Audit log

Every state-changing event for Frax Finance: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-31 13:59:14Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 423,388,103

   sig

   64oZrT4dFtF7…26gjmtFKcopyexplorer ↗

   hash

   5cC1wjD1caA5…mgbyA7Dkcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (28106 B) ▸

   {"actor":"system:backfill","investigation_id":"fa0b876e-8499-47d4-a0ba-af56dc4915a8","kind":"publish","page_slug":"frax-finance","published_at":"2026-05-31T13:59:14.675Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Frax Finance","sections":[{"content":"Frax Finance was founded in 2019 by Sam Kazemian, Travis Moore, and Jason Huan, and its FRAX stablecoin launched on December 20, 2020. The protocol introduced a fractional-algorithmic design in which the FRAX stablecoin was partially backed by collateral (primarily USDC) and partially stabilized by the Frax Shares (FXS) governance token. This hybrid model was positioned as a middle ground between purely algorithmic stablecoins and fully-collateralized fiat-backed stablecoins. At launch, the protocol began at an 100% collateral ratio and algorithmically adjusted this ratio based on market conditions. The FXS governance token accrued protocol fees and excess collateral value. Over time, Frax expanded its product suite to include FraxEther (frxETH), a liquid staking derivative; Fraxlend, a permissionless lending market; the Frax Price Index (FPI) stablecoin; and an automated market maker. In February 2024, Frax launched Fraxtal, a modular Ethereum Layer 2 blockchain built on the OP Stack and part of Optimism's Superchain ecosystem. In January 2025, the protocol launched frxUSD, a new stablecoin backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize. In late December 2025, governance approved rebranding the FXS governance token to FRAX, with the new FRAX token serving as the gas token for Fraxtal.","heading":"Protocol Overview and History","severity":"low","sources":[{"credibility":1,"name":"Frax Finance Documentation - Ecosystem Overview","type":"official","url":"https://docs.frax.finance/"},{"credibility":2,"name":"IQ.wiki - Frax Finance","type":"research","url":"https://iq.wiki/wiki/frax-finance"},{"credibility":2,"name":"The Block - Frax launches Layer 2 network Fraxtal","type":"news_article","url":"https://www.theblock.co/post/276634/frax-fraxtal-launch"},{"credibility":1,"name":"PR Newswire - Frax Launches frxUSD Stablecoin backed by BlackRock BUIDL","type":"official","url":"https://www.prnewswire.com/news-releases/frax-launches-frxusd-stablecoin-backed-by-the-blackrocks-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-302341497.html"}]},{"content":"Following the collapse of the Terra/Luna ecosystem and its UST stablecoin in May 2022, which triggered widespread contagion across DeFi, Frax Finance's community passed governance proposal FIP-188 on February 22, 2023. The proposal, which received approximately 98% approval, directed the protocol to set a target collateral ratio of 100%, effectively eliminating the algorithmic component of the FRAX stablecoin. Implementation relied on retaining protocol revenues rather than minting additional FXS tokens, and authorized the purchase of up to $3 million in frxETH to bolster reserves. At the time of the vote, FRAX was the fifth-largest stablecoin with over $1 billion in market capitalization. Co-founder Sam Kazemian described the move as 'the safest design, while also being the most capital efficient.' This decision marked a fundamental strategic pivot for the protocol from its original design thesis.","heading":"Shift Away from Algorithmic Model (FIP-188)","severity":"low","sources":[{"credibility":1,"name":"CoinDesk - Frax Finance Votes to Fully Collateralize Its $1B Stablecoin","type":"news_article","url":"https://www.coindesk.com/markets/2023/02/22/frax-finance-votes-to-fully-collateralize-its-1-billion-stablecoin"},{"credibility":1,"name":"CoinTelegraph - Frax Finance to retire algorithmic backing","type":"news_article","url":"https://cointelegraph.com/news/frax-finance-to-retire-algorithmic-backing-amid-stablecoin-crackdown"}]},{"content":"Prior to the introduction of its on-chain governance module, Frax Protocol operations were controlled primarily through Gnosis Safe multisig wallets managed by core team members. A Blockworks Research risk assessment found that a 3-of-5 multisig controlling over $1.2 billion in Frax assets included four core team members (Sam Kazemian, Travis Moore, Jason Huan, and Justin Moore) and one timelock contract. The assessment noted that while the team members are publicly identified, this structure introduces geographic censorship risk: if three signers resided in a jurisdiction that imposed regulatory action, the multisig could be compelled to terminate protocol operations. The admin of the timelock was also found to be the core team multisig rather than the governor contract, meaning veFXS voters had to trust the core team to adhere to Snapshot vote outcomes rather than having on-chain enforcement. Frax subsequently introduced a governance module — an optimistic implementation of Compound's Governor Bravo — designed to give veFXS holders binding on-chain control. The new structure uses a 6-of-11 multisig where six slots are controlled by smart contracts governed by veFXS voters, preventing unilateral team action. The full transition to this model has been described as an ongoing process.","heading":"Governance and Centralization Concerns","severity":"medium","sources":[{"credibility":2,"name":"Blockworks Research - Risk Assessment: Frax Governance","type":"research","url":"https://app.blockworksresearch.com/unlocked/risk-assessment-frax-governance"},{"credibility":1,"name":"Frax Finance Documentation - Governance Overview","type":"official","url":"https://docs.frax.finance/governance/frax-governance-overview"},{"credibility":1,"name":"Frax Finance Documentation - Multisigs","type":"official","url":"https://docs.frax.finance/smart-contracts/multisigs"}]},{"content":"On November 1, 2023, the frax.finance and frax.com domains were hijacked by attackers who redirected DNS settings to malicious servers. The Frax team was alerted and contacted their DNS registrar, Name.com, who regained control of the domains and restored proper DNS configuration. The incident was resolved without reported user fund losses. The team communicated the incident via X (formerly Twitter), warning users not to interact with the affected domains. The Binance security blog subsequently published a general analysis of DNS attack vectors citing the Frax Finance incident as an example. This type of DNS hijacking attack has targeted multiple DeFi protocols.","heading":"DNS Domain Hijacking (November 2023)","severity":"medium","sources":[{"credibility":1,"name":"CoinDesk - Frax Finance Says its Domain Name Hijacking Has Been Resolved","type":"news_article","url":"https://www.coindesk.com/markets/2023/11/01/frax-finance-says-its-domain-name-has-been-hijacked"},{"credibility":2,"name":"The Block - Frax Finance regains control over domain names","type":"news_article","url":"https://www.theblock.co/post/260311/frax-finance-regains-control-over-domain-names-after-potential-hijacking-attempt"},{"credibility":2,"name":"Binance Blog - Preventing DNS Attacks: The Frax Finance Incident","type":"news_article","url":"https://www.binance.com/en/blog/security/preventing-dns-attacks-the-frax-finance-incident-and-beyond-868023751330709091"},{"credibility":2,"name":"crypto.news - Hackers hijack Frax Finance DNS domain","type":"news_article","url":"https://crypto.news/hackers-hijack-frax-finance-dns-domain/"}]},{"content":"In early June 2024, the Frax Finance official X account was compromised by an attacker. Founder Sam Kazemian announced on May 31, 2024, that the account had been taken over without any password breach or phishing of the Frax team. Kazemian alleged that the incident was an 'inside job' at X, stating the team was 'reasonably sure' of the attacker's identity and describing the individual as a 'serial scammer' known to blockchain investigator ZachXBT. The team warned the community not to click any links shared from the compromised account. Neither X nor Elon Musk publicly commented on the allegations. No user funds were reported stolen as a direct result of the account compromise. The incident added to a broader trend of crypto projects attributing social media breaches to alleged insider access at X.","heading":"X (Twitter) Account Compromise (June 2024)","severity":"medium","sources":[{"credibility":1,"name":"CoinTelegraph - Frax Finance X account hacked, CEO suspects inside job","type":"news_article","url":"https://cointelegraph.com/news/frax-finance-x-account-hacked-insider-elon-musk"},{"credibility":2,"name":"crypto.news - Frax Finance founder says serial scammer hacked X account","type":"news_article","url":"https://crypto.news/frax-finance-founder-says-serial-scammer-hacked-x-account/"},{"credibility":2,"name":"CoinSpeaker - Frax Finance X Hacked, CEO Suspects Inside Job","type":"news_article","url":"https://www.coinspeaker.com/crypto-frax-finance-x-hacked-ceo/"}]},{"content":"In December 2025, an alleged security researcher operating under the handle 'Donnyoregon' publicly alleged that Frax Finance had secretly patched a critical denial-of-service vulnerability in the FraxEtherRedemptionQueueV2 smart contract after initially rejecting the report. The researcher alleged the vulnerability, filed on December 4-5, 2025, involved zero-amount redemption tickets that could permanently block the FIFO redemption queue. After Frax's security team stated on December 5 that 'no bug was found,' the researcher claims the exact mitigation they had suggested was implemented in the deployed contract by December 16 — a discrepancy evidenced by the deployed bytecode rejecting zero-amount tickets while the publicly verified source code on Etherscan showed no such check. Frax's team denied making any changes and ceased communication with the researcher. The dispute was escalated to the Frax governance forum, where the researcher sought documentation of the upgrade timeline and bounty attribution. The governance forum thread is publicly accessible. This incident remains unresolved as a formal dispute; all allegations originate from the reporting researcher and have not been independently verified by major security firms or media outlets. The sourcing is primarily Tier 3 (forum posts and a pseudonymous Medium article), limiting confidence in the specific claims.","heading":"Bug Bounty Attribution Dispute (December 2025)","severity":"medium","sources":[{"credibility":3,"name":"Frax Governance Forum - Attribution Dispute: RedemptionQueueV2 DoS Vulnerability","type":"community_report","url":"https://gov.frax.finance/t/attribution-dispute-redemptionqueuev2-dos-vulnerability/3818"},{"credibility":3,"name":"Medium - FRAX FINANCE: The Stealth Patch & The Stolen Bounty","type":"community_report","url":"https://medium.com/@clarkcorrin/frax-finance-the-stealth-patch-the-stolen-bounty-unmasking-the-cover-up-how-frax-finance-c52137d4c9c2"}]},{"content":"Frax Finance has undergone multiple independent smart contract audits since its 2020 launch, including reviews by CertiK, Trail of Bits, Shipyard/Macro, Code4rena, and ChainSecurity. CertiK's initial audit conducted October 11-30, 2020, identified 39 total issues including 3 critical and 8 major findings. ChainSecurity audited the Frax BAMM (Bounded AMM) contracts in 2024 and reported the team was responsive to findings. The protocol operates a bug bounty program offering rewards of up to $10 million for critical vulnerabilities. A June 2023 vulnerability in a Solidity Merkle-Patricia-Trie proof validation library affected multiple protocols including Frax; the issue was disclosed responsibly and patched across the ecosystem. DeFiSafety noted in its Process Quality Review that Frax had been audited before launch but that three major findings from one audit were recorded as uncorrected at the time of review. The protocol maintains an audits page in its official documentation listing historical reviews.","heading":"Smart Contract Audits and Security Practices","severity":"low","sources":[{"credibility":2,"name":"CertiK - FRAX Finance Audits Its Stablecoin Protocol","type":"research","url":"https://www.certik.com/resources/blog/frax-finance-audits-its-stablecoin-protocol-with-certik"},{"credibility":2,"name":"ChainSecurity - Smart Contract Audit: Frax BAMM","type":"research","url":"https://www.chainsecurity.com/security-audit/frax-bamm-smart-contracts"},{"credibility":2,"name":"Code4rena - Fraxlend Contest Findings & Analysis Report","type":"research","url":"https://code4rena.com/reports/2022-08-frax"},{"credibility":2,"name":"DeFiSafety - Frax detailed report","type":"research","url":"https://www.defisafety.com/app/pqrs/353"},{"credibility":1,"name":"Frax Finance Documentation - Audits","type":"official","url":"https://docs.frax.finance/other/audits"},{"credibility":1,"name":"Frax Finance Documentation - Bug Bounty","type":"official","url":"https://docs.frax.finance/smart-contracts/bug-bounty"}]},{"content":"In January 2025, Frax Finance launched frxUSD, a USD-pegged stablecoin collateralized by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize. The governance community passed FIP-418 approving BUIDL as collateral. frxUSD is described as complying with GENIUS Act stablecoin standards and integrates with Paxos for direct fiat redemption. A U.S.-based public benefit corporation, FinresPBC (later formally structured as FRAX Inc. under FIP-432), was established to manage off-chain real-world asset holdings including FDIC-insured IntraFi savings accounts and U.S. Treasury bills, with monthly reserve attestations committed. ATW Partners announced a $50 million investment program in frxUSD. Zodia Custody (an institutional-grade custody provider) added support for frxUSD. On April 6, 2026, frxUSD launched as a default borrowable asset on Aave V4. These partnerships represent the protocol's deliberate pivot toward institutional and regulatory compliance within the evolving U.S. stablecoin regulatory framework.","heading":"Institutional Partnerships and Regulatory Positioning","severity":"low","sources":[{"credibility":1,"name":"PR Newswire - Frax Launches frxUSD Stablecoin backed by BlackRock BUIDL","type":"official","url":"https://www.prnewswire.com/news-releases/frax-launches-frxusd-stablecoin-backed-by-the-blackrocks-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-302341497.html"},{"credibility":1,"name":"CoinTelegraph - Frax community approves frxUSD backed by BlackRock BUIDL","type":"news_article","url":"https://cointelegraph.com/news/frax-community-approves-stablecoin-backed-blackrock-buidl"},{"credibility":2,"name":"CryptoSlate - BlackRock's BUIDL fund backs new Frax Finance stablecoin","type":"news_article","url":"https://cryptoslate.com/blackrocks-buidl-fund-backs-new-frax-finance-stablecoin-enhancing-fiat-crypto-bridge/"},{"credibility":1,"name":"Frax Governance - FIP-277 Onboard FinresPBC as FRAX v3 Offchain RWA Partner","type":"official","url":"https://gov.frax.finance/t/fip-277-onboard-finrespbc-as-frax-v3s-offchain-rwa-partner/2492"},{"credibility":2,"name":"Chaos Labs - frxUSD Token Review","type":"research","url":"https://chaoslabs.xyz/posts/frxusd-token-review"}]},{"content":"In December 2025, the Frax governance community passed the 'North Star' package (FIP-428), which rebranded the Frax Shares (FXS) governance token to FRAX, establishing it as the gas and staking token for the Fraxtal Layer 2 network. The token swap occurred at a 1:1 ratio, with exchanges including Binance and Bybit managing the technical transition in January 2026. Fraxtal, launched in February 2024, is an Ethereum-compatible optimistic rollup built on the OP Stack and integrated into the Optimism Superchain. It uses a FXTL points and Flox incentive mechanism to reward blockspace usage. The protocol has articulated an ambitious roadmap targeting $100 billion in TVL for Fraxtal by 2026, though as of available data, the protocol's TVL was reported at approximately $296.7 million — substantially below that target. The new FRAX token carries an initial annual inflation rate of 8%, declining by 1% per year to a floor of 3% over six years.","heading":"FXS Token Rebranding and Fraxtal Ecosystem","severity":"low","sources":[{"credibility":1,"name":"GlobeNewswire - Future of DeFi: Frax 2025 Vision Roadmap","type":"official","url":"https://www.globenewswire.com/news-release/2024/12/12/2996322/0/en/Future-of-DeFi-Frax-2025-Vision-Roadmap.html"},{"credibility":1,"name":"Frax Governance - FIP-428 Frax North Star Proposal V2","type":"official","url":"https://gov.frax.finance/t/fip-428-frax-north-star-proposal-v2/3652"},{"credibility":2,"name":"The Block - Frax launches Layer 2 network Fraxtal","type":"news_article","url":"https://www.theblock.co/post/276634/frax-fraxtal-launch"},{"credibility":1,"name":"CoinDesk - Frax Finance's Layer 2 Fraxtal to Debut in February","type":"news_article","url":"https://www.coindesk.com/tech/2024/01/18/frax-finances-layer-2-fraxtal-to-debut-in-february-founder"},{"credibility":2,"name":"DeFiLlama - Frax Finance TVL","type":"on_chain","url":"https://defillama.com/protocol/frax-finance"}]}],"sources_used":[{"credibility":1,"name":"Frax Finance Documentation - Ecosystem Overview","type":"official","url":"https://docs.frax.finance/"},{"credibility":1,"name":"CoinDesk - Frax Finance Votes to Fully Collateralize Its $1B Stablecoin","type":"news_article","url":"https://www.coindesk.com/markets/2023/02/22/frax-finance-votes-to-fully-collateralize-its-1-billion-stablecoin"},{"credibility":1,"name":"CoinDesk - Frax Finance's Layer 2 Fraxtal to Debut in February","type":"news_article","url":"https://www.coindesk.com/tech/2024/01/18/frax-finances-layer-2-fraxtal-to-debut-in-february-founder"},{"credibility":1,"name":"CoinDesk - Frax Finance Says its Domain Name Hijacking Has Been Resolved","type":"news_article","url":"https://www.coindesk.com/markets/2023/11/01/frax-finance-says-its-domain-name-has-been-hijacked"},{"credibility":2,"name":"The Block - Frax launches Layer 2 network Fraxtal","type":"news_article","url":"https://www.theblock.co/post/276634/frax-fraxtal-launch"},{"credibility":2,"name":"The Block - Frax Finance regains control over domain names","type":"news_article","url":"https://www.theblock.co/post/260311/frax-finance-regains-control-over-domain-names-after-potential-hijacking-attempt"},{"credibility":1,"name":"CoinTelegraph - Frax Finance to retire algorithmic backing","type":"news_article","url":"https://cointelegraph.com/news/frax-finance-to-retire-algorithmic-backing-amid-stablecoin-crackdown"},{"credibility":1,"name":"CoinTelegraph - Frax Finance X account hacked, CEO suspects inside job","type":"news_article","url":"https://cointelegraph.com/news/frax-finance-x-account-hacked-insider-elon-musk"},{"credibility":1,"name":"CoinTelegraph - Frax community approves frxUSD backed by BlackRock BUIDL","type":"news_article","url":"https://cointelegraph.com/news/frax-community-approves-stablecoin-backed-blackrock-buidl"},{"credibility":1,"name":"PR Newswire - Frax Launches frxUSD Stablecoin backed by BlackRock BUIDL","type":"official","url":"https://www.prnewswire.com/news-releases/frax-launches-frxusd-stablecoin-backed-by-the-blackrocks-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-302341497.html"},{"credibility":2,"name":"Blockworks Research - Risk Assessment: Frax Governance","type":"research","url":"https://app.blockworksresearch.com/unlocked/risk-assessment-frax-governance"},{"credibility":2,"name":"Binance Blog - Preventing DNS Attacks: The Frax Finance Incident","type":"news_article","url":"https://www.binance.com/en/blog/security/preventing-dns-attacks-the-frax-finance-incident-and-beyond-868023751330709091"},{"credibility":2,"name":"crypto.news - Frax Finance founder says serial scammer hacked X account","type":"news_article","url":"https://crypto.news/frax-finance-founder-says-serial-scammer-hacked-x-account/"},{"credibility":2,"name":"CryptoSlate - BlackRock's BUIDL fund backs new Frax Finance stablecoin","type":"news_article","url":"https://cryptoslate.com/blackrocks-buidl-fund-backs-new-frax-finance-stablecoin-enhancing-fiat-crypto-bridge/"},{"credibility":2,"name":"Chaos Labs - frxUSD Token Review","type":"research","url":"https://chaoslabs.xyz/posts/frxusd-token-review"},{"credibility":1,"name":"GlobeNewswire - Future of DeFi: Frax 2025 Vision Roadmap","type":"official","url":"https://www.globenewswire.com/news-release/2024/12/12/2996322/0/en/Future-of-DeFi-Frax-2025-Vision-Roadmap.html"},{"credibility":1,"name":"Frax Governance - FIP-428 Frax North Star Proposal V2","type":"official","url":"https://gov.frax.finance/t/fip-428-frax-north-star-proposal-v2/3652"},{"credibility":1,"name":"Frax Governance - FIP-277 Onboard FinresPBC","type":"official","url":"https://gov.frax.finance/t/fip-277-onboard-finrespbc-as-frax-v3s-offchain-rwa-partner/2492"},{"credibility":3,"name":"Frax Governance - Attribution Dispute RedemptionQueueV2 DoS Vulnerability","type":"community_report","url":"https://gov.frax.finance/t/attribution-dispute-redemptionqueuev2-dos-vulnerability/3818"},{"credibility":3,"name":"Medium - FRAX FINANCE: The Stealth Patch & The Stolen Bounty","type":"community_report","url":"https://medium.com/@clarkcorrin/frax-finance-the-stealth-patch-the-stolen-bounty-unmasking-the-cover-up-how-frax-finance-c52137d4c9c2"},{"credibility":2,"name":"CertiK - FRAX Finance Audits Its Stablecoin Protocol","type":"research","url":"https://www.certik.com/resources/blog/frax-finance-audits-its-stablecoin-protocol-with-certik"},{"credibility":2,"name":"ChainSecurity - Smart Contract Audit: Frax BAMM","type":"research","url":"https://www.chainsecurity.com/security-audit/frax-bamm-smart-contracts"},{"credibility":2,"name":"Code4rena - Fraxlend Contest Findings & Analysis Report","type":"research","url":"https://code4rena.com/reports/2022-08-frax"},{"credibility":2,"name":"DeFiSafety - Frax detailed report","type":"research","url":"https://www.defisafety.com/app/pqrs/353"},{"credibility":2,"name":"DeFiLlama - Frax Finance TVL","type":"on_chain","url":"https://defillama.com/protocol/frax-finance"},{"credibility":2,"name":"Wikipedia - Sam Kazemian","type":"other","url":"https://en.wikipedia.org/wiki/Sam_Kazemian"},{"credibility":2,"name":"IQ.wiki - Sam Kazemian","type":"other","url":"https://iq.wiki/wiki/sam-kazemian"},{"credibility":2,"name":"IQ.wiki - Frax Finance","type":"research","url":"https://iq.wiki/wiki/frax-finance"}],"summary":"Frax Finance is a decentralized stablecoin protocol launched in December 2020, originally pioneering a fractional-algorithmic design for its FRAX stablecoin. Following the collapse of algorithmic stablecoins in 2022, the protocol voted in 2023 to move to full collateralization, and has since expanded into a broader DeFi ecosystem including liquid staking (frxETH), a lending market (Fraxlend), a Layer 2 blockchain (Fraxtal), and a fully-backed institutional stablecoin (frxUSD) collateralized by BlackRock's BUIDL fund. The protocol faces documented concerns about historical centralization via a core-team-controlled multisig, an unresolved bug bounty attribution dispute, and prior security incidents including a DNS domain hijacking and an X account compromise.","timeline":[{"date":"2014-12-01","event":"Sam Kazemian and Travis Moore co-found Everipedia, a for-profit wiki encyclopedia, which later becomes IQ.wiki.","source":"Wikipedia - Sam Kazemian","source_url":"https://en.wikipedia.org/wiki/Sam_Kazemian"},{"date":"2019-06-01","event":"Sam Kazemian begins development of Frax, a fractional-algorithmic stablecoin protocol.","source":"IQ.wiki - Sam Kazemian","source_url":"https://iq.wiki/wiki/sam-kazemian"},{"date":"2020-12-20","event":"Frax Finance launches FRAX stablecoin and FXS governance token, founded by Sam Kazemian, Travis Moore, and Jason Huan.","source":"IQ.wiki - Frax Finance","source_url":"https://iq.wiki/wiki/frax-finance"},{"date":"2022-05-01","event":"Terra/Luna UST collapse triggers broad DeFi contagion, increasing scrutiny of algorithmic stablecoins including FRAX.","source":"CoinDesk - Frax Finance Votes to Fully Collateralize","source_url":"https://www.coindesk.com/markets/2023/02/22/frax-finance-votes-to-fully-collateralize-its-1-billion-stablecoin"},{"date":"2023-02-22","event":"Governance proposal FIP-188 passes with approximately 98% approval, directing Frax to move to 100% collateral ratio and retire algorithmic backing for FRAX stablecoin.","source":"CoinDesk - Frax Finance Votes to Fully Collateralize Its $1B Stablecoin","source_url":"https://www.coindesk.com/markets/2023/02/22/frax-finance-votes-to-fully-collateralize-its-1-billion-stablecoin"},{"date":"2023-06-23","event":"A vulnerability in a Solidity Merkle-Patricia-Trie proof validation library affecting multiple protocols including Frax is disclosed and patched.","source":"Binance Blog - Preventing DNS Attacks: The Frax Finance Incident","source_url":"https://www.binance.com/en/blog/security/preventing-dns-attacks-the-frax-finance-incident-and-beyond-868023751330709091"},{"date":"2023-11-01","event":"Attackers hijack the frax.finance and frax.com DNS domains, redirecting traffic to malicious servers. The team works with DNS registrar Name.com to regain control. No user funds are reported stolen.","source":"CoinDesk - Frax Finance Says its Domain Name Hijacking Has Been Resolved","source_url":"https://www.coindesk.com/markets/2023/11/01/frax-finance-says-its-domain-name-has-been-hijacked"},{"date":"2024-02-08","event":"Frax Finance launches Fraxtal, a modular Ethereum Layer 2 blockchain built on the OP Stack, as part of the Optimism Superchain.","source":"The Block - Frax launches Layer 2 network Fraxtal","source_url":"https://www.theblock.co/post/276634/frax-fraxtal-launch"},{"date":"2024-06-01","event":"The official Frax Finance X account is compromised without a password breach. Founder Sam Kazemian alleges an 'inside job' at X by a 'serial scammer' known to blockchain investigator ZachXBT.","source":"crypto.news - Frax Finance founder says serial scammer hacked X account","source_url":"https://crypto.news/frax-finance-founder-says-serial-scammer-hacked-x-account/"},{"date":"2025-01-02","event":"Frax Finance launches frxUSD, a new stablecoin backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize.","source":"PR Newswire - Frax Launches frxUSD Stablecoin backed by BlackRock BUIDL","source_url":"https://www.prnewswire.com/news-releases/frax-launches-frxusd-stablecoin-backed-by-the-blackrocks-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-302341497.html"},{"date":"2025-12-05","event":"A security researcher alleges reporting a critical denial-of-service vulnerability (CannotRedeemZero) in FraxEtherRedemptionQueueV2 to the Frax security team, which allegedly denies the finding and later patches it without attribution.","source":"Frax Governance Forum - Attribution Dispute: RedemptionQueueV2 DoS Vulnerability","source_url":"https://gov.frax.finance/t/attribution-dispute-redemptionqueuev2-dos-vulnerability/3818"},{"date":"2025-12-30","event":"Frax Finance announces the FXS-to-FRAX token rebranding under the 'North Star' governance package (FIP-428), making FRAX the native gas token for Fraxtal.","source":"GlobeNewswire - Future of DeFi: Frax 2025 Vision Roadmap","source_url":"https://www.globenewswire.com/news-release/2024/12/12/2996322/0/en/Future-of-DeFi-Frax-2025-Vision-Roadmap.html"},{"date":"2026-01-15","event":"Binance lists the new FRAX token (formerly FXS) and integrates Fraxtal network support.","source":"IQ.wiki - Frax Finance","source_url":"https://iq.wiki/wiki/frax-finance"},{"date":"2026-04-06","event":"frxUSD launches as a default borrowable asset on Aave V4, expanding stablecoin utility within DeFi.","source":"DEXTools News - What Is Frax Finance: Complete FXS & FRAX Stablecoin Guide 2026","source_url":"https://www.dextools.io/tutorials/what-is-frax-finance-fxs-frax-stablecoin-defi-guide-2026"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 39cc116f-4c40-421a-b9fe-9319ec88bb42copy