Audit log

Every state-changing event for Florence Finance: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-05-28 08:20:51Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 422,682,751

   sig

   4B7BQQMxSR2P…QkJpBqyucopyexplorer ↗

   hash

   34R6YZjcvssb…K76fuKHhcopysha256 → base58

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   canonical bytes (6486 B) ▸

   {"actor":"system:backfill","investigation_id":"1428949e-5480-4c98-b18e-b160d86fca1a","kind":"publish","page_slug":"florence-finance","published_at":"2026-05-28T08:20:51.773Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Florence Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://medium.com/coinmonks/navigating-new-financial-horizons-chiel-ruiter-on-bridging-defi-with-real-world-assets-088faed692c5","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/florence-finance","type":"other","url":""},{"credibility":3,"name":"https://medium.com/florencefinance/florence-finance-is-now-live-on-base-5b1b7b08bd40","type":"other","url":""},{"credibility":3,"name":"https://forum.arbitrum.foundation/t/florence-finance-final-stip-round-1/17103","type":"other","url":""},{"credibility":3,"name":"https://www.florence.finance/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://beincrypto.com/florence-finance-loses-1-45-million-hackers/","type":"other","url":""},{"credibility":3,"name":"https://www.web3isgoinggreat.com/single/florence-finance-theft","type":"other","url":""},{"credibility":3,"name":"https://biztoc.com/x/2bc060bbf545f3ed","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://beincrypto.com/florence-finance-loses-1-45-million-hackers/","type":"other","url":""},{"credibility":3,"name":"https://www.web3isgoinggreat.com/single/florence-finance-theft","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://defillama.com/protocol/florence-finance","type":"other","url":""},{"credibility":3,"name":"https://www.florence.finance/","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/currencies/florence-finance-medici/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://forum.arbitrum.foundation/t/florence-finance-final-stip-round-1/17103","type":"other","url":""},{"credibility":3,"name":"https://docs.florence.finance/docs","type":"other","url":""}]}],"sources_used":[{"credibility":2,"name":"Florence Finance loses $1.45 million to address poisoning — Web3 Is Going Great","type":"news_article","url":"https://www.web3isgoinggreat.com/single/florence-finance-theft"},{"credibility":2,"name":"Real-World Lending Project Florence Finance Suffers $1.45 Million Phishing Attack — BeInCrypto","type":"news_article","url":"https://beincrypto.com/florence-finance-loses-1-45-million-hackers/"},{"credibility":2,"name":"RWA Protocol Florence Finance Loses $1.45M in Address Poisoning Attack — BizToc/Cryptoslate","type":"news_article","url":"https://biztoc.com/x/2bc060bbf545f3ed"},{"credibility":2,"name":"Florence Finance Protocol — DeFiLlama","type":"on_chain","url":"https://defillama.com/protocol/florence-finance"},{"credibility":2,"name":"Florence Finance STIP Round 1 Grant Proposal — Arbitrum Foundation Forum","type":"official","url":"https://forum.arbitrum.foundation/t/florence-finance-final-stip-round-1/17103"},{"credibility":3,"name":"Navigating New Financial Horizons: Chiel Ruiter on Bridging DeFi with Real World Assets — Coinmonks/Medium","type":"news_article","url":"https://medium.com/coinmonks/navigating-new-financial-horizons-chiel-ruiter-on-bridging-defi-with-real-world-assets-088faed692c5"},{"credibility":3,"name":"Florence Finance: Now Live on Base — Florence Finance Medium","type":"official","url":"https://medium.com/florencefinance/florence-finance-is-now-live-on-base-5b1b7b08bd40"},{"credibility":2,"name":"Florence Finance Medici (FFM) — CoinMarketCap","type":"other","url":"https://coinmarketcap.com/currencies/florence-finance-medici/"},{"credibility":2,"name":"Florence Finance Official Website","type":"official","url":"https://www.florence.finance/"},{"credibility":2,"name":"Florence Finance Documentation","type":"official","url":"https://docs.florence.finance/docs"}],"summary":"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.","timeline":[{"date":"2021-01-01","event":"Florence Finance founded by Chiel Ruiter and co-founders during the COVID pandemic, conceived as a euro-denominated RWA protocol for DeFi.","source":""},{"date":"2022-01-01","event":"Protocol Version 2 launched; first loan underwritten on Ethereum mainnet.","source":""},{"date":"2023-01-01","event":"Protocol migrates to Arbitrum network.","source":""},{"date":"2023-10-01","event":"Florence Finance submits STIP Round 1 grant proposal to Arbitrum DAO requesting 250,000 ARB to incentivize new depositors.","source":""},{"date":"2023-11-28","event":"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.","source":""},{"date":"2023-11-30","event":"Blockchain security firm PeckShield publicly reports the Florence Finance address poisoning attack.","source":""},{"date":"2023-12-04","event":"As of this date, Florence Finance has still not publicly acknowledged the $1.45 million theft on any official channel.","source":""},{"date":"2024-01-01","event":"FFM public token sale launches; reportedly sells out in under 10 seconds with 104 participants averaging 4.27 ETH each.","source":""},{"date":"2024-03-01","event":"Florence V3 released on Arbitrum, introducing 'yield stacking' using stEUR alongside Florence vaults.","source":""},{"date":"2024-09-01","event":"Florence Finance launches on Base network, opening the Avellinia Loan Vault.","source":""},{"date":"2025-01-01","event":"TVL begins sustained decline toward zero; protocol activity diminishes substantially across Arbitrum and Base.","source":""},{"date":"2026-01-01","event":"Official Florence Finance website announces protocol shutdown. DeFiLlama records $0 TVL with only ~$61,976 in residual active loans.","source":""}]},"v":1}

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2. #2rescoreby systemsystem

   2026-10-27 05:34:39Z
   Score: 28 → 50 (+22)
   Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 50. Problems weighed by who is responsible: concerns that are not fraud −6.4, incidents the subject suffered −3.2, problems around the subject, caused by others −1.6; legitimacy credit long-running +10; no longer operating, so capped at 50.
   anchoranchored

   chain

   ●mainnet-betaslot 461,953,902

   sig

   Txi9ZHcmCDhe…Yy3MGjWpcopyexplorer ↗

   hash

   8VgCdpffdvww…851cg5brcopysha256 → base58

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   canonical bytes (686 B) ▸

   {"actor":"system","decided_at":"2026-10-27T05:34:39.409Z","decision":"rescore","investigation_id":"1428949e-5480-4c98-b18e-b160d86fca1a","new_score":50,"page_slug":"florence-finance","prev_score":28,"reason":"Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 50. Problems weighed by who is responsible: concerns that are not fraud −6.4, incidents the subject suffered −3.2, problems around the subject, caused by others −1.6; legitimacy credit long-running +10; no longer operating, so capped at 50.","score_delta":22,"score_model":"v2","sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3reviewby reviewerreviewer

   2026-11-02 00:28:00Z
   Score: 50 → 50 (no score change)
   The core incident (a roughly $1.45M address poisoning theft reported around Nov 30, 2023, and no acknowledgment as of Dec 4) is supported by Web3 Is Going Great. One date is wrong: the STIP proposal was posted 2023-09-26, not October 2023. The shutdown claim, which appears in the summary, a section and the 2026 timeline entry, and the Cyvers, THORChain and ScamSniffer details could not be checked because the sources were blocked. The audit-disclosure statement is in tension with the Arbitrum proposal.
   anchoranchored

   chain

   ●mainnet-betaslot 464,293,658

   sig

   24Ssa5Tn7K46…UzyeveREcopyexplorer ↗

   hash

   BuZjkBxFcJuU…weu7YhP5copysha256 → base58

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   canonical bytes (1356 B) ▸

   {"actor":"reviewer","artifact_identity":"5e0ed88590b36dfcaef8cdc25a9b002c","blocked_count":3,"decided_at":"2026-11-02T00:28:00.173Z","decision":"review","disputed_pct":0.2,"findings_hash":"4fw2pXhoYYpwihnNMhb7QvDTczY7mvsiSm3PCrEn8oyb","investigation_id":"1428949e-5480-4c98-b18e-b160d86fca1a","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":50,"page_content_hash":"e96fa97570dc9621925ead86df9cb39f8cf6f7b6ef6358895ffd85999ce46425","page_slug":"florence-finance","prev_score":50,"reason":"The core incident (a roughly $1.45M address poisoning theft reported around Nov 30, 2023, and no acknowledgment as of Dec 4) is supported by Web3 Is Going Great. One date is wrong: the STIP proposal was posted 2023-09-26, not October 2023. The shutdown claim, which appears in the summary, a section and the 2026 timeline entry, and the Cyvers, THORChain and ScamSniffer details could not be checked because the sources were blocked. The audit-disclosure statement is in tension with the Arbitrum proposal.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"scored_claims":5,"sequence_num":3,"subject_status":"unknown","subject_status_contradicts_page":false,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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4. #4review reviseby judgejudge

   2026-11-02 00:28:00Z
   Score: 50 → 50 (no score change)
   Of 8 claims checked, 3 could not be read because the sources blocked the reviewer (claim_findings[2], [6], [7]); these are left out of the count. Of the remaining 5, one is disputed (claim_findings[0]: the STIP proposal was posted 2023-09-26, not October 2023), which gives 20% and the minor-issues band. The core incident, a roughly $1.45M address poisoning theft reported around Nov 30, 2023 with no acknowledgment as of Dec 4, is supported (claim_findings[1], [3]). The audit-disclosure statement is in tension with the Arbitrum proposal (claim_findings[5]), and the shutdown claim remains unconfirmed because the official site and DeFiLlama were unreadable. The penalty is kept at the mild end because reviewer confidence is low (0.4) and the disputed item is a minor date.
   anchoranchored

   chain

   ●mainnet-betaslot 464,293,662

   sig

   teAZk2pXGqvX…hSiin55Tcopyexplorer ↗

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   9VAbgXSHcpWD…1ZswS4tfcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (1460 B) ▸

   {"actor":"judge","artifact_identity":"5e0ed88590b36dfcaef8cdc25a9b002c","band_override":null,"blocked_count":3,"decided_at":"2026-11-02T00:28:00.173Z","decision":"review_revise","delist_requested":false,"disputed_pct":0.2,"investigation_id":"1428949e-5480-4c98-b18e-b160d86fca1a","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":50,"page_slug":"florence-finance","prev_score":50,"reason":"Of 8 claims checked, 3 could not be read because the sources blocked the reviewer (claim_findings[2], [6], [7]); these are left out of the count. Of the remaining 5, one is disputed (claim_findings[0]: the STIP proposal was posted 2023-09-26, not October 2023), which gives 20% and the minor-issues band. The core incident, a roughly $1.45M address poisoning theft reported around Nov 30, 2023 with no acknowledgment as of Dec 4, is supported (claim_findings[1], [3]). The audit-disclosure statement is in tension with the Arbitrum proposal (claim_findings[5]), and the shutdown claim remains unconfirmed because the official site and DeFiLlama were unreadable. The penalty is kept at the mild end because reviewer confidence is low (0.4) and the disputed item is a minor date.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"scored_claims":5,"sequence_num":4,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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