# Ketju research: Clearstar

- URL: https://riadefi.com/rejections/clearstar/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-19
- Last confirmed: 2026-09-25

## Research summary

The research assessment is adverse because Clearstar’s own published due-diligence standard describes its vault structure as grounds for rejection. Clearstar runs curated Morpho vaults, plus positions on Euler, Flare, Upshift, IPOR, OpenEden, and Spectra, across eleven chains, holding roughly $183M. Every Clearstar Morpho vault checked in this review shares one owner address and one curator address. A direct on-chain code check on Base confirms both are plain externally-owned accounts, not multisigs. A single key controls risk parameters and admin functions across an eleven-chain, $183M curator. Clearstar’s published due-diligence framework, which it uses to score third-party protocols, lists "unclear admin rights, unverified multisigs, unknown signers, EOA admin keys" as a red flag. That description matches its own vaults’ control structure, which is not among the protocols it has published a report on. Its legal disclosures are also internally inconsistent. Marketing describes Clearstar as "a Swiss risk curation firm" founded in 2022, but its Terms of Service name the website operator as NovaFusion S.A., a Panamanian company that licenses IP from a separately referenced "Clearstar Labs AG." This review could not independently verify that company as a registered Swiss entity. Clearstar’s Legal Notice states plainly that it "will be refined... as the company legal framework evolves."

## Observable review triggers

- Vault admin authority moves to a disclosed multisig with named signers and a threshold, replacing the single EOA control confirmed in this review
- A consistent, complete legal-entity disclosure is published, resolving the Swiss-branding-versus-Panama-operator inconsistency
- The cause of the October 2025 to February 2026 TVL swings is identified and confirmed
- Clearstar publishes a due-diligence report on its own curated vaults using its own stated methodology

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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