# Why Ketju rejected K3 Capital

- URL: https://riadefi.com/rejections/k3-capital/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-09-19

## The memo

REJECTED ON TOTAL ENTITY OPACITY. K3 Capital curates vaults on Euler v2 and Morpho and runs a proprietary Liquity v2 Stability Pool wrapper, sBOLD, holding roughly $393M across nine chains. No legal entity name, incorporation jurisdiction, or team or founder identity appears anywhere in K3's own materials, and no independent journalism or third-party coverage of K3 as a company was found in any source this review could access — a curator holding hundreds of millions of dollars with zero disclosed operator identity is itself a disqualifying fact for institutional coverage. K3's own marketing site actively geo-blocks US visitors, redirecting 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, with no cause identifiable from DefiLlama's hacks database, rekt.news, or Euler's own governance forum — an unexplained, material swing this review could not resolve. Separately, a meaningful share of K3's Monad TVL traces to vaults Euler DAO itself sunset and handed to K3 as a "qualified curator" in April 2026, with no documented vetting rationale published in that governance decision.

## What would reopen the file

- 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

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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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