US Permissionless Dollar
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 59. Problems weighed by who is responsible: problems around the subject, caused by others −4, incidents the subject suffered −3.2, concerns that are not fraud −3.2; legitimacy credit long-running +4. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -4 |
| Long-running | +4 |
| Sum | 59 |
Score: 59/100 (kept between 0 and 100)
How scoring works →Summary
US Permissionless Dollar (USPD) is a decentralized, over-collateralized stablecoin protocol built on Ethereum by Permissionless Technologies, the team behind the Morpher trading platform. In December 2025, the protocol suffered a critical exploit via a clandestine proxy deployment attack — later dubbed CPIMP — that had silently compromised admin privileges since September 2025, resulting in approximately $1 million in losses. The project has undergone audits by Nethermind and Resonance Security but the exploit bypassed audited code by targeting the deployment layer, raising unresolved questions about operational security and the viability of the planned V2 relaunch.
Connected Entities
7 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- ZachXBT→mentioned with→Ethereum(70%)
- Curve DEX→mentioned with→Ethereum(80%)
- Uniswap→mentioned with→Ethereum(80%)
- Chainlink→mentioned with→Ethereum(65%)
- Chainlink→mentioned with→Coinbase(65%)
- US Permissionless Dollar→mentioned with→Coinbase(60%)
- US Permissionless Dollar→mentioned with→Chainlink(60%)
- US Permissionless Dollar→mentioned with→Ethereum(80%)
- Coinbase→mentioned with→ZachXBT(70%)
- + 3 more
Connected Through
6 shared actors · 621 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- ♦Coinbasetoken
- ⌂Uniswapprotocol
Timeline(8 events)
2024
Martin Froehler, founder of Morpher, establishes USPD.io / Permissionless Technologies and begins building USPD stablecoin protocol.
3 September 2025
Nethermind Security completes a two-week audit of USPD's Multi-Stabilizer Protocol, identifying 3 critical, 3 high, and 2 medium severity issues; team claims all were remediated.
16 September 2025
USPD deploys proxy contracts to Ethereum mainnet. Attacker front-runs initialization using a Multicall3 transaction, seizing admin privileges via CPIMP attack vector — undetected at time of deployment.
4 December 2025
Attacker activates hidden admin access, minting approximately 98 million USPD tokens without authorization and draining approximately 232-237 stETH from protocol reserves. Estimated loss: ~$1 million.
4 December 2025
Stolen USPD and stETH liquidated for approximately $300,000 USDC via Curve DEX. USPD team publicly discloses exploit, urges users to revoke approvals and avoid purchasing USPD.
5 December 2025
Multiple crypto news outlets including Cryptopolitan, CryptoTimes, Tron Weekly, and Halborn publish exploit analysis. USPD offers attacker 10% whitehat bounty to return 90% of stolen funds.
31 December 2025
USPD publishes 'Path Forward' blog announcing Recovery Token program for ~230 affected holders and targeting V2 relaunch for Q2 2026.
26 May 2026
As of investigation date, USPD V2 has not been independently verified as launched. Token shows 112 holders and near-zero on-chain activity. V1 contract remains effectively inactive.
Decision Log
- slot 455364858 · hash GHRHUUSTug4Yvnt57sXbvWi8nTX1AfsC6LGnjKun4xSB
- slot 422349699 · hash 65K16uqr6mXbwwcDsVu1U8roMRRJJsDrSNyGGu67ZaUj
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 10 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:14 AM
last updated: 10/10/2026, 6:45:08 PM
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