Impermax V3
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 32 → 57. Problems weighed by who is responsible: incidents the subject suffered −9.6, concerns that are not fraud −6.4, problems around the subject, caused by others −1.6; legitimacy credit long-running +10. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6.4 |
| Incidents it suffered (e.g. hacks) | -9.6 |
| Problems around it, caused by others | -1.6 |
| Long-running | +10 |
| Sum | 57 |
Score: 57/100 (kept between 0 and 100)
How scoring works →Summary
Impermax V3 is the third major iteration of Impermax Finance, a DeFi leveraged yield-farming and lending protocol that allows liquidity providers to use Uniswap V3 LP tokens as collateral. The protocol suffered two separate critical exploits in 2025 — a ~$300,000 flash-loan collateral valuation attack in April and a ~$380,000 liquidation logic exploit in November — both on the Base chain, resulting in cumulative losses exceeding $680,000 and leaving lenders with unresolved bad debt. These incidents follow a 2022 private key compromise affecting the IMX token, representing a recurring pattern of security failures across the protocol's history.
Connected Entities
5 entities · 60 linked investigations- Impermax V3→mentioned with→Uniswap(70%)
- Impermax V3→mentioned with→ZachXBT(70%)
- Impermax V3→mentioned with→Arbitrum(65%)
- Impermax V3→mentioned with→Base(70%)
- Arbitrum→mentioned with→Uniswap(60%)
Timeline(10 events)
December 2020
Impermax Finance whitepaper published, outlining leveraged yield farming using LP tokens as collateral.
29 April 2021
IMX token launched via airdrop to approximately 35,000 Uniswap V2 liquidity providers. 14 million tokens distributed at token generation event.
16 July 2022
Private key compromise of several Impermax team wallets. Approximately 9 million IMX tokens and protocol-owned liquidity stolen. Team frontran attacker by selling tokens. IMX migrated to IBEX via pre-incident snapshot distribution.
April 2025
BailSec and Guardian each complete Impermax V3 Core audits prior to launch.
26 April 2025
Flash-loan exploit on Impermax V3 exploiting uncollected Uniswap V3 fee valuation flaw. Approximately $300,000–$400,000 drained from Base and Arbitrum pools. Attacker address: 0xE3223f7E3343c2C8079f261D59ee1e513086C7C3.
28 April 2025
Impermax Finance publishes official post-mortem on Medium. Protocol stabilization measures announced. Lender reimbursement plan based on pre-exploit snapshot committed to, with timeline unspecified.
July 2025
Joint re-audit of updated Impermax V3 Core completed by Guardian, BailSec (Charles Wang), and Cantina (Riley Holtereus).
August 2025
Guardian completes audit of Aerodrome Slipstream integration with Impermax V3.
11 November 2025
Second critical exploit on Impermax V3: liquidation routing logic vulnerability in cbBTC lending vault on Base. Approximately 5.39 cbBTC (~$380,000) drained. Team disables vault connections and advises all users to withdraw funds.
2026
Protocol TVL declines to approximately $98,000. Annual fee and revenue activity reported at effectively zero. Lender reimbursement status for both 2025 exploits remains unconfirmed publicly.
Decision Log
- slot 455365049 · hash vTVsQQH8eboeYo6ZqU2C1W68z4AzwfABvNdC6ds1nYw
- slot 423080249 · hash 5eY1yHi7iBT7aurgq1bdKK8ThhdHduimF7U6g1quV6xL
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 16 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:24 AM
last updated: 10/10/2026, 6:45:20 PM
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