Fact-check findings

The reviewer could not reconcile the claim with the evidence it cited. This is a lead, not a ruling that the claim is false.

1. #1[disputed][awaiting moderator]in section: Protocol Overview

   “The SubQuery token (SQT) functions as the network's utility token, used to pay for queries and to reward node operators, with a total genesis supply of 10 billion tokens and an annual inflation rate of 2%.”

   reviewerSQT has a total genesis supply of 10 billion tokens and an annual inflation rate of 2%.Genesis supply (10B) is correct, but the 2% inflation figure contradicts SubQuery's own public sale announcement, which states ~1.3%. Same error repeated in sections[3].
   Proposed correction (not yet applied)

   The SubQuery token (SQT) functions as the network's utility token, used to pay for queries and to reward node operators, with a total genesis supply of 10 billion tokens and an annual inflation rate of approximately 1.3%.
   citedsubquery.network/doc/subquery_network/token/token.html
2. #4[disputed][awaiting moderator]in section: Founding Team and Background

   “The company is headquartered in New Zealand.”

   reviewerSubQuery (the company) is headquartered in New Zealand.New Zealand is the origin of OnFinality/the founding team, but SubQuery's own current docs list Singapore as the headquarters. Same underlying claim repeated in sections[6].
   Proposed correction (not yet applied)

   The company is headquartered in Singapore, with key representation in New Zealand, Lisbon, and Sydney.
   citedwww.crunchbase.com/person/sam-zousubquery.medium.com/leading-the-way-in-w…eam-a49e40513b86
3. #12[disputed][awaiting moderator]in the timeline

   “2024-03-29”

   reviewerSQT mainnet/TGE launched Feb 23, 2024; ATH of ~$0.0855 reached on 2024-03-29.Trackers split into two camps on the ATH figure and date; the page's pairing of the $0.0855 price with the March 29 date does not match either camp and appears to conflate two different trackers' numbers. The page's own sections[3] text ('reached shortly after launch') is consistent with Feb 23, supporting that as the intended date.
   Proposed correction (not yet applied)

   2024-02-23
   citedwww.coingecko.com/en/coins/subquery-networkcoinmarketcap.com/currencies/subquery-network/
4. #15[disputed][awaiting moderator]in section: April 2026 Smart Contract Exploit

   “The five transactions operated as follows: TX1 (04:35 UTC) drained approximately 218 million SQT from the pooled Staking balance; TX2 (05:04 UTC) drained approximately 11.8 million SQT from additional pooled Staking balances; TX3 (06:51 UTC) drained approximately 129.5 million SQT from 272 individual staker and delegator wallets; TX4 (06:05 UTC) drained approximately 22.8 million SQT from the RewardsBooster contract; TX5 (04:35 UTC) withdrew a small Treasury amount via StateChannel impersonation.”

   reviewerTX1 (04:35 UTC) drained ~218M SQT from pooled Staking; TX2 (05:04 UTC) drained ~11.8M SQT; TX5 (04:35 UTC) withdrew Treasury via StateChannel.Transaction amounts and overall sequence are accurate, but two of the five timestamps do not match the primary source's own stated timeline.
   Proposed correction (not yet applied)

   The five transactions operated as follows: TX1 (05:04 UTC) drained approximately 218 million SQT from the pooled Staking balance; TX2 (05:28 UTC) drained approximately 11.8 million SQT from additional pooled Staking balances; TX3 (06:51 UTC) drained approximately 129.5 million SQT from 272 individual staker and delegator wallets; TX4 (06:05 UTC) drained approximately 22.8 million SQT from the RewardsBooster contract; TX5 (04:35 UTC) withdrew a small Treasury amount via StateChannel impersonation.
   citedsubquery.ghost.io/subquery-network-secur…incident-report/
5. #20[disputed][awaiting moderator]in section: Regulatory and Legal Status

   “The project's New Zealand domicile places it outside direct US regulatory jurisdiction absent a nexus, though US investors participated in private rounds via firms such as Arrington Capital, DCG, and DeFi Alliance.”

   reviewerThe project's New Zealand domicile places it outside direct US regulatory jurisdiction absent a nexus.Repeats the same HQ-location error as sections[1]; see that finding's defect_group.
   Proposed correction (not yet applied)

   The project's Singapore domicile (with New Zealand representation) places it outside direct US regulatory jurisdiction absent a nexus, though US investors participated in private rounds via firms such as Arrington Capital, DCG, and DeFi Alliance.

No source the reviewer could reach confirms or contradicts the claim.

1. #8[unverifiable][awaiting moderator]in the timeline

   “2021-09-11”

   reviewerSubQuery announced its $9 million Series A round on 2021-09-11.Month and amount are solid; the specific day (Sept 11) could not be independently confirmed and is in tension with a press report dated Sept 8.
2. #9[unverifiable][awaiting moderator]in section: Token Launch and Tokenomics

   “The token allocation is: Foundation and Community ~31.8%, Team and Shareholders ~22.5%, Treasury ~18%, Community Airdrop ~12.8%, with early investor allocations making up approximately 34.8% in aggregate across private rounds.”

   reviewerToken allocation: Foundation/Community ~31.8%, Team/Shareholders ~22.5%, Treasury ~18%, Airdrop ~12.8%, early investors ~34.8% aggregate.The 34.8% private-investor figure and 22.5%+34.8%=~57% combined-insider figure are internally consistent and match the public sale terms, but the Foundation/Team/Treasury/Airdrop percentages could not be independently confirmed and conflict with at least one third-party tracker.
   citedcryptorank.io/price/subquery/vestingwww.coingecko.com/en/coins/subquery-networkcoinmarketcap.com/currencies/subquery-network/
3. #11[unverifiable][awaiting moderator]in the timeline

   “SQT price ends 2024 approximately 76% below its launch price, trading around $0.005.”

   reviewerSQT ends 2024 approximately 76% below its launch price, trading around $0.005.Directionally consistent with the token's known steep decline, but no dated source could confirm the exact Dec 31, 2024 price or percentage.
4. #13[unverifiable][awaiting moderator]in the timeline

   “SubQuery mainnet launches and SQT token begins trading on Bybit at approximately $0.0144.”

   reviewerSQT begins trading on Bybit on launch at approximately $0.0144.Plausible (roughly 20% above the $0.012 public sale price) but not sourced in any material found.
5. #16[unverifiable][awaiting moderator]in the summary

   “ZachXBT flagged the entity in connection with this incident”

   reviewerZachXBT flagged SubQuery Network in connection with the April 2026 incident.No source found (including the page's own cited sources) corroborates ZachXBT's involvement with this specific incident; could not confirm or refute. Appears unsupported by any citation on the page. Repeated in sections[4].
6. #17[unverifiable][awaiting moderator]in section: April 2026 Smart Contract Exploit

   “ZachXBT flagged the entity in connection with this incident.”

   reviewerZachXBT flagged the entity in connection with this incident (section restatement).Same unsupported claim as in the summary. Recommend either sourcing this specific assertion or removing it pending verification.
   citedsubquery.ghost.io/subquery-network-secur…incident-report/subquery.network/

The cited evidence supports part of the claim but not all of it.

1. #2[partially supported][awaiting moderator]in section: Protocol Overview

   “SubQuery expressly disclaims that SQT confers no ownership, governance, or shareholder rights.”

   reviewerSQT confers no ownership, governance, or shareholder rights.Ownership/shareholder disclaimer is directly confirmed. The 'governance' portion is plausible but not explicitly stated on the cited page.
   citedsubquery.network/doc/subquery_network/token/token.html
2. #6[partially supported][awaiting moderator]in the summary

   “founded by Sam Zou and James Bayly out of New Zealand-based OnFinality”

   reviewerSubQuery was founded by Sam Zou and James Bayly (summary omits Ian He).The page's own section 1 lists three founders; the summary silently drops one. Minor completeness issue rather than a factual error.
3. #18[partially supported][awaiting moderator]in section: Audit History and Security Posture

   “The incident disclosed that the missing access control on setContractAddress() had been present since the refactored deployment, suggesting the deployment lacked formal re-audit or re-verification.”

   reviewerThe missing access control was not present in the original Hacken audit and the deployment lacked formal re-audit/re-verification.The page's broader audit narrative (original Hacken audit clean, flaw introduced in later refactor) is correct, but omits the intervening Feb 2024 targeted audit that also missed the Settings contract -- a materially relevant detail for 'Audit History and Security Posture.'
   citedsubquery.ghost.io/subquery-network-secur…incident-report/

The cited evidence supports the claim as written.

1. #3[confirmed][no action needed]in section: Founding Team and Background

   “SubQuery was founded by Sam Zou (CEO), Ian He (CTO), and James Bayly (COO).”

   reviewerSubQuery was founded by Sam Zou (CEO), Ian He (CTO), and James Bayly (COO).Roles and names consistent across SubQuery's own materials and third-party aggregators.
   citedsubquery.medium.com/leading-the-way-in-w…eam-a49e40513b86
2. #5[confirmed][no action needed]in section: Founding Team and Background

   “Sam Zou previously attended the University of Auckland and served as General Manager at Centrality, overseeing a $100 million ICO in 2017.”

   reviewerSam Zou served as General Manager at Centrality, overseeing a $100 million ICO in 2017.Matches the company's own team bio verbatim; third-party press suggests the $100M milestone may technically date to a Jan 2018 follow-on round rather than 2017, but this is not independently conclusive enough to overturn the primary source.
   citedwww.crunchbase.com/person/sam-zousubquery.medium.com/leading-the-way-in-w…eam-a49e40513b86
3. #7[confirmed][no action needed]in section: Funding and Investors

   “SubQuery raised a $1.8 million seed round in early 2021, backed by DeFi Alliance, D1 Ventures, Hypersphere Ventures, Digital Finance Group (DFG), and The LAO.”

   reviewerSubQuery raised $1.8M seed (2021) and $9M Series A (Sept 2021, co-led by Arrington Capital, DCG, Stratos), totaling ~$10.8M.Funding amounts, lead investors, and combined total are independently corroborated by The Block's contemporaneous reporting.
   citedsubquery.medium.com/subquery-raises-1-8m…ion-3348c1f2a931subquery.medium.com/series-a-1abed6c1c2af
4. #10[confirmed][no action needed]in section: Token Launch and Tokenomics

   “The all-time high price was approximately $0.0855, reached shortly after launch; by end of 2024 the price had declined approximately 76% to around $0.005.”

   reviewerSQT's all-time high was approximately $0.0855, and the price declined ~76% to ~$0.005 by end of 2024.The ~$0.0855 ATH figure is corroborated by CoinGecko, BeInCrypto, and Mobula. The end-of-2024 -76%/~$0.005 figure is directionally plausible given the token's well-documented subsequent decline but could not be pinned to a dated, year-specific data point; see separate unverifiable finding on that clause.
   citedwww.coingecko.com/en/coins/subquery-networkcoinmarketcap.com/currencies/subquery-network/
5. #14[confirmed][no action needed]in section: April 2026 Smart Contract Exploit

   “On April 12, 2026, SubQuery Network suffered a smart contract exploit on the Base network in which an attacker executed five separate transactions to drain approximately 382,433,441 SQT tokens (valued at approximately $134,000 USD at the time of the incident).”

   reviewerOn April 12, 2026, a smart contract exploit on Base drained ~382,433,441 SQT (~$134,000 USD) across five transactions, root-caused by a missing onlyOwner modifier on setContractAddress().Core exploit facts are well-documented in the primary disclosure and match the page closely.
   citedsubquery.ghost.io/subquery-network-secur…incident-report/subquery.network/
6. #19[confirmed][no action needed]in section: Regulatory and Legal Status

   “As of May 2026, no confirmed SEC, CFTC, DOJ, or other regulatory enforcement actions have been identified against SubQuery Network, its parent entity OnFinality, or any named executive.”

   reviewerNo confirmed SEC, CFTC, DOJ, or other regulatory enforcement actions have been identified against SubQuery Network, OnFinality, or any named executive as of May 2026.A negative claim (absence of enforcement action) cannot be proven with certainty, but a diligent search turned up nothing to contradict it.
   citedsubquery.network/doc/subquery_network/token/token.htmlsubquery.medium.com/series-a-1abed6c1c2af