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{"actor":"system:backfill","investigation_id":"e40548be-e291-4229-bc3c-2e0d9f7d37bf","kind":"publish","page_slug":"steakhouse-financial","published_at":"2026-10-13T05:28:55.178Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Steakhouse Financial","sections":[{"content":"Steakhouse Financial describes itself as the curator of the Morpho vault behind Robinhood Earn, which launched on Robinhood Chain on July 1, 2026. Its own launch post says it designs and maintains the vault's curation policy and defines and monitors the parameters the vault operates within, and that it does not offer the product, hold user accounts, take custody of funds, or act as an investment adviser, manager or fiduciary. The launch vault, denominated in USDG, had exposure to three collateral markets (spUSDG from Spark, USDe from Ethena, syrupUSDG from Maple). A Steakhouse update dated September 1, 2026 states that mGLO was added as a collateral market on August 26 and that the USDG vault had grown to around $425m, which it described as the second-largest vault on Morpho; about $28m of USDG was borrowed against mGLO. Crypto Briefing (July 11, 2026) reported nearly 6,000 users had interacted with the vaults and a projected variable yield of around 7% APY. Figures from DefiLlama's public API read on 2026-10-13 showed total Steakhouse Financial TVL of about $2.53B, including about $546.6M on Robinhood Chain, $1.14B on Base and $719M on Ethereum. The $536M figure supplied by the requester for 7 Oct 2026 could not be independently re-verified for that date because the historical Robinhood Chain series was not read; the 13 Oct value is of similar magnitude. Crypto Briefing separately cited over $4.5 billion in Steakhouse TVL as of July 2026, which differs from DefiLlama's figure, so TVL numbers vary by source and methodology.","heading":"Role and scale on Morpho and Robinhood Chain","severity":"low","sources":[{"credibility":2,"name":"Steakhouse: Robinhood Charts a New Course Onchain (July 1, 2026)","type":"official","url":"https://kitchen.steakhouse.financial/p/robinhood-charts-a-new-course-onchain"},{"credibility":2,"name":"Steakhouse: DeFi markets update 2026-09-01","type":"official","url":"https://kitchen.steakhouse.financial/p/defi-markets-update-2026-09-01"},{"credibility":2,"name":"Crypto Briefing: SteakhouseFi vaults attract nearly 6,000 users on Robinhood Chain","type":"news_article","url":"https://cryptobriefing.com/steakhousefi-vaults-robinhood-chain-users/"},{"credibility":2,"name":"DefiLlama API: Steakhouse Financial protocol data","type":"on_chain","url":"https://api.llama.fi/protocol/steakhouse-financial"}]},{"content":"On Morpho, vaults are permissionless: Morpho's documentation describes the curator as the role that selects markets and sets caps (Vault V1) or, in Vault V2, configures adapters, caps, fees and gates and appoints allocators, with most actions subject to a timelock of 0 to 3 weeks, and a Sentinel able to reduce risk reactively. The sources reviewed did not describe any central body that vets or selects curators; depositors choose vaults themselves, and for Robinhood Earn the product operator (Robinhood) chose Steakhouse, which the Steakhouse launch post states while describing no selection process. The terms of Robinhood's appointment, including any fee arrangement, were not found. Depositors in a curated vault bear the lending risk of the markets the curator enables, including bad debt, liquidity constraints at high utilization, and collateral-specific risk; Steakhouse's launch post lists these risks and notes that partial or total loss is possible in extreme cases.","heading":"How curators are chosen and what they control","severity":"medium","sources":[{"credibility":2,"name":"Morpho Docs: Roles & Capabilities","type":"official","url":"https://docs.morpho.org/curate/concepts/roles/"},{"credibility":2,"name":"Morpho Docs: Curator","type":"official","url":"https://docs.morpho.org/learn/concepts/curator/"},{"credibility":2,"name":"Steakhouse: Robinhood Charts a New Course Onchain (July 1, 2026)","type":"official","url":"https://kitchen.steakhouse.financial/p/robinhood-charts-a-new-course-onchain"}]},{"content":"Morpho's documentation states that in Vault V1 the performance fee is capped at 50% of generated interest and fee changes take effect immediately with no timelock; in Vault V2 the curator sets a performance fee (cap 50% of interest) and a management fee (cap 5% per year), with changes timelocked. Fees are minted as vault shares to the fee recipient. The specific fee rates charged by Steakhouse's Robinhood Chain vault, and whether it runs on V1 or V2, were not found in the sources reviewed; neither Steakhouse launch post mentions fees. Readers should check the fee and timelock settings on the vault's Morpho page.","heading":"Fees","severity":"medium","sources":[{"credibility":2,"name":"Morpho Docs: Fees","type":"official","url":"https://docs.morpho.org/curate/concepts/fee/"},{"credibility":2,"name":"Steakhouse: Robinhood Charts a New Course Onchain (July 1, 2026)","type":"official","url":"https://kitchen.steakhouse.financial/p/robinhood-charts-a-new-course-onchain"}]},{"content":"In November 2025, the collapse of Stream Finance's xUSD and the related Elixir deUSD/sdeUSD depeg led to losses for some Morpho curators. MEV Capital disclosed about $34 million of assets impacted by the Stream Finance shortfall, and per its own post, removing the Elixir sdeUSD/USDC market realized bad debt of nearly 3.6% of its Ethereum vault TVL; secondary reports cite a larger haircut on its Arbitrum vault. Re7 Labs disclosed $14.65 million of exposure to an isolated xUSD/USDT0 cluster and $12.75 million to deUSD and sdeUSD collateral across Euler and Morpho markets. Protos (November 6, 2025) reported that Steakhouse pointed out its lack of xUSD exposure, while acknowledging some periods of illiquidity in its higher-yield vaults. Figures for other curators come from curator disclosures relayed by press and have not been checked against onchain data here. This describes the sector risk that curated-vault depositors face; it is not an allegation about Steakhouse.","heading":"Past curator losses on Morpho (other curators)","severity":"medium","sources":[{"credibility":2,"name":"Protos: Stream Finance meltdown, winners and losers in DeFi risk curator reckoning","type":"news_article","url":"https://protos.com/stream-finance-meltdown-winners-and-losers-in-defi-risk-curator-reckoning/"},{"credibility":3,"name":"Arbitrum Forum: Update on Stream Finance (XUSD) situation and impact assessment","type":"community_report","url":"https://forum.arbitrum.foundation/t/update-stream-finance-xusd-situation-and-impact-assessment/30206"}]},{"content":"Blockonomi reported that on March 30, 2026 an attacker allegedly phoned Steakhouse's domain registrar OVHcloud, impersonated the account owner, and had hardware two-factor authentication removed, then redirected the domain to a cloned site carrying a wallet drainer (linked in the report to Inferno Drainer). The phishing page was reportedly live for about four hours; wallet extensions flagged it, and an outbound domain transfer was cancelled. Steakhouse stated that no user funds were lost, that its onchain contracts were not touched and that its Morpho vaults operated independently. The company reportedly moved to a registrar supporting hardware-key MFA and registrar-level locks and added DNS monitoring. The account of the attack comes from Steakhouse's own postmortem as relayed by press. Users who visited the fake site during the window may have been exposed, and the report does not quantify any user losses from third-party wallets.","heading":"Security incident: domain hijack (March 2026)","severity":"medium","sources":[{"credibility":2,"name":"Blockonomi: Steakhouse Financial confirms DNS hijack, says no user funds were lost","type":"news_article","url":"https://blockonomi.com/steakhouse-financial-confirms-dns-hijack-says-no-user-funds-were-lost/"}]},{"content":"No regulatory action, lawsuit, or reported bad-debt loss in a Steakhouse-curated vault was found in the searches run for this page. This is an absence of findings and is not a clean bill of health; the searches were limited and onchain vault histories were not audited. Named individuals associated with the firm in sources include Adrian Cachinero Vasiljevic, described by Blockonomi as the partner responsible for operations; no allegations of wrongdoing against any person were found.","heading":"Regulatory, legal and loss record","severity":"low","sources":[{"credibility":2,"name":"Blockonomi: Steakhouse Financial confirms DNS hijack","type":"news_article","url":"https://blockonomi.com/steakhouse-financial-confirms-dns-hijack-says-no-user-funds-were-lost/"}]}],"sources_used":[{"credibility":2,"name":"Steakhouse: Robinhood Charts a New Course Onchain","type":"official","url":"https://kitchen.steakhouse.financial/p/robinhood-charts-a-new-course-onchain"},{"credibility":2,"name":"Steakhouse: DeFi markets update 2026-09-01","type":"official","url":"https://kitchen.steakhouse.financial/p/defi-markets-update-2026-09-01"},{"credibility":2,"name":"Crypto Briefing: SteakhouseFi vaults on Robinhood Chain","type":"news_article","url":"https://cryptobriefing.com/steakhousefi-vaults-robinhood-chain-users/"},{"credibility":2,"name":"DefiLlama API: Steakhouse Financial","type":"on_chain","url":"https://api.llama.fi/protocol/steakhouse-financial"},{"credibility":2,"name":"Morpho Docs: Roles & Capabilities","type":"official","url":"https://docs.morpho.org/curate/concepts/roles/"},{"credibility":2,"name":"Morpho Docs: Curator","type":"official","url":"https://docs.morpho.org/learn/concepts/curator/"},{"credibility":2,"name":"Morpho Docs: Fees","type":"official","url":"https://docs.morpho.org/curate/concepts/fee/"},{"credibility":2,"name":"Protos: Stream Finance meltdown and risk curators","type":"news_article","url":"https://protos.com/stream-finance-meltdown-winners-and-losers-in-defi-risk-curator-reckoning/"},{"credibility":3,"name":"Arbitrum Forum: Stream Finance (XUSD) impact assessment","type":"community_report","url":"https://forum.arbitrum.foundation/t/update-stream-finance-xusd-situation-and-impact-assessment/30206"},{"credibility":2,"name":"Blockonomi: Steakhouse Financial confirms DNS hijack","type":"news_article","url":"https://blockonomi.com/steakhouse-financial-confirms-dns-hijack-says-no-user-funds-were-lost/"}],"summary":"Steakhouse Financial is a risk curator of Morpho lending vaults and the stated curator of the vault behind Robinhood Earn on Robinhood Chain. A curator chooses which markets a vault may lend into and sets caps, and may set fees, but does not custody deposits. No loss of depositor funds in Steakhouse-curated vaults was found in the sources reviewed; a March 2026 domain hijack of its website was reported to have involved a wallet-drainer phishing page but no reported user fund loss. DefiLlama's Robinhood Chain figure for Steakhouse was about $547M on 2026-10-13 against the roughly $536M reported on 7 Oct 2026, which could not be re-verified for that date.","timeline":[{"date":"2025-11","event":"Stream Finance xUSD and Elixir deUSD collapse causes losses at other Morpho curators; Steakhouse reported no xUSD exposure, with some illiquidity in higher-yield vaults.","source":"Protos (Nov 6, 2025)","source_url":"https://protos.com/stream-finance-meltdown-winners-and-losers-in-defi-risk-curator-reckoning/"},{"date":"2026-03-30","date_evidence":"the redirect happened \"on March 30, 2026.\"","event":"Steakhouse domain allegedly hijacked via registrar social engineering; phishing site with wallet drainer live about four hours; no user fund loss reported.","source":"Blockonomi","source_url":"https://blockonomi.com/steakhouse-financial-confirms-dns-hijack-says-no-user-funds-were-lost/"},{"date":"2026-07-01","date_evidence":"Date: July 1, 2026","event":"Robinhood Earn launches on Robinhood Chain with a Steakhouse-curated USDG vault covering spUSDG, USDe and syrupUSDG collateral markets.","source":"Steakhouse","source_url":"https://kitchen.steakhouse.financial/p/robinhood-charts-a-new-course-onchain"},{"date":"2026-08","date_evidence":"On August 26, mGLO was added as a collateral market","date_original":"2026-08-26","event":"mGLO added as a collateral market to the Steakhouse USDG vault on Robinhood Chain.","source":"Steakhouse","source_url":"https://kitchen.steakhouse.financial/p/defi-markets-update-2026-09-01"},{"date":"2026-09-01","date_evidence":"post dated Sep 01, 2026","event":"Steakhouse reports its USDG vault has grown to around $425m.","source":"Steakhouse","source_url":"https://kitchen.steakhouse.financial/p/defi-markets-update-2026-09-01"}]},"v":1}