Verify a decision

{"actor":"system:backfill","investigation_id":"56838e34-4563-4210-9f8e-bc439f96bf7c","kind":"publish","page_slug":"silo-finance","published_at":"2026-05-29T17:31:36.763Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Silo Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://medium.com/silo-protocol/silo-is-live-in-beta-mainnet-94b6b0164258","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/silo-v1","type":"other","url":""},{"credibility":3,"name":"https://gov.silo.finance/t/a-plan-to-deprecate-xai-stablecoin/443","type":"other","url":""},{"credibility":3,"name":"https://nansen.ai/post/what-is-silo-finance-defis-risk-isolated-lending-markets","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://medium.com/silo-protocol/vulnerability-disclosure-2023-06-06-c1dfd4c4dbb8","type":"other","url":""},{"credibility":3,"name":"https://medium.com/immunefi/silo-finance-logic-error-bugfix-review-35de29bd934a","type":"other","url":""},{"credibility":3,"name":"https://medium.com/certora/silo-finance-post-mortem-3b690fffeb08","type":"other","url":""},{"credibility":3,"name":"https://www.certora.com/blog/silo-finance-post-mortem","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://hackmd.io/@yesthatdog/silo-whitehat","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://devdocs.silo.finance/security/audits-and-formal-verification","type":"other","url":""},{"credibility":3,"name":"https://cryptopanic.com/news/16005261/RT-SiloFinance-4-Silo-v111-is-audited-by-ABDK-amp-Quantstamp-The-deployed-version-differs-from-the-audited-one-Read-about-the-audi","type":"other","url":""},{"credibility":3,"name":"https://www.certora.com/reports/silo-report","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://silopedia.silo.finance/silodao/usdsilo","type":"other","url":""},{"credibility":3,"name":"https://iq.wiki/wiki/silo-finance","type":"other","url":""},{"credibility":3,"name":"https://resources.silo.finance/governance/the-silo-dao","type":"other","url":""},{"credibility":3,"name":"https://www.coingecko.com/en/coins/silo-finance","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://silodocs2.netlify.app/docs/security/risks/","type":"other","url":""},{"credibility":3,"name":"https://silopedia.silo.finance/risks/overview","type":"other","url":""},{"credibility":3,"name":"https://gov.silo.finance/t/a-plan-to-deprecate-xai-stablecoin/443","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://defillama.com/protocol/silo-v1","type":"other","url":""},{"credibility":3,"name":"https://hackmd.io/@yesthatdog/silo-whitehat","type":"other","url":""},{"credibility":3,"name":"https://immunefi.com/bug-bounty/silofinance/","type":"other","url":""}]}],"sources_used":[],"summary":"Silo Finance V1 is a non-custodial isolated lending protocol launched on Ethereum mainnet in August 2022, enabling permissionless markets for long-tail crypto assets by confining risk to individual lending pools (Silos). The protocol experienced two security incidents in 2023: a critical interest rate manipulation vulnerability discovered by a white-hat researcher (no user funds lost) and a white-hat drain of approximately $45,000 in SILO incentive tokens due to a separate contract flaw. The deployed production version of V1 diverges from the audited codebase, a risk the team has publicly acknowledged but not fully remediated through re-audit.","timeline":[{"date":"2021-12-01","event":"SILO governance token launch; protocol begins minting 1 billion tokens over four years.","source":""},{"date":"2022-01-01","event":"Early community airdrop distributed to initial participants.","source":""},{"date":"2022-04-01","event":"SILO token reaches all-time high of approximately $1.05.","source":""},{"date":"2022-05-07","event":"Certora begins formal verification of Silo V1 protocol; process runs through July 15, 2022.","source":""},{"date":"2022-07-15","event":"Certora formal verification completes; five issues uncovered (two high, three medium) that ABDK and Quantstamp had missed.","source":""},{"date":"2022-08-01","event":"Silo V1 launches in beta on Ethereum mainnet with nine pools capped at 500 ETH each.","source":""},{"date":"2022-09-01","event":"Silo V1 full public launch on Ethereum mainnet.","source":""},{"date":"2023-02-01","event":"Silo V1 deployed on Arbitrum.","source":""},{"date":"2023-04-27","event":"White-hat researcher @kankodu reports critical interest rate manipulation vulnerability (IRMv1) via Immunefi; estimated $3 million at risk on Ethereum mainnet.","source":""},{"date":"2023-05-01","event":"New interest rate model (IRMv2) coded, tested, and deployed on Arbitrum markets, capping utilization at 100% and interest at 10,000% per year.","source":""},{"date":"2023-05-07","event":"Governance proposal executed on Ethereum to transfer control and apply IRMv2 fix to mainnet markets.","source":""},{"date":"2023-05-10","event":"Certora begins formal verification of IRMv2 fix.","source":""},{"date":"2023-05-24","event":"Certora confirms IRMv2 eliminates all identified exploit vectors; no user funds were lost.","source":""},{"date":"2023-06-06","event":"Silo Finance publishes public vulnerability disclosure detailing the IRMv1 flaw, attack mechanics, and remediation. Immunefi publishes bugfix review. Bounty of 100,000 USDC awarded to researcher.","source":""},{"date":"2023-07-21","event":"RAMSES protocol discovers vulnerability in Silo incentives contract allowing full drain of approximately $45,000 in SILO tokens. Immunefi closes bug report as out-of-scope. RAMSES performs white-hat drain to RAMSES Treasury.","source":""},{"date":"2023-07-22","event":"RAMSES contacts Silo team directly; drained funds returned in full. Both parties attribute communication failure to Immunefi triage process.","source":""},{"date":"2024-01-01","event":"Governance proposal to deprecate XAI stablecoin published, citing peg instability and pool imbalances.","source":""},{"date":"2024-01-01","event":"Silo Finance publishes 2024 roadmap announcing transition toward V2 architecture.","source":""}]},"v":1}