.6 out of 10 for the project, which is significantly below the industry median. The presence of minting and pausing functions controlled by admin roles means that, absent rigorous multi-signature controls and public disclosure, there is a potential centralization risk. No public documentation of a multi-signature wallet arrangement for the admin keys was identified during this investigation.","heading":"Smart Contract Security and Audit Status","sources":[{"url":"https://etherscan.io/token/0x7636d8722fdf7cd34232a915e48e96aa3eb386bf","name":"Singularity Finance (SFI) ERC-20 Token — Etherscan","type":"on_chain","credibility":1},{"url":"https://coinmarketcap.com/currencies/singularity-finance/","name":"Singularity Finance price today — CoinMarketCap (CertiK score reference)","type":"other","credibility":2}],"severity":"high"},{"content":"The SFI token has a maximum supply of 500 million tokens, of which approximately 84.5–155.5 million were in circulation as of the investigation period — representing 17–31% of the total maximum supply. The remaining supply (approximately 344–415 million tokens) is subject to future vesting unlocks and emissions schedules, representing a substantial potential dilution risk for current holders. The initial 241 million SFI tokens were minted to reflect the pre-existing circulating supplies and committed distribution schedules of the two primary merging entities (SDAO and CGV), with an additional approximately 259 million tokens to be minted according to a vesting schedule defined in project documentation. The token conversion ratios at merger — SDAO at 1:80.353 into SFI, CGV at 1:10.890 into SFI — were based on 200-day moving averages through August 20, 2024. The ICO price of approximately $0.123 per SFI implies a fully diluted valuation at ICO of approximately $61.5 million; at current prices near $0.004, the fully diluted valuation is approximately $2 million. The project also sold node licenses that entitled holders to participate in network validation and receive staking rewards, though specific node sale revenue figures were not publicly disclosed.","heading":"Token Supply Overhang and Allocation Risks","sources":[{"url":"https://docs.singularityfinance.ai/tokenomics-and-utility/token-merge-and-allocations","name":"Token Merge and Allocations — Singularity Finance Official Documentation","type":"official","credibility":2},{"url":"https://docs.singularityfinance.ai/tokenomics-and-utility/token-merge-and-allocations/allocation-and-distribution","name":"Allocation and Distribution — Singularity Finance Official Documentation","type":"official","credibility":2},{"url":"https://docs.singularityfinance.ai/tokenomics-and-utility/sfi-nodes/details","name":"SFI Node Details — Singularity Finance Official Documentation","type":"official","credibility":2},{"url":"https://icoanalytics.org/projects/singularity-finance/","name":"Singularity Finance (SFI) Token Sale Analytics — ICO Analytics","type":"research","credibility":2}],"severity":"high"},{"content":"The Singularity Finance team is publicly identified and not anonymous. Key personnel include Cloris Chen (CEO, formerly HSBC and treasury director at an unnamed unicorn startup), Mario Casiraghi (co-founder, CFO at SingularityNET, formerly Bank of America Merrill Lynch and RBS), Ben Goertzel (co-founder and Chief AI Advisor, founder and CEO of SingularityNET), Raam Baranidharan (CTO), and Shailendra Sason (CPO, formerly Crypto Lead at Revolut). However, the predecessor projects carry mixed track records. SingularityDAO's SDAO token declined approximately 99.4% from its all-time high before the merger conversion. SingularityDAO's DynaSets AI portfolio management product was the subject of independent technical criticism, with one researcher finding that its underlying AI models relied on simple linear regression rather than the sophisticated AI management implied by its marketing. Cogito Finance's CGV token similarly experienced severe decline prior to the merger. The pattern of merging multiple underperforming tokens into a new unified token — while issuing new supply — is a structure that has, in other instances in the crypto industry, served to temporarily reset narratives while existing investors absorb losses from predecessor tokens.","heading":"Team Background and Predecessor Project Track Record","sources":[{"url":"https://docs.singularityfinance.ai/tokenomics-and-utility/leadership-team","name":"Leadership Team — Singularity Finance Official Documentation","type":"official","credibility":2},{"url":"https://medium.com/@srmq/review-of-singularity-dao-sdao-d8db3cc47e0c","name":"Review of SingularityDAO (SDAO) — Medium / Sergio Queiroz","type":"research","credibility":3},{"url":"https://usethebitcoin.com/crypto-personalities/all-you-need-to-know-about-marcello-mari-the-founder-of-singularitydao/","name":"All You Need To Know About Marcello Mari, Founder of SingularityDAO — UseTheBitcoin","type":"news_article","credibility":3},{"url":"https://www.cryptonite.ae/global/singularitydao-token-merger-singularity-finance-sfi","name":"SingularityDAO Merges with Cogito and SelfKey to Launch SFI — Cryptonite","type":"news_article","credibility":2}],"severity":"medium"},{"content":"On-chain investigator ZachXBT, whose work has been credited with helping recover over $350 million for victims of crypto hacks and scams according to Paradigm co-founder Matt Huang, has been reported to have flagged Singularity Finance as a concern. ZachXBT's methodology typically involves tracing fund flows across wallets and exchanges, address clustering, and cross-referencing on-chain data with public records. His published investigations are distributed via X (formerly Twitter) and a Telegram channel. The specific content of ZachXBT's alleged flagging of Singularity Finance was not independently corroborated through open-source indexed sources at the time of this investigation — the relevant post or thread may be on a non-indexed platform, a private Telegram message, or a statement not yet captured by news aggregators. Given ZachXBT's track record and the independently verifiable risk factors identified in this investigation — including a 97% price collapse, undelivered mainnet promises, low CertiK security score, and unaudited smart contract — users are advised to treat any ZachXBT flag as a serious indicator warranting heightened due diligence.","heading":"ZachXBT Flag and On-Chain Investigator Concerns","sources":[{"url":"https://en.wikipedia.org/wiki/ZachXBT","name":"ZachXBT — Wikipedia","type":"other","credibility":2},{"url":"https://x.com/zachxbt","name":"ZachXBT (@zachxbt) on X","type":"social_media","credibility":3},{"url":"https://t.me/investigations","name":"Investigations by ZachXBT — Telegram","type":"social_media","credibility":3}],"severity":"critical"}],"timeline":[{"date":"2021-04-28","event":"SingularityDAO launched by Marcello Mari and Ben Goertzel as an AI-powered DeFi portfolio management protocol","source":"UseTheBitcoin","source_url":"https://usethebitcoin.com/crypto-personalities/all-you-need-to-know-about-marcello-mari-the-founder-of-singularitydao/"},{"date":"2024-10-15","event":"SingularityDAO, Cogito Finance, and SelfKey announce a three-way token merger to form Singularity Finance (SFI), promising an EVM Layer 2 mainnet launch in the first half of 2025","source":"CryptoSlate","source_url":"https://cryptoslate.com/press-releases/singularitydao-cogito-finance-and-selfkey-merge-to-build-the-foundation-for-the-tokenised-ai-economy/"},{"date":"2024-12-07","event":"SingularityDAO governance proposal for updated merger plan published; SelfKey inclusion placed under review","source":"SingularityDAO on X","source_url":"https://x.com/SingularityDAO/status/1865514265576382730"},{"date":"2024-12-30","event":"Singularity Finance launches incentivized L2 testnet, with a campaign scheduled to run through March 30, 2025","source":"CryptoTimes","source_url":"https://www.cryptotimes.io/2025/01/02/singularity-finance-launches-l2-testnet-with-rewards-for-early-users/"},{"date":"2025-01-22","event":"MEXC announces support for SDAO-to-SFI token swap; SDAO trading ceases at 14:00 UTC","source":"SingularityDAO on X","source_url":"https://x.com/SingularityDAO/status/1882004203712967019"},{"date":"2025-02-06","event":"SFI Token Generation Event (TGE) occurs; token launches at approximately $0.123 ICO price and reaches an all-time high of approximately $0.17–$0.20 on the same day","source":"CoinGecko","source_url":"https://www.coingecko.com/en/coins/singularity-finance"},{"date":"2025-02-06","event":"SFI migration portal opens for SDAO and CGV holders to convert their tokens to SFI","source":"SingularityDAO on X","source_url":"https://x.com/SingularityDAO/status/1887471805058736145"},{"date":"2025-03-30","event":"Incentivized testnet campaign concludes; mainnet launch (originally promised for Q1 2025) had not occurred by this date","source":"Singularity Finance Official Documentation","source_url":"https://docs.singularityfinance.ai/launch/mainnet"},{"date":"2025-06-30","event":"Q2 2025 mainnet target passes without a confirmed public mainnet launch announcement indexed by major crypto outlets","source":"ICO Analytics","source_url":"https://icoanalytics.org/projects/singularity-finance/"},{"date":"2026-05-30","event":"SFI hits all-time low of approximately $0.003943–$0.003967, representing a ~97% decline from its February 2025 ATH and ~96% decline from ICO price; market cap approximately $337,000","source":"CoinGecko","source_url":"https://www.coingecko.com/en/coins/singularity-finance"}],"sources_used":[{"url":"https://www.coingecko.com/en/coins/singularity-finance","name":"Singularity Finance (SFI) — CoinGecko","type":"other","archive_url":"http://web.archive.org/web/20251016200724/https://www.coingecko.com/en/coins/singularity-finance","credibility":2,"archive_timestamp":"2025-10-16T20:07:24+00:00"},{"url":"https://coinmarketcap.com/currencies/singularity-finance/","name":"Singularity Finance price today — CoinMarketCap","type":"other","archive_url":"http://web.archive.org/web/20260302152724/https://coinmarketcap.com/currencies/singularity-finance/","credibility":2,"archive_timestamp":"2026-03-02T15:27:24+00:00"},{"url":"https://etherscan.io/token/0x7636d8722fdf7cd34232a915e48e96aa3eb386bf","name":"Singularity Finance (SFI) ERC-20 Token — Etherscan","type":"on_chain","archive_url":"http://web.archive.org/web/20260606004328/https://etherscan.io/token/0x7636d8722fdf7cd34232a915e48e96aa3eb386bf","credibility":1,"archive_timestamp":"2026-06-06T00:43:28+00:00"},{"url":"https://icoanalytics.org/projects/singularity-finance/","name":"Singularity Finance (SFI) Token Sale Analytics — ICO 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