{"investigation":{"slug":"warp-protocol","entity_name":"Warp Protocol","trust_score":22,"severity_base":null,"score_modifier":0,"confidence":0.72,"status":"published","content_type":"investigation","summary":"Warp Protocol refers to two distinct but both risk-flagged entities: (1) Terraform Labs' Cosmos-based on-chain automation protocol, shut down by December 2024 following the $40 billion Terra/Luna collapse and a $4.47 billion SEC settlement against Do Kwon and Terraform Labs; and (2) Warp Finance, an Ethereum DeFi lending protocol that suffered a $7.76 million flash loan exploit in December 2020, which ZachXBT linked to Omar Zaki, a Yale graduate who had previously settled SEC fraud charges for $25,000 in 2019 while operating an unregistered hedge fund. ZachXBT's February 2022 investigation alleged that Zaki operated both Warp Finance and Force DAO under the pseudonym '0xbrainjar' while concealing his SEC enforcement history from the Composable Finance community.","sections":[{"content":"On February 18, 2022, on-chain investigator ZachXBT published a thread alleging that the anonymous head of product at Composable Finance, known as '0xbrainjar', was Omar Zaki, a Yale University graduate with a prior SEC enforcement history. ZachXBT alleged that Zaki had previously operated Warp Finance and Force DAO under anonymous identities, concealing a 2019 SEC civil settlement from the communities of those projects. The investigator's methodology included creating a burner Telegram account to message both Zaki's personal and anonymous accounts simultaneously, observing that both messages were read at the same time. ZachXBT also claimed to have obtained confirmations from individuals who linked the anonymous profile to a Yale background in physics and economics, and alleged a phone number correlation. Zaki subsequently confirmed his identity in a public Medium post, acknowledging he had used the pseudonym 'so that my efforts to build up a suite of products would not be shadowed by a mistake that I made in my past.' He characterized the SEC matter as 'a serious misstep' that had been settled but did not directly respond to ZachXBT by name, referring instead to 'a concerned twitter thread' containing alleged 'misinformation'.","heading":"ZachXBT Investigation: Pseudonymous Founder and SEC History","sources":[{"url":"https://x.com/zachxbt/status/1494766351608598536","name":"ZachXBT tweet linking Omar Zaki to Warp Finance and Force DAO identities","type":"social_media","credibility":2},{"url":"https://cointelegraph.com/news/exec-at-composable-finance-allegedly-doxed-as-convicted-fraudster-omar-zaki","name":"CoinTelegraph: Exec at Composable Finance allegedly doxed as convicted fraudster Omar Zaki","type":"news_article","credibility":2},{"url":"https://0xbrainjar.medium.com/a-letter-to-our-community-6f71d4f3ca42","name":"0xbrainjar Medium: A letter to our community","type":"official","credibility":2},{"url":"https://www.web3isgoinggreat.com/?id=another-pseudonymous-defi-project-exec-revealed-to-have-a-checkered-past","name":"Web3 Is Going Great: Another pseudonymous DeFi exec revealed to have a checkered past","type":"news_article","credibility":2},{"url":"https://cryptonews.net/news/security/3175117/","name":"CryptoNews: Exec at Composable Finance allegedly doxed as Omar Zaki","type":"news_article","credibility":2}],"severity":"high"},{"content":"On April 1, 2019, the U.S. Securities and Exchange Commission issued an administrative order against Omar Zaki, then a 21-year-old resident of New York and Yale University graduate in physics and economics. The SEC alleged that Zaki operated an unregistered investment adviser and hedge fund based in New Haven, Connecticut, raising approximately $1.7 million from eleven investors. The SEC's order found that Zaki misled investors about the fund's assets under management, performance, and fund management team, and provided at least two investors with prospectuses containing false information about trading history and investment returns. As part of the settlement, Zaki agreed to pay a civil penalty of $25,000 and accepted a three-year bar from the investment industry. Zaki settled without admitting or denying the SEC's allegations. This enforcement action predated his entry into cryptocurrency and was not publicly disclosed when he later launched Warp Finance, Force DAO, or assumed a leadership role at Composable Finance.","heading":"SEC Enforcement Action Against Founder Omar Zaki (2019)","sources":[{"url":"https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-10625-s","name":"SEC.gov: Unregistered Adviser Settles Hedge Fund Fraud Charges (Omar Zaki)","type":"regulatory","credibility":1},{"url":"https://www.sec.gov/files/litigation/admin/2019/33-10625.pdf","name":"SEC Order PDF: In the Matter of Omar Zaki","type":"regulatory","credibility":1},{"url":"https://yaledailynews.com/blog/2019/04/03/sec-charges-yale-grad-with-fraud/","name":"Yale Daily News: SEC charges Yale grad with fraud","type":"news_article","credibility":2},{"url":"https://www.ai-cio.com/news/yale-alum-charged-running-hedge-fund-scam-student/","name":"Chief Investment Officer: Yale Alum Charged with Running Hedge Fund Scam While Student","type":"news_article","credibility":2},{"url":"https://www.cbsnews.com/news/yale-grad-allegedly-ran-hedge-fund-scheme-as-a-student/","name":"CBS News: Yale grad allegedly ran hedge fund scheme as a student","type":"news_article","credibility":1}],"severity":"high"},{"content":"On December 17, 2020 — just eight days after the protocol's public launch on December 9 — Warp Finance suffered a flash loan exploit resulting in approximately $7.76 million in losses. The attacker exploited a gameable LP token price oracle mechanism: by borrowing approximately 345,000 WETH and 2.9 million DAI via dYdX and Uniswap flash loans, the attacker executed large swaps that artificially inflated the value of the WETH/DAI liquidity pool, causing Warp Finance's price oracle to overvalue LP tokens used as collateral. This enabled the attacker to withdraw stablecoin loans far exceeding the actual collateral value, draining approximately 3.85 million DAI and 3.92 million USDC from the protocol. Security analysis firm SlowMist documented the oracle manipulation mechanics in detail. By December 22, 2020, the Warp Finance team recovered approximately $5.688 million (roughly 73%) of the losses by retrieving the attacker's LP token collateral with assistance from white-hat community members. The remaining approximately $2 million in stablecoins held by the attacker was not recovered. The team issued Portal IOU tokens to affected users representing claims on compensation, and subsequently relaunched the protocol with Chainlink price oracles replacing the vulnerable Uniswap oracle mechanism. The platform's frontend was shut down on March 13, 2024, with smart contracts remaining accessible for direct interaction.","heading":"Warp Finance: December 2020 Flash Loan Exploit","sources":[{"url":"https://slowmist.medium.com/analysis-of-warp-finance-hacked-incident-cb12a1af74cc","name":"SlowMist: Analysis of Warp Finance hacked incident","type":"research","credibility":2},{"url":"https://www.coindesk.com/markets/2020/12/18/warp-finance-suffers-possible-8m-flash-loan-attack","name":"CoinDesk: Warp Finance Suffers Possible $8M Flash Loan Attack","type":"news_article","credibility":1},{"url":"https://decrypt.co/52125/warp-finance-recovers-5-8-million-days-after-hack","name":"Decrypt: Warp Finance Recovers $5.8 Million Days After Hack","type":"news_article","credibility":2},{"url":"https://warpfinance.medium.com/warp-finance-exploit-summary-recovery-of-funds-5b8fe4a11898","name":"Warp Finance Medium: Exploit Summary and Recovery of Funds","type":"official","credibility":2},{"url":"https://cryptopotato.com/another-defi-hack-7-7-million-stolen-in-a-flash-loan-attack-from-warp-finance/","name":"CryptoPotato: $7.7 Million Stolen in Flash Loan Attack from Warp Finance","type":"news_article","credibility":2},{"url":"https://warpfinance.medium.com/warp-finance-going-offline-on-the-13th-march-2024-5907a0171272","name":"Warp Finance Medium: Going offline March 13, 2024","type":"official","credibility":2},{"url":"https://www.mdpi.com/2227-9709/10/1/3","name":"MDPI: Flash Loan Attack Analysis Framework — Warp Finance Case Study","type":"research","credibility":2}],"severity":"critical"},{"content":"Force DAO, another protocol alleged by ZachXBT to have been operated by Omar Zaki, was exploited within hours of its April 4, 2021 launch. The vulnerability arose from a mismatch between the xFORCE vault contract logic (forked from xSUSHI) and the underlying Aragon Minime FORCE token's error-handling behavior. The xSUSHI-based code assumed that a failed transfer would trigger a reversion, while the FORCE token's transferFrom function returned false on failure rather than reverting. This allowed five attackers — one white-hat and four black-hat — to receive xFORCE tokens without successfully depositing FORCE tokens. The malicious attackers drained FORCE tokens valued at approximately $367,000 at the time of the exploit, while the white-hat returned their portion. The FORCE token depreciated approximately 90% in the aftermath. Security researchers noted the vulnerability would have been identified by a comprehensive smart contract audit prior to launch.","heading":"Force DAO Exploit (April 2021)","sources":[{"url":"https://halborn.com/explained-the-forcedao-hack-april-2021/","name":"Halborn: Explained: The ForceDAO Hack (April 2021)","type":"research","credibility":2},{"url":"https://www.financemagnates.com/cryptocurrency/news/forcedao-exploited-for-367k-after-launch-due-to-engineering-oversight/","name":"Finance Magnates: ForceDAO Exploited for $367K after Launch Due to Engineering Oversight","type":"news_article","credibility":2},{"url":"https://cryptobriefing.com/millions-drained-forcedao-attacks-white-hat-returns-funds/","name":"CryptoBriefing: Millions Drained in ForceDAO Attacks, White Hat Returns Funds","type":"news_article","credibility":2}],"severity":"high"},{"content":"A separate entity sharing the name 'Warp Protocol' was launched by Terraform Labs PTE Ltd. as a decentralized automation layer for the Cosmos ecosystem, enabling developers to schedule on-chain job execution based on conditional triggers without modifying smart contracts. Terraform Labs announced Warp Protocol v2 on February 21, 2024. However, Terraform Labs is the company responsible for the collapse of TerraUSD (UST) and LUNA in May 2022, which wiped out approximately $40 billion in market capitalization and triggered cascading failures across the broader DeFi ecosystem. On February 16, 2023, the SEC charged Terraform Labs and founder Do Hyeong Kwon with defrauding investors across multiple unregistered crypto asset securities offerings. A jury found Kwon and Terraform Labs liable on April 5, 2024. On June 12, 2024, a U.S. District Court approved a final consent judgment requiring Terraform Labs to pay $4,473,828,306 in disgorgement, prejudgment interest, and civil penalties. Do Kwon was subsequently extradited to the United States, pleaded guilty to fraud charges, and was sentenced to 15 years in prison in December 2025. Terraform Labs announced in September 2024 that Warp Protocol, Enterprise DAO, and the Station Wallet would be shut down by October 30, 2024, unless third parties agreed to assume operations. Warp Protocol was ultimately shut down by December 31, 2024 as part of Terraform Labs' broader wind-down following its bankruptcy.","heading":"Terraform Labs Warp Protocol: Terra/Luna Collapse and Shutdown","sources":[{"url":"https://www.sec.gov/newsroom/press-releases/2023-32","name":"SEC.gov: SEC Charges Terraform and CEO Do Kwon with Defrauding Investors","type":"regulatory","credibility":1},{"url":"https://www.sec.gov/enforcement-litigation/distributions-harmed-investors/sec-v-terraform-labs-pte-ltd-do-hyeong-kwon-no-23-cv-1346-jsr-sdny","name":"SEC.gov: SEC v. Terraform Labs and Do Hyeong Kwon (case page)","type":"court_filing","credibility":1},{"url":"https://www.bankingdive.com/news/terraform-labs-do-kwon-to-settle-with-sec-for-447b/718867/","name":"Banking Dive: Terraform Labs, Do Kwon to settle with SEC for $4.47B","type":"news_article","credibility":1},{"url":"https://coinedition.com/terraform-labs-announces-shutdown-of-enterprise-warp-and-station/","name":"CoinEdition: Terraform Labs Announces Shutdown of Enterprise, Warp, and Station","type":"news_article","credibility":2},{"url":"https://www.prnewswire.com/news-releases/terraform-labs-launches-warp-protocol-v2-the-decentralized-automation-layer-for-cosmos-302067860.html","name":"PR Newswire: Terraform Labs Launches Warp Protocol v2","type":"official","credibility":2}],"severity":"critical"},{"content":"A recurring theme across entities linked to the 'Warp' name is the use of pseudonymous identities and non-disclosure of material risk factors. In the case of Warp Finance, the alleged founder Omar Zaki operated under the pseudonym '0xbrainjar' and did not publicly disclose to investors or users of Warp Finance, Force DAO, or Composable Finance that he had settled SEC fraud and investor-deception charges in 2019. Zaki himself acknowledged using the pseudonym to avoid association with his prior regulatory history. In the case of Terraform Labs' Warp Protocol, the parent company was simultaneously facing SEC charges and managing the aftermath of a $40 billion ecosystem collapse while publicly launching a v2 upgrade in February 2024 without disclosing its pending insolvency to potential users or developers building on the protocol. Composable Finance's CTO stepped down in the aftermath of ZachXBT's 2022 investigation, and the CEO publicly denied legal violations, though independent verification of those denials was not established by reviewed sources.","heading":"Disclosure Concerns and Pseudonymity","sources":[{"url":"https://cointelegraph.com/news/composable-finance-ceo-denies-legal-violations-as-cto-steps-down","name":"CoinTelegraph: Composable Finance CEO denies legal violations as CTO steps down","type":"news_article","credibility":2},{"url":"https://www.bitget.com/academy/who-is-omar-zaki-crypto-next-gen-nyc-blockchain-profile","name":"Bitget Academy: Who Is Omar Zaki? Crypto, Blockchain & Next Gen NYC","type":"news_article","credibility":2},{"url":"https://www.coinspeaker.com/terraform-labs-potential-shutdown-products-services/","name":"Coinspeaker: Terraform Labs Warns of Potential Shutdown of Products and Services","type":"news_article","credibility":2}],"severity":"high"}],"timeline":[{"date":"2016","event":"Omar Zaki forms unregistered investment adviser and hedge fund in New Haven, Connecticut, raising approximately $1.7 million from eleven investors.","source":"SEC Administrative Order (33-10625)","source_url":"https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-10625-s","date_original":"2016-01-01"},{"date":"2019-04","event":"SEC issues administrative order against Omar Zaki for investor fraud, misleading investors about fund assets, performance, and management. Zaki settles for a $25,000 civil penalty and a three-year industry ban.","source":"SEC.gov Administrative Proceedings","source_url":"https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-10625-s","date_original":"2019-04-01"},{"date":"2020-12-09","event":"Warp Finance launches as an Ethereum DeFi lending platform allowing users to deposit LP tokens as collateral for stablecoin loans.","source":"Finance Magnates","source_url":"https://www.financemagnates.com/cryptocurrency/news/newly-launched-warp-finance-lost-8-million-in-flash-loan-attack/"},{"date":"2020-12-17","event":"Warp Finance suffers a flash loan exploit via a manipulated LP token price oracle. Approximately $7.76 million in DAI and USDC is drained from the protocol.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2020/12/18/warp-finance-suffers-possible-8m-flash-loan-attack"},{"date":"2020-12-22","event":"Warp Finance team recovers approximately $5.688 million (73%) of stolen funds in the form of ETH/DAI LP tokens with white-hat assistance. Portal IOU tokens issued to affected users.","source":"Decrypt","source_url":"https://decrypt.co/52125/warp-finance-recovers-5-8-million-days-after-hack"},{"date":"2021-04-04","event":"Force DAO, another protocol alleged to be linked to Omar Zaki, is exploited within hours of launch. Five attackers drain approximately $367,000 in FORCE tokens via an ERC-20 error-handling mismatch. FORCE token loses approximately 90% of its value.","source":"Halborn","source_url":"https://halborn.com/explained-the-forcedao-hack-april-2021/"},{"date":"2022-02-18","event":"ZachXBT publishes a thread allegedly doxxing Composable Finance's '0xbrainjar' as Omar Zaki, connecting him to the 2019 SEC settlement, Warp Finance, and Force DAO. Omar Zaki subsequently confirms his identity in a Medium post.","source":"ZachXBT on X","source_url":"https://x.com/zachxbt/status/1494766351608598536"},{"date":"2022-05","event":"TerraUSD (UST) depegs and the Terra/Luna ecosystem collapses, wiping out approximately $40 billion in market capitalization. Terraform Labs' Warp Protocol product is rendered part of a collapsing ecosystem.","source":"Do Kwon Wikipedia","source_url":"https://en.wikipedia.org/wiki/Do_Kwon","date_original":"2022-05-01"},{"date":"2023-02-16","event":"The SEC charges Terraform Labs and founder Do Hyeong Kwon with defrauding investors in multiple crypto asset securities offerings.","source":"SEC.gov Press Release","source_url":"https://www.sec.gov/newsroom/press-releases/2023-32"},{"date":"2024-02-21","event":"Terraform Labs launches Warp Protocol v2 as decentralized automation layer for the Cosmos ecosystem, despite ongoing SEC litigation and wind-down proceedings.","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/terraform-labs-launches-warp-protocol-v2-the-decentralized-automation-layer-for-cosmos-302067860.html"},{"date":"2024-03-13","event":"Warp Finance (the Ethereum DeFi protocol) shuts down its hosted frontend. Smart contracts remain accessible for direct interaction but are no longer actively maintained.","source":"Warp Finance Medium","source_url":"https://warpfinance.medium.com/warp-finance-going-offline-on-the-13th-march-2024-5907a0171272"},{"date":"2024-04-05","event":"A jury finds Do Kwon and Terraform Labs liable for investor fraud.","source":"DLA Piper","source_url":"https://www.dlapiper.com/en/insights/publications/2024/01/sec-secures-victory-against-terraform-labs-and-founder-do-kwon-key-takeaways"},{"date":"2024-06-12","event":"U.S. District Court approves final consent judgment against Terraform Labs and Do Kwon totaling $4,473,828,306 in disgorgement, prejudgment interest, and civil penalties.","source":"Banking Dive","source_url":"https://www.bankingdive.com/news/terraform-labs-do-kwon-to-settle-with-sec-for-447b/718867/"},{"date":"2024-09-25","event":"Terraform Labs announces potential shutdown of Warp Protocol, Enterprise DAO, and Station Wallet by October 30, 2024 unless third parties take over operations.","source":"CoinEdition","source_url":"https://coinedition.com/terraform-labs-announces-shutdown-of-enterprise-warp-and-station/"},{"date":"2024-12-31","event":"Terraform Labs' Warp Protocol formally shuts down as part of the broader Terraform Labs wind-down and bankruptcy process.","source":"CoinEdition","source_url":"https://coinedition.com/terraform-labs-announces-shutdown-of-enterprise-warp-and-station/"},{"date":"2025-12","event":"Do Kwon sentenced to 15 years in U.S. federal prison following extradition and guilty plea to fraud charges related to the Terra/Luna collapse.","source":"Do Kwon Wikipedia","source_url":"https://en.wikipedia.org/wiki/Do_Kwon","date_original":"2025-12-01"}],"sources_used":[{"url":"https://x.com/zachxbt/status/1494766351608598536","name":"ZachXBT tweet linking 0xbrainjar to Warp Finance and Force DAO","type":"social_media","archive_url":null,"credibility":2,"archive_timestamp":null},{"url":"https://cointelegraph.com/news/exec-at-composable-finance-allegedly-doxed-as-convicted-fraudster-omar-zaki","name":"CoinTelegraph: Exec at Composable Finance allegedly doxed as convicted fraudster Omar Zaki","type":"news_article","archive_url":"http://web.archive.org/web/20250802192346/https://cointelegraph.com/news/exec-at-composable-finance-allegedly-doxed-as-convicted-fraudster-omar-zaki","credibility":2,"archive_timestamp":"2025-08-02T19:23:46+00:00"},{"url":"https://0xbrainjar.medium.com/a-letter-to-our-community-6f71d4f3ca42","name":"0xbrainjar Medium: A letter to our community","type":"official","archive_url":"http://web.archive.org/web/20260511091121/https://0xbrainjar.medium.com/a-letter-to-our-community-6f71d4f3ca42","credibility":2,"archive_timestamp":"2026-05-11T09:11:21+00:00"},{"url":"https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-10625-s","name":"SEC.gov: Unregistered Adviser Settles Hedge Fund Fraud Charges (33-10625-s)","type":"regulatory","archive_url":"http://web.archive.org/web/20251125090941/https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-10625-s","credibility":1,"archive_timestamp":"2025-11-25T09:09:41+00:00"},{"url":"https://www.sec.gov/files/litigation/admin/2019/33-10625.pdf","name":"SEC Order PDF: In the Matter of Omar Zaki (33-10625.pdf)","type":"regulatory","archive_url":"http://web.archive.org/web/20250906002544/https://www.sec.gov/files/litigation/admin/2019/33-10625.pdf","credibility":1,"archive_timestamp":"2025-09-06T00:25:44+00:00"},{"url":"https://yaledailynews.com/blog/2019/04/03/sec-charges-yale-grad-with-fraud/","name":"Yale Daily News: SEC charges Yale grad with fraud","type":"news_article","archive_url":"http://web.archive.org/web/20250723024710/https://yaledailynews.com/blog/2019/04/03/sec-charges-yale-grad-with-fraud/","credibility":2,"archive_timestamp":"2025-07-23T02:47:10+00:00"},{"url":"https://www.cbsnews.com/news/yale-grad-allegedly-ran-hedge-fund-scheme-as-a-student/","name":"CBS News: Yale grad allegedly ran hedge fund scheme as a student","type":"news_article","archive_url":"https://web.archive.org/web/20260725085546/https://www.cbsnews.com/news/yale-grad-allegedly-ran-hedge-fund-scheme-as-a-student/","credibility":1,"archive_timestamp":"2026-07-25T08:55:46+00:00"},{"url":"https://www.coindesk.com/markets/2020/12/18/warp-finance-suffers-possible-8m-flash-loan-attack","name":"CoinDesk: Warp Finance Suffers Possible $8M Flash Loan Attack","type":"news_article","archive_url":"https://web.archive.org/web/20260724182908/https://www.coindesk.com/markets/2020/12/18/warp-finance-suffers-possible-8m-flash-loan-attack","credibility":1,"archive_timestamp":"2026-07-24T18:29:08+00:00"},{"url":"https://slowmist.medium.com/analysis-of-warp-finance-hacked-incident-cb12a1af74cc","name":"SlowMist: Analysis of Warp Finance hacked incident","type":"research","archive_url":"http://web.archive.org/web/20250909134758/https://slowmist.medium.com/analysis-of-warp-finance-hacked-incident-cb12a1af74cc","credibility":2,"archive_timestamp":"2025-09-09T13:47:58+00:00"},{"url":"https://decrypt.co/52125/warp-finance-recovers-5-8-million-days-after-hack","name":"Decrypt: Warp Finance Recovers $5.8 Million Days After Hack","type":"news_article","archive_url":"http://web.archive.org/web/20260215135737/https://decrypt.co/52125/warp-finance-recovers-5-8-million-days-after-hack","credibility":2,"archive_timestamp":"2026-02-15T13:57:37+00:00"},{"url":"https://warpfinance.medium.com/warp-finance-exploit-summary-recovery-of-funds-5b8fe4a11898","name":"Warp Finance Medium: Exploit Summary and Recovery of Funds","type":"official","archive_url":"http://web.archive.org/web/20251011184946/https://warpfinance.medium.com/warp-finance-exploit-summary-recovery-of-funds-5b8fe4a11898","credibility":2,"archive_timestamp":"2025-10-11T18:49:46+00:00"},{"url":"https://warpfinance.medium.com/warp-finance-going-offline-on-the-13th-march-2024-5907a0171272","name":"Warp Finance Medium: Going offline March 13, 2024","type":"official","archive_url":"http://web.archive.org/web/20251104210328/https://warpfinance.medium.com/warp-finance-going-offline-on-the-13th-march-2024-5907a0171272","credibility":2,"archive_timestamp":"2025-11-04T21:03:28+00:00"},{"url":"https://halborn.com/explained-the-forcedao-hack-april-2021/","name":"Halborn: Explained: The ForceDAO Hack (April 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