Moby Trade
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 38 → 55. Problems weighed by who is responsible: incidents the subject suffered −6.4, concerns that are not fraud −3.2, problems around the subject, caused by others −2.4; legitimacy credit long-running +2. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -6.4 |
| Problems around it, caused by others | -2.4 |
| Long-running | +2 |
| Sum | 55 |
Score: 55/100 (kept between 0 and 100)
How scoring works →Summary
Moby Trade (moby.trade) is an on-chain options protocol built on Arbitrum and Berachain, launched in 2024 and backed by an Arbitrum Foundation grant. On January 8, 2025, the protocol suffered a critical security breach when a private key controlling proxy admin contracts was compromised, resulting in approximately $2.5 million in user funds being drained; roughly $1.5 million was subsequently recovered through an intervention by the SEAL911 security team. The protocol resumed operations after the incident and expanded to Berachain mainnet in February 2025, but the unrecovered ~$1 million in ETH and WBTC was routed through privacy mixers including Railgun and Tornado Cash, leaving those funds effectively unrecoverable.
Connected Entities
5 entities · 60 linked investigations- Moby Trade→mentioned with→Railgun(70%)
- Moby Trade→mentioned with→OKX(60%)
- Moby Trade→mentioned with→Arbitrum(80%)
- Railgun→mentioned with→Arbitrum(65%)
Connected Through
3 shared actors · 254 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Arbitrumorganization
- □Railgunorganization
- □OKXorganization
Timeline(10 events)
23 January 2024
Moby receives Arbitrum Foundation grant, becoming the first on-chain options protocol to receive such a grant prior to mainnet launch.
8 April 2024
Moby Trade launches on Arbitrum mainnet.
27 September 2024
Attacker's funding address withdraws 0.9706 ETH from Tornado Cash, later identified as pre-attack infrastructure preparation.
8 January 2025
Private key compromise: attacker tests exploit on Arbitrum Sepolia at 11:56 UTC, executes malicious contract upgrade on mainnet at 12:53 UTC, and drains S_VAULT and M_VAULT between 15:24 and 16:48 UTC, stealing approximately $2.47 million in wETH, wBTC, and USDC.
8 January 2025
SEAL911 and MEV researcher Tony Ke recover approximately $1.47 million USDC by exploiting an unprotected upgrade function in the attacker's own malicious contract, finishing 30 seconds behind the attacker.
8 January 2025
Remaining stolen ETH and WBTC begin dispersal across 35+ wallet addresses; 9.5634 ETH routed through Railgun privacy protocol.
10 January 2025
Moby Trade publishes incident report; users urged to revoke token approvals. Protocol operations suspended.
13 January 2025
Target date for initial compensation payments to affected options holders.
15 January 2025
Protocol operations resume with enhanced security measures including key separation and multi-step verification.
17 February 2025
Moby Trade expands to Berachain mainnet, integrating with Berachain's Proof of Liquidity mechanism. Moby is selected for Berachain's Request for Application program.
Decision Log
- slot 455367483 · hash 61vG8bdHryG2pPix1a1ajhDZSVPVrWuWbg6LH1HBU7Nj
- slot 422629082 · hash wpTyQpAonPdwu2RBkJeWQSVMN3YRqKBDJyQRn1wmGpP
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 7 of 9 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:26 AM
last updated: 10/10/2026, 6:47:37 PM
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