General notice
Nothing in the whitepaper constitutes investment advice. Digital assets can lose their value in full. Forward-looking statements are subject to change without notice. Readers should obtain independent professional advice before acting.
Eight-category risk matrix
- Market & leverage. Prices move with speed that can exhaust margin and produce correlated liquidations.
- Stablecoin de-peg. A stablecoin is a claim on an issuer; reserve and redemption mechanics have failed under stress.
- AI & model limitation. Automated systems behave as designed under conditions they have encountered; novel conditions can produce behavior outside the design envelope.
- Custody & key security. Layered controls reduce probability and blast radius; they do not reduce risk to zero.
- Third-party gateways. Partner outage, banking-rail delay, or partner compliance hold can interrupt fiat connectivity.
- Liquidity & slippage. Advertised depth can thin under stress; fills may deviate from quoted prices.
- Regulatory evolution. Product sets can shrink when jurisdictional treatment changes; wind-down paths are defined, not optional.
- Product-specific. Primary access, event markets, and vault strategies carry instrument-specific residual risks beyond the baseline venue.
Proof-of-reserves limits
A proof of reserves establishes that assets exceeded customer liabilities at a snapshot time. It says nothing about the quality or liquidity of those assets, nothing about liabilities not recorded on the tree, and nothing about solvency between snapshots.
Access Parity is not outcome parity
Access Parity is a constraint on product design, not a promise about outcomes. It says nothing about which assets appreciate.