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{"actor":"system:backfill","investigation_id":"a147deee-ab3a-4dd3-bd1b-cd50d1abe93e","kind":"publish","page_slug":"thetanuts-finance","published_at":"2026-05-29T02:28:24.219Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Thetanuts Finance","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://docs.thetanuts.finance/v3-protocol-upgrade/overview","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/thetanuts-finance","type":"other","url":""},{"credibility":3,"name":"https://learn.bybit.com/en/defi/what-is-thetanuts-finance","type":"other","url":""},{"credibility":3,"name":"https://coingecko.com/learn/thetanuts-finance-v3-the-latest-approach-to-decentralized-options","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/business/2022/03/01/defi-platform-thetanuts-finance-raises-18m-seed-funding-to-fuel-growth","type":"other","url":""},{"credibility":3,"name":"https://blockworks.com/news/thetanuts-finance-get-18m-in-seed-funding-to-flest-out-defi-platform","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/business/2023/04/24/defi-protocol-thetanuts-finance-raises-17m-for-expansion-new-partnerships","type":"other","url":""},{"credibility":3,"name":"https://en.wikipedia.org/wiki/Three_Arrows_Capital","type":"other","url":""},{"credibility":3,"name":"https://www.bloomberg.com/news/features/2022-07-13/how-crypto-hedge-fund-three-arrows-capital-fell-apart-3ac","type":"other","url":""},{"credibility":3,"name":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://x.com/ThetanutsFi/status/1881970929812832556","type":"other","url":""},{"credibility":3,"name":"https://x.com/TenArmorAlert/status/1881999811202916753","type":"other","url":""},{"credibility":3,"name":"https://docs.thetanuts.finance/contracts-and-security/security","type":"other","url":""},{"credibility":3,"name":"https://x41-dsec.de/defi/smartcontract/smart/contract/ethereum/eth/thetanuts/solidity/security/report/2021/12/14/thetanuts.finance-smart-contract-audit/","type":"other","url":""},{"credibility":3,"name":"https://skynet.certik.com/projects/thetanuts-finance","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://docs.thetanuts.finance/nuts-token/token-distribution","type":"other","url":""},{"credibility":3,"name":"https://docs.thetanuts.finance/nuts-token/season-1-airdrop","type":"other","url":""},{"credibility":3,"name":"https://www.coingecko.com/en/coins/thetanuts-finance","type":"other","url":""},{"credibility":3,"name":"https://coinmarketcap.com/currencies/thetanuts-finance/","type":"other","url":""},{"credibility":3,"name":"https://skynet.certik.com/projects/thetanuts-finance","type":"other","url":""},{"credibility":3,"name":"https://icodrops.com/thetanuts-finance/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.crunchbase.com/organization/thetanuts-finance","type":"other","url":""},{"credibility":3,"name":"https://tracxn.com/d/companies/thetanuts-finance/__7KmbDHgb3y3kS-oKCpbxGWyWVmfxH8EZAi75ZhyJaRA","type":"other","url":""},{"credibility":3,"name":"https://skynet.certik.com/projects/thetanuts-finance","type":"other","url":""},{"credibility":3,"name":"https://businessmodelcanvastemplate.com/blogs/brief-history/thetanuts-finance-brief-history","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://defillama.com/protocol/thetanuts-finance","type":"other","url":""},{"credibility":3,"name":"https://thetanutsfinance.medium.com/thetanuts-finance-announcing-the-v3-upgrade-42875cb7a13b","type":"other","url":""},{"credibility":3,"name":"https://medium.com/@benhwx/a-deep-dive-into-thetanuts-finance-v3-d134b9c7b43d","type":"other","url":""},{"credibility":3,"name":"https://thedefiant.io/news/defi/thetanuts-finance-launches-leveraged-liquid-restaking","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://t.me/s/investigations/282","type":"other","url":""},{"credibility":3,"name":"https://en.wikipedia.org/wiki/ZachXBT","type":"other","url":""},{"credibility":3,"name":"https://www.scamadviser.com/check-website/app.thetanuts.finance","type":"other","url":""},{"credibility":3,"name":"https://tgstat.com/channel/@investigations","type":"other","url":""}]}],"sources_used":[],"summary":"Thetanuts Finance is a multi-chain decentralized structured products protocol launched in August 2021, offering automated options vaults (covered calls, cash-secured puts) to generate yield across more than ten blockchain networks. The protocol raised $35 million across two funding rounds but has experienced severe TVL and token price decline since its 2022 peak, carries notable investor-concentration risk due to its early backing from the now-collapsed Three Arrows Capital, and has been flagged by on-chain investigator ZachXBT. A January 2025 exploit targeted unreleased v4 test contracts; no user funds were lost according to the team, though the incident raised scrutiny.","timeline":[{"date":"2021-08-01","event":"Thetanuts Finance launches its decentralized options vault protocol, initially offering covered call and cash-secured put Basic Vaults.","source":""},{"date":"2021-12-14","event":"X41 D-Sec GmbH publishes the first public smart contract security review of Thetanuts Finance option vault contracts, finding no critical flaws.","source":""},{"date":"2022-03-01","event":"Thetanuts Finance announces an $18 million seed round led by Three Arrows Capital, Deribit, QCP Capital, and Jump Crypto, with participation from Paradigm, Wintermute, Genesis Trading, and others.","source":""},{"date":"2022-05-01","event":"Protocol reaches peak TVL of approximately $50 million, coinciding with high crypto market volatility and elevated option premiums.","source":""},{"date":"2022-06-27","event":"Three Arrows Capital — Thetanuts Finance's lead seed investor — is ordered to liquidate by a BVI court following losses exceeding $4.2 billion. The impact on Thetanuts token or equity holdings held by 3AC is not publicly disclosed.","source":""},{"date":"2023-04-24","event":"Thetanuts Finance closes a $17 million follow-on funding round led by Polychain Capital, Hyperchain Capital, and Magnus Capital, bringing total disclosed fundraising to $35 million.","source":""},{"date":"2023-09-29","event":"3AC co-founder Su Zhu is arrested in Singapore and sentenced to four months in prison for failing to cooperate with the firm's liquidators.","source":""},{"date":"2023-11-01","event":"Consensys Diligence and Halborn complete additional smart contract audits of Thetanuts Finance v3 contracts.","source":""},{"date":"2024-05-20","event":"NUTS token reaches its all-time high price of approximately $0.0442 following its listing on Bybit.","source":""},{"date":"2025-01-22","event":"CertiKAlert identifies an exploit on a Thetanuts Finance contract. The team states the affected contract is an unreleased v4 test contract; no user funds are reportedly at risk. No public post-mortem with on-chain evidence is published.","source":""},{"date":"2026-05-28","event":"NUTS token trades at approximately $0.001227, representing a decline of roughly 97% from all-time high. Protocol TVL stands at approximately $639,000 across eleven chains.","source":""}]},"v":1}