Ribbon Finance
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 54. Problems weighed by who is responsible: concerns that are not fraud −12.8, incidents the subject suffered −6.4, problems around the subject, caused by others −1.6; legitimacy credit long-running +10. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -12.8 |
| Incidents it suffered (e.g. hacks) | -6.4 |
| Problems around it, caused by others | -1.6 |
| Long-running | +10 |
| Sum | 54 |
Score: 54/100 (kept between 0 and 100)
How scoring works →Summary
Ribbon Finance is an Ethereum-based DeFi protocol that pioneered Theta Vaults (DeFi Options Vaults) for structured yield products, later expanding into the Aevo derivatives exchange. The protocol has experienced multiple serious incidents including a $2.7 million oracle exploit in December 2025 whose recovery plan drew widespread community condemnation, a 2021 Sybil attack on its token airdrop by a connected venture capital firm, and a DNS hijacking in 2022. Its native token RBN lost approximately 90% of its value in 2025 alone and sits more than 99% below its all-time high.
Connected Entities
5 entities · 60 linked investigations- Wintermute→mentioned with→Ethereum(70%)
- Ribbon Finance→mentioned with→Wintermute(65%)
- Ribbon Finance→mentioned with→Ethereum(80%)
- Ribbon Finance→mentioned with→Terra/Luna(65%)
Timeline(11 events)
November 2020
Ribbon Finance co-founded by Julian Koh and Ken Chan.
May 2021
Theta Vaults (DeFi Options Vaults) launched on Ethereum mainnet.
8 October 2021
Divergence Ventures researcher exposed for Sybil attack on RBN airdrop; approximately $2.5 million in tokens claimed via dozens of wallets. Funds returned same day.
May 2022
Protocol loses over $100 million in TVL amid Terra/LUNA collapse and crypto market panic.
23 June 2022
DNS hijacking attack on app.ribbon.finance; two users approve malicious contracts; vault funds unaffected.
March 2023
Ribbon Finance launches Aevo options exchange mainnet on custom Ethereum rollup.
25 July 2023
Ribbon DAO approves RGP-33 merging Ribbon Finance into Aevo with 99.68% of votes in favor; 1:1 RBN-to-AEVO token migration authorized.
6 December 2025
Aevo deploys oracle upgrade adding 18-decimal precision support for stETH, PAXG, LINK, and AAVE — inadvertently introducing decimal mismatch and access control vulnerability in legacy Ribbon vaults.
12 December 2025
Attacker exploits oracle vulnerability in legacy Ribbon DOV vaults, draining approximately $2.7 million across ETH, wstETH, USDC, and WBTC. Stolen funds distributed to 15 wallet addresses.
13 December 2025
Aevo halts all Ribbon vaults and proposes 19% haircut recovery plan, relying on assumed dormancy of inactive accounts to fund active users' partial compensation. Aevo restricts X replies to verified accounts amid community backlash.
18 December 2025
Aevo reportedly reverses initial recovery plan; affected vault depositors face 100% loss. All Ribbon vaults decommissioned with claims window through June 12, 2026.
Decision Log
- slot 455366714 · hash CSE454pAm7p9zDMX5Qt6VMSrFyrth2X2fWVAssbMnUn7
- slot 422351475 · hash 7y7CgYYNWCUqirMuVGRNJE7uFkfGJ2ukxHv7CrDsJHxH
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 19 of 24 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:19 AM
last updated: 10/10/2026, 6:46:50 PM
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