Raga Finance
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 42 → 52. Problems weighed by who is responsible: concerns that are not fraud −12.8, 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 | -12.8 |
| Problems around it, caused by others | -2.4 |
| Long-running | +2 |
| Sum | 52 |
Score: 52/100 (kept between 0 and 100)
How scoring works →Summary
Raga Finance is a DeFi yield optimization protocol launched in 2024 and deployed on Berachain and Hyperliquid, offering automated cross-chain vaults for earning yield on ETH, BTC, and stablecoins. A pre-launch security audit by QuillAudits uncovered 16 smart contract vulnerabilities — including critical flaws enabling permanent loss of user funds, a non-functional emergency panic function, and an open-access vault address setter — constituting the protocol logic incident flagged for review. The protocol has been flagged by ZachXBT, and while the development team reportedly remediated all identified vulnerabilities, the severity and breadth of pre-launch flaws raise meaningful questions about engineering process and ongoing risk.
Connected Entities
4 entities · 60 linked investigations- Raga Finance→mentioned with→Hyperliquid(70%)
- Raga Finance→mentioned with→ZachXBT(70%)
- Raga Finance→mentioned with→Ethereum Foundation(80%)
Connected Through
3 shared actors · 473 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □ZachXBTorganization
- □Hyperliquidorganization
- □Ethereum Foundationorganization
Timeline(8 events)
September 2023
Raga Finance founded under the name Nexus Network by Mayank Raj and co-founders.
January 2024
Project rebrands from Nexus Network to Raga Finance and begins developing cross-chain yield vault product.
21 January 2025
Co-founder and CEO Mayank Raj participates in a public AMA discussing Raga Finance's cross-chain DeFi yield product and upcoming launch on Movement mainnet.
February 2025
Berachain mainnet launches. Raga Finance deploys vaults on Berachain including Infrared and BeraPaw auto-compounding strategies.
March 2025
Raga Finance opens USDC, USDT, DAI, and USDe vault deposits to users.
April 2025
Raga Finance makes a $1,000,000 seed investment in Bloctopus (formerly LZero), an infrastructure project, alongside Hivemind and the Ethereum Foundation.
June 2025
QuillAudits publishes a case study documenting the results of the Raga Finance Berachain smart contract audit, which identified 16 vulnerabilities including critical issues with fund safety, access control, and emergency logic. All findings are reported as resolved.
July 2025
Raga Finance Hyperliquid delta-neutral vault (rHYPE-DN) launches, deploying user funds in USDT0 on hyperEVM with short HYPE positions on HyperCore.
Decision Log
- slot 455366728 · hash FmgYoRg6B2WwcRxRaYNaHDMVxx2ExQtuzPTFKnjEXetW
- slot 422981669 · hash 6LdmHF8JmUfZQvceinVv9tXhrN3eqw9P6EYkeCTfDD37
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 11 of 15 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:20 AM
last updated: 10/10/2026, 6:46:54 PM
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