Verify a decision

{"actor":"system:backfill","investigation_id":"4ad423c0-3c66-495d-bd44-ead76676c1f7","kind":"publish","page_slug":"usual-usd0","published_at":"2026-05-29T02:41:04.874Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Usual USD0","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://thefintechtimes.com/which-countries-are-leading-the-global-stablecoin-race-and-how/pierre-person-ceo-and-co-founder-of-stablecoin-defi-protocol-usual-labs/","type":"other","url":""},{"credibility":3,"name":"https://en.wikipedia.org/wiki/Pierre_Person","type":"other","url":""},{"credibility":3,"name":"https://academy.binance.com/en/articles/what-is-the-usual-protocol","type":"other","url":""},{"credibility":3,"name":"https://www.binance.com/en/square/post/11-14-2024-binance-launches-usual-usual-on-launchpool-with-pre-market-trading-to-follow-16224040648377","type":"other","url":""},{"credibility":3,"name":"https://docs.usual.money/usual-products/usd0-stablecoin","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.crowdfundinsider.com/2024/12/234605-stablecoin-project-usual-raises-10m-series-a-led-by-binance-labs-kraken-ventures/","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/288758/iosg-and-kraken-ventures-lead-7-million-funding-round-for-stablecoin-developer-usual-labs","type":"other","url":""},{"credibility":3,"name":"https://www.prnewswire.com/news-releases/usual-labs-announces-a-strategic-funding-round-of-7m-and-75m-tvl-committed-to-compete-with-stablecoin-giants-302119572.html","type":"other","url":""},{"credibility":3,"name":"https://www.coinspeaker.com/usual-secures-10m-series-a-funding-from-binance-labs-kraken-ventures/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/markets/2025/01/10/red-hot-de-fi-platform-usual-faces-backlash-as-protocol-update-triggers-sell-off","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/333995/usual-money-protocol-update","type":"other","url":""},{"credibility":3,"name":"https://blockworks.co/news/usual-depeg-spurs-defi-instability","type":"other","url":""},{"credibility":3,"name":"https://www.gate.com/learn/articles/usual-explained-the-hidden-issues-behind-usd0-depegging-and-circular-loans-liquidation/6030","type":"other","url":""},{"credibility":3,"name":"https://www.gate.com/learn/articles/analysis-of-the-usd0-depegging-incident-challenges-and-prospects-of-the-usual-protocol/7938","type":"other","url":""},{"credibility":3,"name":"https://www.onesafe.io/blog/stablecoin-usd0-depegging-impact","type":"other","url":""},{"credibility":3,"name":"https://thenewscrypto.com/usual-protocol-faces-criticism-after-usd0-depegs/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://x.com/usualmoney/status/1927615179291828607","type":"other","url":""},{"credibility":3,"name":"https://coinedition.com/blocksec-stops-hack-attempt-usual-protocol-prevents-asset-loss/","type":"other","url":""},{"credibility":3,"name":"https://www.cryptopolitan.com/usual-protocol-pauses-contract-usd0-exploit/","type":"other","url":""},{"credibility":3,"name":"https://www.binance.com/en/square/post/24847265414826","type":"other","url":""},{"credibility":3,"name":"https://usual.money/blog/sky-vault-arbitrage-recap","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cryptotimes.io/2025/03/21/zoth-protocol-loses-8m-in-latest-defi-exploit/","type":"other","url":""},{"credibility":3,"name":"https://www.halborn.com/blog/post/explained-the-zoth-hack-march-2025","type":"other","url":""},{"credibility":3,"name":"https://99bitcoins.com/news/another-day-another-crypto-hack-rwa-platform-zoth-is-drained-of-8-85-million/","type":"other","url":""},{"credibility":3,"name":"https://coinjournal.net/news/real-world-asset-rwa-re-staking-protocol-zoth-loses-8-4m-to-hackers/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coingecko.com/en/coins/usual","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/currencies/usual/","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/markets/2025/01/10/red-hot-de-fi-platform-usual-faces-backlash-as-protocol-update-triggers-sell-off","type":"other","url":""},{"credibility":3,"name":"https://www.gate.com/learn/articles/usual-explained-the-hidden-issues-behind-usd0-depegging-and-circular-loans-liquidation/6030","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://docs.usual.money/usual-products/usd0-stablecoin","type":"other","url":""},{"credibility":3,"name":"https://www.gate.com/learn/articles/analysis-of-interest-bearing-stablecoin-protocols-security-highlights-and-regulatory-challenges/5157","type":"other","url":""},{"credibility":3,"name":"https://blockster.com/usdo-not-just-another-stablecoin-interview-with-usual-labs-ceo-pierre-person","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/markets/2025/01/10/red-hot-de-fi-platform-usual-faces-backlash-as-protocol-update-triggers-sell-off","type":"other","url":""}]}],"sources_used":[],"summary":"Usual is a Paris-based DeFi stablecoin protocol founded in 2022 by former French politician Pierre Person and co-founders Adli Takkal Bataille and Hugo Salle de Chou. The protocol issues USD0, a stablecoin collateralized by tokenized US Treasury Bills, alongside USD0++, a four-year locked bond derivative that suffered a significant depeg event in January 2025 after the team unilaterally changed redemption rules without adequate community notice. A smart contract arbitrage exploit was also detected and paused in May 2025, and USD0++ tokens were stolen in an unrelated third-party hack of Zoth Protocol in March 2025.","timeline":[{"date":"2022-01-01","event":"Usual Labs co-founded by Pierre Person, Adli Takkal Bataille, and Hugo Salle de Chou","source":""},{"date":"2024-04-17","event":"Usual Labs raises $7 million seed round led by IOSG Ventures and Kraken Ventures","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2024/04/17/defi-firm-usual-labs-raises-7m-round-led-by-kraken-ventures-and-iosg"},{"date":"2024-11-15","event":"USUAL governance token launches on Binance Launchpool; farming period begins","source":"Binance","source_url":"https://www.binance.com/en/square/post/11-14-2024-binance-launches-usual-usual-on-launchpool-with-pre-market-trading-to-follow-16224040648377"},{"date":"2024-11-19","event":"USUAL/USDT pre-market trading begins on Binance","source":"CoinGape","source_url":"https://coingape.com/binance-launchpool-to-list-usual-usual-with-pre-market-trading/amp/"},{"date":"2024-12-01","event":"Usual raises $10 million Series A led by Binance Labs and Kraken Ventures","source":"Crowdfund Insider","source_url":"https://www.crowdfundinsider.com/2024/12/234605-stablecoin-project-usual-raises-10m-series-a-led-by-binance-labs-kraken-ventures/"},{"date":"2024-12-20","event":"USUAL governance token reaches all-time high of approximately $1.61-$1.64","source":"CoinGecko","source_url":"https://www.coingecko.com/en/coins/usual"},{"date":"2025-01-01","event":"Usual Protocol TVL peaks at approximately $1.87 billion","source":"DeFiLlama / CoinDesk","source_url":"https://defillama.com/protocol/usual"},{"date":"2025-01-09","event":"Usual Protocol announces dual-path exit change, lowering USD0++ unconditional redemption floor to $0.87; market panic begins","source":"The Block","source_url":"https://www.theblock.co/post/333995/usual-money-protocol-update"},{"date":"2025-01-10","event":"USD0++ falls below $0.90 on Curve Finance; USUAL token drops 17%; TVL falls below $1.6 billion; widespread community backlash including from Aave founder Stani Kulechov","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2025/01/10/red-hot-de-fi-platform-usual-faces-backlash-as-protocol-update-triggers-sell-off"},{"date":"2025-01-13","event":"Usual activates revenue switch, distributing protocol earnings to USUALx stakers; introduces 1:1 early unstaking with reward forfeiture","source":"Usual Blog","source_url":"https://usual.money/blog/revenue-switch-a-new-dawn-for-usualx-holders"},{"date":"2025-03-06","event":"Zoth Protocol, which holds USD0++ collateral, loses $285,000 in Uniswap V3 liquidity pool exploit","source":"Crypto Times","source_url":"https://www.cryptotimes.io/2025/03/21/zoth-protocol-loses-8m-in-latest-defi-exploit/"},{"date":"2025-03-21","event":"Zoth Protocol hacked for $8.4 million via compromised deployer private key; attacker withdraws $8.45 million in USD0++ tokens and converts to ETH","source":"Halborn","source_url":"https://www.halborn.com/blog/post/explained-the-zoth-hack-march-2025"},{"date":"2025-05-27","event":"Usual USD0++ Investment Vault arbitrage exploit detected by BlockSec Phalcon; attacker extracts approximately $43,000 via flash loan arbitrage between USD0++ and USD0; vault contracts paused; no user funds lost","source":"Usual / CoinEdition","source_url":"https://coinedition.com/blocksec-stops-hack-attempt-usual-protocol-prevents-asset-loss/"}]},"v":1}