RIADeFiPublished by Ketju Research
Not approved · Other

Ketju memo: Lorenzo enzoBTC

Not approvedPublished by Ketju Research

This memo sets out what the holder owns, who controls it, how holders could lose money, and whether a position can be sold. The advisor decides any client action and amount. Not investment, legal, tax, or compliance advice.

Summary

Ketju does not approve Lorenzo enzoBTC: we could not confirm from primary sources how or when holders redeem, how many custodians must approve a transfer, or who can pause or freeze the contracts. We found no defect. Without these basic facts, though, Ketju cannot approve a position. 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. enzoBTC also depends on LayerZero and Wormhole, two messaging layers that Ketju does not approve. It shares a named custodian, Cobo, with Function FBTC, which Ketju also does not approve. A client who holds both may think the two are diversified when they share that custodian.

Review triggers

  • The redemption mechanism, timing and any gating conditions are independently confirmed and shown to work at the proposed size
  • The custodian approval threshold and any contract-level pause, freeze or upgrade authority are publicly disclosed and confirmed on-chain
  • The firm, full findings and remediation status of the May 2025 audit are independently confirmed from a primary source
  • Twelve months in a row with no depeg, custody or bridge-dependency incident affecting enzoBTC itself

Facts

Verdict
Not approved
Type
Other
Chains examined
Ethereum
Instruments
ENZOBTC
Reviewed
Last confirmed

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