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US Permissionless Dollar

avoid.net/us-permissionless-dollar→28/100·78% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·52Tjpw…2mdq

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
Organizations
□Chainlink67□Ethereum64□US Permissionless Dollar□ZachXBT82
Exchanges
△Curve DEX62
Protocols
⌂Uniswap58
Tokens
♦Coinbase62
Relationships
  • 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
Also appears in
Ethereum·64Lendf.me·30Levyathan·18Jump Trading·42OpenZeppelin AI Exploit Threat Vector·15StableMagnet·2Shibarium·28Dean Daghita / CMDSS (Command Services and Support)·0Bankr·18Nexera·32+ 50 more

Connected Through

6 shared actors · 625 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about US Permissionless Dollar?

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.

Provenance & Audit Trail
Anchored on SolanaVerify on-chain10 Wayback Archivessrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event). 10 of 14 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:14 AM

last updated: 8/30/2026, 12:04:59 PM

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