Skip to main content
AVOID.NET

Mars Perps

avoid.net/mars-perps→50/100·82% conf.
[✓ FACT-CHECKED]· reviewed once · last review 27 Oct 2026[src:defillama]

Last changed 2026-10-27 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →

[DEFUNCT · NO LONGER OPERATING]
Why this score
Every page starts at65
Incidents it suffered (e.g. hacks)-9.6
Problems around it, caused by others-3.2
Long-running+8
Sum60
  • No longer operating, so capped at 50.

Score: 50/100 (kept between 0 and 100)

How scoring works →

Page reliability: Fact-checked 2026-10-27 · 6 of 11 claims confirmed · 4 need better sources · 1 disputed

anchored·5RKC6t…MeBb
Submit evidence

Summary

Mars Perps was the perpetual futures product of Mars Protocol, deployed on the Neutron outpost of the Cosmos ecosystem. On December 14, 2025, the protocol suffered a mechanism design exploit that drained $973,079 USDC from lending depositors via skew-based same-block arbitrage. The exploit ultimately triggered a full protocol wind-down, which concluded in March 2026 with user funds returned and community channels closed.

Connected Entities

6 entities · 60 linked investigations
Organizations
□Terra 2.07□Mars Perps□Cosmos (ATOM)□Binance26□Terra/Luna0□Base81
Relationships
  • Cosmos (ATOM)→mentioned with→Binance(60%)
  • Terra 2.0→mentioned with→Binance(60%)
  • Mars Perps→mentioned with→Cosmos (ATOM)(80%)
  • Mars Perps→mentioned with→Base(65%)
  • Terra 2.0→mentioned with→Cosmos (ATOM)(65%)
  • Mars Perps→mentioned with→Binance(65%)
  • Mars Perps→mentioned with→Terra/Luna(75%)
  • Mars Perps→mentioned with→Terra 2.0(80%)
  • Terra/Luna→mentioned with→Terra 2.0(80%)
Also appears in
BNB Chain Bridge·51AI-Powered Crypto Phishing Infrastructure 2026·0Base·81Bankr·63FOMO Token·8Blazar Token / John A. DeSalvo·0BurgerSwap·49Terra 2.0·7Jump Trading·42Playsomo·60

Connected Through

5 shared actors · 540 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Mars Perps?

Timeline(12 events)

March 2022

Mars Protocol launches on the Terra blockchain with a lending and borrowing product; TVL peaks near $350 million.

May 2022

Terra/LUNA ecosystem collapses. Mars Protocol loses the majority of its TVL. Combined $1.2 billion TVL decline across Mars and Astroport.

December 2022

Mars Protocol announces migration from Terra to the Cosmos ecosystem as a sovereign application chain.

31 January 2023

Mars Hub launches as an independent Cosmos application chain; MARS tokens distributed via airdrop to eligible Terra Classic holders.

14 November 2025

Attacker begins pre-staging operation via Tornado Cash, making seven ETH deposits approximately one month before the exploit.

14 December 2025

Mars Perps exploit executed on Neutron outpost. Attacker uses skew-based arbitrage to drain $973,079 USDC using $49,783 initial capital. Funds exit to Binance in five cross-chain hops. Mars Protocol disables all perps contracts.

14 December 2025

Mars Protocol publicly flags attacker addresses and announces investigation. Neutron outpost on Osmosis confirmed unaffected.

28 January 2026

Mars Protocol and Neutron Foundation launch remediation claim portal for affected USDC lending depositors. Claiming window open through February 27, 2026.

21 February 2026

Governance vote on MRC-165 (protocol wind-down) opens. Vote runs from February 21 to February 24, 2026.

24 February 2026

MRC-165 passes. Structured wind-down execution commences. Liquidation LTVs begin declining approximately 3% per day.

21 March 2026

All liquidation LTVs set to 0. Remaining borrow positions liquidated. Final debt clearance and fund distribution executed.

23 March 2026

Mars Protocol Foundation ceases operations. Discord and Telegram channels closed. Protocol wind-down confirmed complete; all user funds returned to wallets.

Provenance & Audit Trail
Recorded on Solana ✓Verify on-chain10 Wayback Archivessrc:defillama

Decision Log

  • #4review reviseRecorded on Solana ✓10/27/2026, 7:20:09 PM
    slot 462186741 · hash 6b4B9MfXsfHLWFyBnuoExzMfD3TTQR9F2qRTbnBmqija
  • #3reviewRecorded on Solana ✓10/27/2026, 7:20:08 PM
    slot 462186736 · hash 3SgbfjP5guwn2NSwJLWBPs9EF2Zundqgp76wCpX1AJ4r
  • #2rescore+22Recorded on Solana ✓10/27/2026, 6:09:51 AM
    slot 461967032 · hash 6Lircv6m41XAbD6A64gFXzwtVniLdWETwPScJPjqMzMX
  • #1publishRecorded on Solana ✓5/29/2026, 5:14:39 PM
    slot 422981685 · hash ArSJmL7MELzC11hho54yM9Nfun5LnNw4hVx5iiW8avfc

This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 10 of 23 cited source URLs have an Internet Archive snapshot.

Fact-checked 2026-10-2711 claims checked1 correction pending0 applied⛓ anchoredSee findings →
full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:19 AM

last updated: 10/27/2026, 7:20:09 PM

16 views

avoid.net — verified advice for a post-truth world