Research summary
This review rejects K3 Capital because it discloses nothing about the entity that operates it. K3 Capital curates vaults on Euler v2 and Morpho and runs sBOLD, its own Liquity v2 Stability Pool wrapper, holding roughly $393M across nine chains. No legal entity name, incorporation jurisdiction, team identity, or founder identity appears anywhere in K3’s own materials. This review also found no independent journalism or third-party coverage of K3 as a company in any source it could access. A curator holding hundreds of millions of dollars without disclosing who operates it does not qualify for institutional coverage. K3’s own marketing site actively blocks US visitors by location and redirects them to a notice that “no services are being offered to US residents.” Tracked TVL fell roughly 53%, from about $406M in November 2025 to about $190M in May 2026, before recovering to its current level. This review could find no cause in DefiLlama’s hacks database, rekt.news, or Euler’s own governance forum, so the material swing remains unexplained. Separately, a meaningful share of K3’s Monad TVL comes from vaults that Euler DAO sunset and handed to K3 as a “qualified curator” in April 2026. That governance decision gave no documented reason for its vetting judgment.
Observable review triggers
- A named legal entity, incorporation jurisdiction, and team identity are publicly disclosed
- The cause of the November 2025 to May 2026 TVL decline is identified and confirmed
- A documented, independent vetting rationale for K3's qualified-curator status is published, whether by Euler DAO retroactively or another governance body
- On-chain KYC or allow-list enforcement, or its confirmed absence, is verified directly against the vault contracts rather than inferred from the marketing site
Facts on file
- Verdict
- Rejected
- Type
- Other
- Chains examined
- Monad, Ethereum, OP Mainnet, Plasma, Arbitrum, BSC, Unichain, BOB, Avalanche
- Reviewed
- Last confirmed