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Refusal file · other

Why Ketju rejected PinkSale

Memo v1Published by Ketju Research

A registry memo, published verbatim and versioned. Superseded versions are recorded, never edited away. A rejection is a judgment for Ketju's client base and thesis, not a universal safety claim. Not investment, legal, tax, or compliance advice.

The memo

REJECTED. PinkSale is a permissionless token launchpad and locker, not a diversified investment or yield protocol. A client entering a sale underwrites the issuer, token code, allocation, listing, market making, liquidity-lock terms, and possible KYC/audit provider—none of which PinkSale standardizes into a security judgment. Reported launchpad TVL is capital temporarily committed across unrelated issuers, so it cannot support a venue-level allocation.

What would reopen the file

  • A specific PinkSale-issued asset enters the research perimeter and receives its own issuer, eligibility, control, and liquidity file
  • The exact campaign publishes verified legal entity, offering terms, beneficial owners, audited code, treasury controls, allocation, and enforceable redemption rights
  • A proposed-size secondary exit is demonstrated after all issuer and team unlocks are modeled

Facts on file

Verdict
Rejected
Exposure
other
Chains examined
BSC, Ethereum, Polygon, Cronos, Avalanche, Fantom
Memo version
v1
Reviewed
Next review

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