Summary
Futureswap is a decentralized perpetual futures exchange built on Arbitrum and Avalanche that raised $12 million in 2021 but has been effectively dormant since 2023. The protocol suffered three separate exploits between December 2025 and January 2026, resulting in cumulative losses exceeding $1.3 million, while the team made no public response to any incident. ZachXBT flagged the entity as a risk, and the protocol's last known audit dates to 2021.
Connected Entities
1 entities- + 1 more
Timeline(10 events)
2020-03-01
Framework Ventures invests $400,000 in Futureswap, an early decentralized futures exchange.
2020-01-01
Futureswap V1 launches on Ethereum mainnet offering perpetual futures with leveraged trading.
2021-01-03
OpenZeppelin publishes Futureswap V2 audit report, identifying three high-severity and eight medium-severity issues; no critical issues found.
2021-10-11
Futureswap closes $12 million Series A funding round led by Framework Ventures, with Ribbit Capital, Placeholder.vc, and True Ventures participating. V4 announced simultaneously.
2022-01-01
Futureswap V4 mainnet beta launches on Arbitrum, offering up to 30x leverage via Uniswap V3 liquidity pools and Chainlink price feeds.
2022-04-01
Futureswap V4.1 launches on Avalanche with Trader Joe as the underlying AMM, supporting JOE-USDC and AVAX-USDC pairs.
2023-01-01
Futureswap's official X account posts its last known public update. Team communication effectively ceases.
2025-12-14
Alleged governance attack exploits FST token snapshot mechanism via flash loan, allowing attacker to borrow approximately 3.6 million FST tokens and pass a malicious proposal. Estimated loss: $830,000.
2026-01-10
BlockSec flags a suspected exploit draining approximately $395,000 in USDC from Futureswap V4 contracts on Arbitrum. Exploit alleged to involve stableBalance accounting manipulation via flash loan and changePosition operations. BlockSec states it cannot reach the team.
2026-01-14
A second attacker exploits a reentrancy vulnerability in the same Futureswap V4 contract, minting inflated LP tokens and redeeming them after a three-day cooldown for approximately $74,000 in collateral.
Decision Log
- hash: 2iDwcVzDzQdnSQDgu8tSPYkpGvhRPcz6brpY2So4CAk7
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:14 AM
last updated: 5/29/2026, 4:07:48 PM
avoid.net — verified advice for a post-truth world