Hedgey Finance
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 32 → 55. Problems weighed by who is responsible: incidents the subject suffered −20, concerns that are not fraud −6, problems around the subject, caused by others −1.8; legitimacy credit long-running +8; the penalty for incidents it suffered is capped at 20. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6 |
| Incidents it suffered (e.g. hacks) | -20 |
| Problems around it, caused by others | -1.8 |
| Long-running | +8 |
| Sum | 45 |
- The penalty for incidents it suffered is capped at 20 points.
Score: 55/100 (kept between 0 and 100)
How scoring works →Summary
Hedgey Finance is a token vesting and claims infrastructure protocol founded in 2021 and used by over 100 blockchain projects including Arbitrum DAO and ENS DAO. On April 19, 2024, the protocol suffered a critical smart contract exploit that drained approximately $44.7 million across Ethereum mainnet and Arbitrum through a flash loan attack exploiting insufficient input validation in the ClaimCampaigns contract. In December 2025, Hedgey was acquired by Anchorage Digital, the first federally chartered crypto bank in the United States.
Connected Entities
9 entities · 60 linked investigations- Hedgey Finance→mentioned with→Unizen(60%)
- Hedgey Finance→mentioned with→Ethereum(80%)
- Hedgey Finance→mentioned with→Hedgey(80%)
- Hedgey Finance→mentioned with→Masa(60%)
- Hedgey Finance→mentioned with→Arbitrum(80%)
- Hedgey Finance→mentioned with→Balancer(60%)
- Hedgey Finance→mentioned with→Bybit(65%)
- Hedgey Finance→mentioned with→FixedFloat(65%)
- Balancer→mentioned with→Arbitrum(60%)
- Balancer→mentioned with→Ethereum(70%)
- + 13 more
Timeline(8 events)
June 2021
Hedgey Finance founded by Lindsey Winder, Alex Michelsen, and Shawn Simas in Brooklyn.
Crunchbase / Tracxn26 June 2023
ConsenSys Diligence begins a second re-audit of Hedgey's Token Lockup and Vesting Plans contracts, commissioned ahead of Arbitrum DAO onboarding. Audit completes July 21, 2023. The ClaimCampaigns vulnerability is not identified.
ConsenSys Diligence Audit Report19 April 2024
Hedgey Finance ClaimCampaigns contract exploited across Ethereum and Arbitrum. Approximately $44.7 million drained through a flash loan attack exploiting missing input validation and un-revoked token approvals in createLockedCampaign(). Ethereum attacker funded via FixedFloat; Arbitrum attacker funded via Axelar bridge.
Rekt News / CoinTelegraph19 April 2024
Hedgey disables new claim campaign creation and issues public alert advising users to cancel active claims. Team engages SEAL 911 incident response and contacts affected protocols.
Hedgey Official Post-Mortem (Medium)19 April 2024
Cyvers detects on-chain movement of stolen funds. Attacker moves approximately 200,000 BONUS tokens (~$110,000) to Bybit exchange. Approximately 76.8 million BONUS tokens remain in attacker wallet.
BeInCrypto20 April 2024
Hedgey Finance sends on-chain message to attacker via Etherscan treating the incident as a potential white hat discovery and requesting return of funds. NobleBlocks confirms collaboration with Hedgey on NOBL recovery efforts.
BeInCrypto / CoinspeakerAugust 2024
Hedgey publishes Security Audits and Fuzzing Overview documenting four new audits commissioned following the April 2024 exploit.
Hedgey Finance Blog16 December 2025
Anchorage Digital acquires Hedgey Finance. The Hedgey team joins Anchorage to build a full-stack token lifecycle management offering. Financial terms undisclosed.
The BlockDecision Log
- slot 455365592 · hash 9kdpr8z4zszM5BwJPcUDycmSuAUYu66qzX27ttEKmT7d
- slot 423324571 · hash 3cDq4DtCCrUcbe7NckTwHsUdm6gv9kr3PLYYX5uDGGjA
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 12 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 6:59:36 AM
last updated: 10/10/2026, 6:45:49 PM
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