Summary
Ketju does not approve exSat Staking BTC: exSat does not disclose how many of its four custodians must approve a transfer. It also does not disclose how holders redeem XBTC for native BTC. The same gaps kept Function FBTC and Lorenzo enzoBTC off the approved list. exSat wraps BTC 1:1 into XBTC, which holders can stake with a validator for XSAT rewards. Its bridge names Ceffu, ChainUp, Cobo and Cactus Custody, and Blocksec audited it. In shape it resembles Lombard’s consortium, which Ketju approves. No source we found discloses the approval threshold among the four custodians or any pause or freeze authority. No source says how or when XBTC converts back to BTC. Named custodians are not enough for Ketju to approve a position without a threshold and a disclosed way to redeem.
Review triggers
- The custodian approval threshold among Ceffu, ChainUp, Cobo, and Cactus Custody is publicly disclosed and independently verifiable
- The steps and timing for redeeming and unstaking XBTC into native BTC are documented and shown to work at proposed size
- Phase 2's decentralized vault custody model, once live, is independently audited with findings published
- Twelve consecutive months with no depeg, custody, or oracle-attestation incident following threshold and redemption disclosure
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Ethereum
- Reviewed
- Last confirmed