Panoptic V1.1
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 37 → 66. Problems weighed by who is responsible: concerns that are not fraud −9.6, problems around the subject, caused by others −3.2; legitimacy credit long-running +6, audits +8; fact-check adjustments (−8) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.6 |
| Problems around it, caused by others | -3.2 |
| Long-running | +6 |
| Audited | +8 |
| Sum | 66 |
Score: 66/100 (kept between 0 and 100)
How scoring works →Summary
Panoptic V1.1 is a permissionless, oracle-free perpetual options protocol built on Uniswap V3 liquidity positions, developed by Panoptic Labs and incubated by Advanced Blockchain AG. On August 25, 2025, a Cantina researcher disclosed a critical position-spoofing vulnerability rooted in the protocol's XOR-based fingerprinting system, placing approximately $4–5 million in user funds at risk. A coordinated whitehat rescue secured over 98% of remaining at-risk funds, and ZachXBT flagged the incident, contributing to reduced community trust in the V1.1 deployment.
Connected Entities
6 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Panoptic V1.1→mentioned with→Uniswap(80%)
- Panoptic V1.1→mentioned with→Base(70%)
- Panoptic V1.1→mentioned with→Coinbase(65%)
- Panoptic V1.1→mentioned with→ZachXBT(65%)
- Panoptic V1.1→mentioned with→Ethereum(80%)
- ZachXBT→mentioned with→Ethereum(70%)
- Uniswap→mentioned with→Ethereum(80%)
- Coinbase→mentioned with→Base(70%)
- Coinbase→mentioned with→ZachXBT(70%)
- + 2 more
Connected Through
5 shared actors · 619 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- ♦Coinbasetoken
- ⌂Uniswapprotocol
Timeline(16 events)
28 April 2022
Guillaume Lambert publishes the Panoptic whitepaper on arXiv, establishing the theoretical basis for perpetual oracle-free options via Uniswap V3 LP positions.
December 2022
Panoptic closes a $4.5 million seed round led by gumi Cryptos Capital, with Uniswap Labs Ventures, Coinbase Ventures, and Jane Street participating.
November 2023
Panoptic launches its first Code4rena competitive audit.
November 2023
Panoptic closes a $7 million seed round led by Greenfield Capital, bringing total disclosed funding to $11.5 million.
22 April 2024
Code4rena April 2024 audit identifies 2 high-severity and 9 medium-severity findings, including two reports partially describing position list manipulation weaknesses.
10 June 2024
Code4rena June 2024 follow-up audit finds zero high- or medium-severity issues.
10 October 2024
Code4rena final V1.0 review finds no high or medium severity issues. Protocol prepares for mainnet launch.
7 November 2024
Cantina completes initial V1.1 protocol audit.
20 November 2024
Cantina completes final V1.1 protocol audit.
28 January 2025
Code4rena completes V1.1 protocol review with two independent wardens. No critical findings disclosed publicly.
25 August 2025
A Cantina researcher reports a critical position-spoofing vulnerability to the Panoptic team. The flaw involves XOR-based fingerprinting susceptible to polynomial-time collision attacks. Panoptic confirms feasibility within four hours and begins emergency user notifications.
26 August 2025
Approximately $2.35 million is voluntarily withdrawn by users following emergency notifications.
27 August 2025
Approximately $1.6 million remains at risk. Team continues outreach via Discord and SEAL 911.
28 August 2025
Primary whitehat rescue executed on Ethereum mainnet at block 23242436 at 5:55 PM EDT. Subsequent rescues completed on Base and Unichain. Over 98% of remaining at-risk funds secured. All recovered assets transferred to vault.panoptic.eth.
28 August 2025
Cantina researcher awarded $250,000 maximum bug bounty for responsible disclosure.
September 2025
Panoptic publishes the position-spoofing post-mortem and September newsletter detailing the incident, technical root cause, and fund recovery process.
Decision Log
- slot 455367292 · hash 64oAoez7pqyy17ND8WKoC2AkSwTiowNNLo6f8qY93A4u
- slot 443525596 · hash DCshgLK26HqocCAvSJrjCbZPxhVZ2B8gQPFndbXrxZXo
- slot 443525581 · hash 99ynYQKnQWyymmhjsDgDG7Fnhysm3ehLGyGJRjqLR6zr
- slot 422780620 · hash 8LJNjKyQ4YeWtb32DiKkxRDU4NnWGh6uLgf6UTnwex1Z
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 20 of 22 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:16 AM
last updated: 10/10/2026, 6:47:25 PM
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