Research summary
This review reaches an adverse assessment because of unresolved disclosure gaps, not a negative finding. enzoBTC is Lorenzo Protocol’s omnichain wrapped-BTC token. Users can mint it from native BTC, WBTC, or BTCB, and three named custodians hold its backing. But this review could not confirm the redemption mechanism or timing, the custodian approval threshold, or any contract-level pause or freeze authority from primary sources. enzoBTC also depends on both LayerZero and Wormhole, two messaging layers that this registry has separately rejected. It also shares a named custodian, Cobo, with Function FBTC, which this registry rejected as well. That creates a concentration point across two products that a client might otherwise treat as diversified. The absence of a negative finding is not enough for approval when the basic facts needed to certify a position remain unconfirmed.
Observable review triggers
- Redemption mechanism, timing, and any gating conditions are independently confirmed and demonstrated at proposed size
- Custodian approval threshold and any contract-level pause, freeze, or upgrade authority are publicly disclosed and confirmed on-chain
- The May 2025 audit's firm, full findings, and remediation status are independently confirmed via a primary source
- Twelve consecutive months with no depeg, custody, or bridge-dependency incident affecting enzoBTC specifically
Facts on file
- Verdict
- Rejected
- Type
- Other
- Chains examined
- Ethereum
- Instruments
- ENZOBTC
- Reviewed
- Last confirmed