Florence Finance
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anchored·4B7BQQ…BqyuSummary
Florence Finance is a DeFi real-world asset (RWA) lending protocol built on Arbitrum that tokenizes euro-denominated loans to European small and medium enterprises (SMEs). In November 2023 the protocol lost $1.45 million in USDC to an address poisoning attack, and notably failed to publicly acknowledge the theft for at least five days after it was reported by security firms. As of 2025-2026 the protocol's TVL has collapsed to approximately zero and the official website indicates the project is shutting down.
Connected Entities
5 entities · 60 linked investigations- THORChain→mentioned with→Ethereum(70%)
- THORChain→mentioned with→Arbitrum(60%)
- Florence Finance→mentioned with→Arbitrum(80%)
- Florence Finance→mentioned with→THORChain(65%)
- Florence Finance→mentioned with→Base(70%)
- Florence Finance→mentioned with→Ethereum(80%)
- Base→mentioned with→Ethereum(80%)
- Arbitrum→mentioned with→Ethereum(80%)
Timeline(12 events)
2021
Florence Finance founded by Chiel Ruiter and co-founders during the COVID pandemic, conceived as a euro-denominated RWA protocol for DeFi.
2022
Protocol Version 2 launched; first loan underwritten on Ethereum mainnet.
2023
Protocol migrates to Arbitrum network.
October 2023
Florence Finance submits STIP Round 1 grant proposal to Arbitrum DAO requesting 250,000 ARB to incentivize new depositors.
28 November 2023
Address poisoning attack drains 1,456,162 USDC (~$1.45 million) from the protocol on Ethereum. Attacker converts funds to ETH and bridges via THORChain.
30 November 2023
Blockchain security firm PeckShield publicly reports the Florence Finance address poisoning attack.
4 December 2023
As of this date, Florence Finance has still not publicly acknowledged the $1.45 million theft on any official channel.
2024
FFM public token sale launches; reportedly sells out in under 10 seconds with 104 participants averaging 4.27 ETH each.
March 2024
Florence V3 released on Arbitrum, introducing 'yield stacking' using stEUR alongside Florence vaults.
September 2024
Florence Finance launches on Base network, opening the Avellinia Loan Vault.
2025
TVL begins sustained decline toward zero; protocol activity diminishes substantially across Arbitrum and Base.
2026
Official Florence Finance website announces protocol shutdown. DeFiLlama records $0 TVL with only ~$61,976 in residual active loans.
Decision Log
- hash: 34R6YZjcvssb9pUEzLx1RGx1AGXXEYrtC5HAK76fuKHh
This investigation is cryptographically anchored to the Solana blockchain (1 event). 7 of 10 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:36 AM
last updated: 8/29/2026, 1:35:42 AM
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