Audit log

Every state-changing event for Squads: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-11-05 17:57:51Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 465,798,069

   sig

   PwrgC4U8qyFm…Cb5nUZ5Vcopyexplorer ↗

   hash

   8tHgzhoDPcYe…nx8PMXdEcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (7887 B) ▸

   {"actor":"system:backfill","investigation_id":"27e132fb-bf4b-4193-990e-dcb78e5dc3ba","kind":"publish","page_slug":"squads","published_at":"2026-11-05T17:57:51.554Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Squads","sections":[{"content":"Squads Labs is the main developer of the Squads multisig protocol on Solana, offering a web app and open-source onchain programs written in Anchor. Funding reports: The Block reported a $5.7 million round led by Placeholder with Multicoin and others. A later $10 million Series A was reported as led by Electric Capital, with RockawayX, Coinbase Ventures, L1 Digital and Placeholder participating, and FinTech Futures reports a further $18 million raise with Coinbase and Solana backing. Figures such as '$15B+ secured' and '400+ teams' are Squads' own claims and were not independently verified. Sources disagree on the exact founder list; most name Stepan Simkin, Deni Ershtukaev and Sean Ganser.","heading":"Overview and funding","severity":"low","sources":[{"credibility":2,"name":"The Block: Squads raises $5.7 million","type":"news_article","url":"https://www.theblock.co/amp/post/257727/solana-based-multisig-protocol-squads-raises-5-7-million-from-multicoin-placeholder-and-others"},{"credibility":2,"name":"FinTech Futures: Squads raises $18m","type":"news_article","url":"https://www.fintechfutures.com/venture-capital-funding/squads-raises-18m"},{"credibility":2,"name":"Blockworks: Squads raises $10M","type":"news_article","url":"https://blockworks.co/news/lightspeed-newsletter-squads-smart-accounts"},{"credibility":3,"name":"Squads: Grid stablecoin API","type":"official","url":"https://squads.xyz/blog/grid-a-stablecoin-api-for-accounts-payments-cards-and-yield"}]},{"content":"Squads states that Trail of Bits reviewed Squads Protocol v4 between September 11 and 22, 2023, with fixes checked on September 27, 2023, covering approval requirements, vault withdrawals, multisig bricking, spending limits and front-running. Third-party summaries also cite OtterSec, Neodyme and Bramah Systems audits and formal verification; those were not confirmed against the reports in this run. Audits reduce but do not remove risk.","heading":"Security audits","severity":"low","sources":[{"credibility":2,"name":"Squads: Trail of Bits security audit v4","type":"official","url":"https://squads.xyz/blog/trail-of-bits-security-audit-v4"},{"credibility":2,"name":"Trail of Bits library: Squads v4","type":"research","url":"https://trailofbits.com/library/squads-v4/"}]},{"content":"In April 2026 Drift Protocol lost roughly $280-285 million in an exploit in which its Security Council admin powers, held in a 2-of-5 Squads multisig with a zero-second timelock, were reportedly taken over using Solana durable nonces and alleged social engineering of signers. Third-party analyses (BlockSec, Utila, QuillAudits) describe this as a signer and governance configuration failure rather than a flaw in the Squads programs, though one outlet reported Squads conducting a review of its infrastructure after a separate Safe exploit. Analyses differ on root cause, and a full Drift post-mortem was not found. Squads' own statement was not located.","heading":"Drift Protocol incident (multisig layer)","severity":"medium","sources":[{"credibility":2,"name":"BlockSec: Drift incident, multisig governance compromise via durable nonce","type":"research","url":"https://blocksec.com/blog/drift-protocol-incident-multisig-governance-compromise-via-durable-nonce-exploitation"},{"credibility":2,"name":"Utila: Drift Protocol hack using Solana durable nonces","type":"research","url":"https://utila.io/blog/drift-protocol-hack-using-solana-durable-nonces"},{"credibility":2,"name":"QuillAudits: Drift multisig exploit","type":"research","url":"https://www.quillaudits.com/blog/hack-analysis/drift-protocol-multisig-exploit"}]},{"content":"A crypto news outlet reported that Squads warned of an address poisoning scheme targeting its multisig users, with no funds reported lost at the time. The date was not established.","heading":"User-targeting phishing warnings","severity":"low","sources":[{"credibility":3,"name":"Live Bitcoin News: Squads sounds alarm on address poisoning","type":"news_article","url":"https://www.livebitcoinnews.com/squads-sounds-alarm-on-address-poisoning-scheme-hitting-solana-multisig-users/"}]},{"content":"No regulatory actions, court filings or enforcement matters against Squads were found in the searches run. This is an absence of evidence, not a clearance, and searches were limited. Squads' newer stablecoin and payments products may carry licensing questions not examined here.","heading":"Regulatory and legal record","severity":"low","sources":[{"credibility":3,"name":"Solana Compass: Squads project page","type":"other","url":"https://solanacompass.com/projects/Squads"}]}],"sources_used":[{"credibility":2,"name":"The Block: Squads raises $5.7 million","type":"news_article","url":"https://www.theblock.co/amp/post/257727/solana-based-multisig-protocol-squads-raises-5-7-million-from-multicoin-placeholder-and-others"},{"credibility":2,"name":"FinTech Futures: Squads raises $18m","type":"news_article","url":"https://www.fintechfutures.com/venture-capital-funding/squads-raises-18m"},{"credibility":2,"name":"Blockworks: Squads raises $10M","type":"news_article","url":"https://blockworks.co/news/lightspeed-newsletter-squads-smart-accounts"},{"credibility":2,"name":"Squads: Trail of Bits security audit v4","type":"official","url":"https://squads.xyz/blog/trail-of-bits-security-audit-v4"},{"credibility":2,"name":"Trail of Bits library: Squads v4","type":"research","url":"https://trailofbits.com/library/squads-v4/"},{"credibility":2,"name":"BlockSec: Drift incident","type":"research","url":"https://blocksec.com/blog/drift-protocol-incident-multisig-governance-compromise-via-durable-nonce-exploitation"},{"credibility":2,"name":"Utila: Drift hack","type":"research","url":"https://utila.io/blog/drift-protocol-hack-using-solana-durable-nonces"},{"credibility":2,"name":"QuillAudits: Drift multisig exploit","type":"research","url":"https://www.quillaudits.com/blog/hack-analysis/drift-protocol-multisig-exploit"},{"credibility":3,"name":"Live Bitcoin News: address poisoning","type":"news_article","url":"https://www.livebitcoinnews.com/squads-sounds-alarm-on-address-poisoning-scheme-hitting-solana-multisig-users/"},{"credibility":3,"name":"Squads: Grid stablecoin API","type":"official","url":"https://squads.xyz/blog/grid-a-stablecoin-api-for-accounts-payments-cards-and-yield"}],"summary":"Squads (developer: Squads Labs) is a Solana-based multisig and smart-account protocol and app that has expanded into a stablecoin developer platform (Grid) and business accounts (Altitude). Searches found no confirmed exploit of the Squads protocol itself, no regulatory actions and a third-party audit record; the protocol was used as the multisig layer in the April 2026 Drift Protocol incident, which analyses attribute to signer compromise and configuration rather than a protocol flaw. This is a company-level page; evidence was limited to secondary sources and some primary pages could not be fetched.","timeline":[{"date":"2023-09","event":"Trail of Bits reviews Squads Protocol v4 (per Squads' audit page).","source":"Squads blog","source_url":"https://squads.xyz/blog/trail-of-bits-security-audit-v4"},{"date":"2024-06","event":"$10 million Series A reported closed, led by Electric Capital.","source":"FinTech Futures","source_url":"https://www.fintechfutures.com/venture-capital-funding/squads-raises-18m"},{"date":"2026-04","event":"Drift Protocol exploit via its Squads-based 2-of-5 multisig using durable nonces.","source":"BlockSec","source_url":"https://blocksec.com/blog/drift-protocol-incident-multisig-governance-compromise-via-durable-nonce-exploitation"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 35349aa8-a287-4c20-834d-909c4a8eed81copy