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Treasure (TreasureDAO)

avoid.net/treasure→32/100·72% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]
anchored·3utFbi…YJDa

Summary

TreasureDAO is an Arbitrum-based NFT gaming ecosystem and marketplace powered by the MAGIC token. In March 2022 its marketplace suffered a critical smart contract exploit that allowed attackers to acquire NFTs for free, resulting in approximately $1.4 million in losses across 153 NFTs. Separately, blockchain investigator ZachXBT raised concerns in February 2022 about a core team engineer's alleged prior involvement in failed NFT projects. The project has since experienced severe financial distress, shut down its Treasure Chain layer-2 network in May 2025 after five months of operation, and executed major layoffs in a pivot to AI-agent products.

Connected Entities

2 entities
Organizations
□Treasure (TreasureDAO)□Treasure
Relationships
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    Timeline(11 events)

    2021-11-01

    TreasureDAO launches on Arbitrum as an NFT gaming ecosystem powered by the MAGIC token.

    2022-02-01

    ZachXBT publishes a Twitter thread alleging TreasureDAO front-end engineer 'Just Cheese' (JC) had prior involvement in several failed or abandoned NFT projects, tracing 134.66 ETH of inflows to his wallet from projects including Mutant Cats and ZombieToadz. TreasureDAO disputes the characterization.

    2022-03-03

    TreasureDAO's Arbitrum NFT marketplace is exploited via a zero-quantity bug in the buyItem() smart contract function. Attackers acquire 153 NFTs — including 112 Smol Brains and 41 Legions — for zero MAGIC. Losses estimated at approximately $1.4 million. MAGIC token drops over 40%.

    2022-03-03

    TreasureDAO co-founder John Patten confirms exploit, urges all users to delist NFTs. Marketplace is frozen.

    2022-03-03

    Within hours of the exploit, attackers return 114 of 153 stolen NFTs to original owners.

    2022-03-04

    TreasureDAO announces it will propose community-voted remediation for users who did not receive NFTs back. CertiK publishes exploit post-mortem.

    2024-12-01

    TreasureDAO launches Treasure Chain, a zkSync-based layer-2 gaming network.

    2025-04-01

    Co-founder John Patten publicly discloses severe financial distress: over $11.3 million in Q4 2024 expenses, only $2.4 million in stablecoins remaining in treasury. Announces pivot to AI agents and plan to shut down Treasure Chain.

    2025-04-01

    TreasureDAO announces layoffs of approximately 15 employees. Co-founder Karel Vuong departs.

    2025-05-06

    TIP-52 passed; grants core team emergency powers to shut down Treasure Chain without further community votes. Users urged to bridge all assets out before May 30, 2025.

    2025-05-30

    Treasure Chain mainnet shut down, five months after launch. MAGIC token falls 18% on the announcement.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chainsrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:51 AM

    last updated: 5/28/2026, 6:37:12 PM

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