Audit log

Every state-changing event for Level 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 03:28:35Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 422,638,441

   sig

   ur7bCkSvNr9i…SuJbJ6Zjcopyexplorer ↗

   hash

   EhBB5KDt3VRw…tHqtBCP2copysha256 → base58

   verifying row…full verify ↗

   canonical bytes (5738 B) ▸

   {"actor":"system:backfill","investigation_id":"53923a2d-772b-4381-9593-9fa355fc6d98","kind":"publish","page_slug":"level-perps","published_at":"2026-05-28T03:28:35.819Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Level Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://support.level.finance/what-is-level-finance/","type":"other","url":""},{"credibility":3,"name":"https://www.coingecko.com/learn/level-finance","type":"other","url":""},{"credibility":3,"name":"https://dappbay.bnbchain.org/detail/level-finance","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.bleepingcomputer.com/news/security/level-finance-crypto-exchange-hacked-after-two-security-audits/","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/level-finance-confirms-1m-exploit-due-to-buggy-smart-contract","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-level-finance-hack-may-2023","type":"other","url":""},{"credibility":3,"name":"https://www.cryptotimes.io/2023/05/02/level-finance-experiences-1m-hack-due-to-bug-in-smart-contract/","type":"other","url":""},{"credibility":3,"name":"https://www.fxstreet.com/cryptocurrencies/news/level-finance-suffers-1-million-hack-amid-buggy-smart-contract-exploit-loses-214k-lvl-tokens-202305020153","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://docs.level.finance/security-and-contracts/security-and-audits","type":"other","url":""},{"credibility":3,"name":"https://certificate.quantstamp.com/full/level-finance/929d1708-a464-476d-86f3-7d7942faa4d2/index.html","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-level-finance-hack-may-2023","type":"other","url":""},{"credibility":3,"name":"https://www.bleepingcomputer.com/news/security/level-finance-crypto-exchange-hacked-after-two-security-audits/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://defillama.com/protocol/level-finance","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/currencies/level-finance/","type":"other","url":""},{"credibility":3,"name":"https://www.coingecko.com/en/coins/level","type":"other","url":""},{"credibility":3,"name":"https://docs.level.finance/tokenomics/lvl-utility-token","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://flagship.fyi/outposts/dapps/level-finance-lvl-crypto-token/","type":"other","url":""},{"credibility":3,"name":"https://tokeninsight.com/en/coins/level-governance/overview","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://t.me/s/investigations","type":"other","url":""},{"credibility":3,"name":"https://en.wikipedia.org/wiki/ZachXBT","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://defillama.com/protocol/level-finance","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/perps/level-finance","type":"other","url":""},{"credibility":3,"name":"https://level.finance/","type":"other","url":""}]}],"sources_used":[],"summary":"Level Finance (also marketed as Level Perps) is a decentralized perpetual derivatives exchange that launched on BNB Chain in Q4 2022 and later expanded to Arbitrum. In May 2023 the protocol suffered a $1.1 million exploit caused by a logic bug in its referral reward contract that was missed by two prior security audits. The protocol's LVL token has declined approximately 99.9% from its all-time high, and as of 2025-2026 the protocol shows near-zero TVL ($32K), zero fees, and zero revenue, indicating effective dormancy.","timeline":[{"date":"2022-11-01","event":"Level Finance begins security engagement with Obelisk Auditing for core smart contracts.","source":""},{"date":"2023-01-01","event":"Level Finance mainnet launches on BNB Chain with LVL utility token and LGO governance token.","source":""},{"date":"2023-01-09","event":"Obelisk Auditing publishes Core Contracts Audit for Level Finance.","source":""},{"date":"2023-01-24","event":"Obelisk Auditing publishes Trading Contracts Audit for Level Finance.","source":""},{"date":"2023-02-02","event":"Level Finance announces security partnership with Quantstamp.","source":""},{"date":"2023-04-05","event":"Quantstamp publishes full smart contract audit report for Level Finance.","source":""},{"date":"2023-04-21","event":"LVL token reaches all-time high of approximately $11.22.","source":""},{"date":"2023-04-24","event":"Alleged preliminary exploit attempt goes undetected approximately one week before the main attack (per Halborn post-mortem).","source":""},{"date":"2023-05-01","event":"Level Finance LevelReferralControllerV2 contract exploited; 214,000 LVL tokens drained and swapped for 3,345 BNB (~$1.1M). Team pauses referral program and issues public disclosure via Discord and Twitter.","source":""},{"date":"2023-05-02","event":"Multiple security firms (Halborn, PeckShield, Cyvers) publish post-mortems confirming referral logic bug. LVL token down ~50% from pre-exploit price.","source":""},{"date":"2023-12-26","event":"Scheduled first team token unlock: 25% of team allocation vests per published tokenomics schedule.","source":""},{"date":"2026-05-01","event":"Protocol TVL at approximately $32,880 across BNB Chain and Arbitrum. Fees and revenue at $0. Protocol assessed as effectively dormant.","source":""}]},"v":1}

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2. #2rescoreby systemsystem

   2026-10-10 18:45:41Z
   Score: 28 → 58 (+30)
   Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 58. 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 −3.2; legitimacy credit long-running +6.
   anchoranchored

   chain

   ●mainnet-betaslot 455,365,419

   sig

   5kC8rrAhfKt4…gjbHybdJcopyexplorer ↗

   hash

   4azQ6G3Ce1kN…XrB9mpzwcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (642 B) ▸

   {"actor":"system","decided_at":"2026-10-10T18:45:41.849Z","decision":"rescore","investigation_id":"53923a2d-772b-4381-9593-9fa355fc6d98","new_score":58,"page_slug":"level-perps","prev_score":28,"reason":"Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 58. 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 −3.2; legitimacy credit long-running +6.","score_delta":30,"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 03:33:22Z
   Score: 58 → 58 (no score change)
   The core May 2023 exploit narrative (date, amounts, contract, function, team statements, DAO proposal) matches BleepingComputer and Cointelegraph. Errors: the 25% post-exploit price drop contradicts sources and the page's own timeline (~50%). Some attributions are loose (Halborn on audit-timing uncertainty, 'smaller' attempt), market figures are stale, the ZachXBT flag is unsupported, and dormancy metrics could not be checked because DefiLlama returned 403. No evidence of a shutdown or later exploit was found.
   anchoranchored

   chain

   ●mainnet-betaslot 464,345,574

   sig

   32wJCoJSri3Z…eMyDTyNGcopyexplorer ↗

   hash

   4q78LRVsCbuP…La2dcmBvcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (1398 B) ▸

   {"actor":"reviewer","artifact_identity":"e0918f2dbfef6868afed7844ff5847ae","blocked_count":1,"decided_at":"2026-11-02T03:33:22.471Z","decision":"review","disputed_pct":0.25,"findings_hash":"3ycERj2iPDSDtBBNZZ1yHhZTCMoKJD3E6R5pzPrZRYJE","investigation_id":"53923a2d-772b-4381-9593-9fa355fc6d98","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":58,"omissions":{"material":0,"total":1},"page_content_hash":"7ae564dceaa0ec99e4c6e44e29a085c027e141cde0bcc2a5d2956fe8bee66553","page_slug":"level-perps","prev_score":58,"reason":"The core May 2023 exploit narrative (date, amounts, contract, function, team statements, DAO proposal) matches BleepingComputer and Cointelegraph. Errors: the 25% post-exploit price drop contradicts sources and the page's own timeline (~50%). Some attributions are loose (Halborn on audit-timing uncertainty, 'smaller' attempt), market figures are stale, the ZachXBT flag is unsupported, and dormancy metrics could not be checked because DefiLlama returned 403. No evidence of a shutdown or later exploit was found.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"scored_claims":8,"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 03:33:22Z
   Score: 58 → 58 (no score change)
   The core May 2023 exploit facts (date, amounts, contract, function, team statements) were confirmed by BleepingComputer and Cointelegraph (claim_findings[1]). Two of eight checkable claims (25%) were disputed or unverifiable. The 25% post-exploit price drop contradicts sources and the page's own timeline, which says about 50% (claim_findings[0]). The ZachXBT flag is stated as fact but no source was found (claim_findings[8]). One further claim, the DefiLlama dormancy figures, could not be checked because the source blocked the reviewer, so it is excluded from the percentage and noted as a coverage limit. Market figures are stale and some attributions are loose, but the review found no shutdown, no unreported exploit and no material omission; the one omission (Tornado Cash movement) is minor.
   anchoranchored

   chain

   ●mainnet-betaslot 464,345,580

   sig

   2YbGpLjCG8cW…5mHCrwK7copyexplorer ↗

   hash

   5fWJpcUtFaaK…EzXicEmtcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (1480 B) ▸

   {"actor":"judge","artifact_identity":"e0918f2dbfef6868afed7844ff5847ae","band_override":null,"blocked_count":1,"decided_at":"2026-11-02T03:33:22.471Z","decision":"review_revise","delist_requested":false,"disputed_pct":0.25,"investigation_id":"53923a2d-772b-4381-9593-9fa355fc6d98","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":58,"page_slug":"level-perps","prev_score":58,"reason":"The core May 2023 exploit facts (date, amounts, contract, function, team statements) were confirmed by BleepingComputer and Cointelegraph (claim_findings[1]). Two of eight checkable claims (25%) were disputed or unverifiable. The 25% post-exploit price drop contradicts sources and the page's own timeline, which says about 50% (claim_findings[0]). The ZachXBT flag is stated as fact but no source was found (claim_findings[8]). One further claim, the DefiLlama dormancy figures, could not be checked because the source blocked the reviewer, so it is excluded from the percentage and noted as a coverage limit. Market figures are stale and some attributions are loose, but the review found no shutdown, no unreported exploit and no material omission; the one omission (Tornado Cash movement) is minor.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"scored_claims":8,"sequence_num":4,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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5. #5rescoreby systemsystem

   2026-11-02 03:33:23Z
   Score: 58 → 60 (+2)
   Recalculated after the fact-check of 2026-11-02. Rescored under Scoring v2, the published formula (avoid.net/scoring): 58 → 60. 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 +6; 2 section(s) set aside until a failed fact-check is resolved.
   anchoranchored

   chain

   ●mainnet-betaslot 464,345,585

   sig

   msTFZLG646Qs…f21H4iVxcopyexplorer ↗

   hash

   h9NihaABiZgC…n7Cq4ncUcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (752 B) ▸

   {"actor":"system","decided_at":"2026-11-02T03:33:22.471Z","decision":"rescore","investigation_id":"53923a2d-772b-4381-9593-9fa355fc6d98","new_score":60,"page_slug":"level-perps","prev_score":58,"reason":"Recalculated after the fact-check of 2026-11-02. Rescored under Scoring v2, the published formula (avoid.net/scoring): 58 → 60. 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 +6; 2 section(s) set aside until a failed fact-check is resolved.","score_delta":2,"score_model":"v2","sequence_num":5,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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