Summary
Ketju does not approve Clearstar: one plain wallet key controls its Morpho vaults, a structure Clearstar’s own published due-diligence standard flags as a red flag. Clearstar curates Morpho vaults, plus positions on Euler, Flare, Upshift, IPOR, OpenEden and Spectra, across eleven chains. It holds about $183M. Every Clearstar Morpho vault we checked shares one owner address and one curator address. A direct code check on Base shows both are plain externally owned accounts (EOAs), with no multisig. Clearstar’s framework for scoring other protocols lists "unclear admin rights, unverified multisigs, unknown signers, EOA admin keys" as a red flag. That describes its own vaults, and it has published no report on them. Its legal disclosures also contradict each other. Marketing calls it "a Swiss risk curation firm" founded in 2022, but its Terms of Service name NovaFusion S.A., a Panamanian company, as the operator.
Review triggers
- Vault admin authority moves from the single EOA to a disclosed multisig with named signers and a stated threshold
- Clearstar publishes one consistent, complete legal-entity disclosure that settles whether it is a Swiss firm or a Panamanian operator
- The cause of the October 2025 to February 2026 drops in deposits is identified and confirmed
- Clearstar publishes a due-diligence report on its own curated vaults using its own stated method
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Base, Flare, Ethereum, Monad, Hyperliquid L1, Starknet, Arbitrum, Hemi, Katana, Unichain, Polygon
- Reviewed
- Last confirmed