RIADeFi
Refusal file · other

Why Ketju rejected RockawayX

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 Superseded versions are recorded, never edited away.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 ON A YOUNG, UNVERIFIED TRACK RECORD AND A SELF-ADJUDICATED CONFLICT OF INTEREST. RockawayX is Blockad s.r.o., a Czech-registered crypto venture and trading firm operating since roughly 2018 as Rockaway Blockchain Fund, but its vault-curation business line — the roughly $192M this entry covers, spread across seven different underlying protocols on eight chains — only launched around 2026-03-26, about five months before this review, and grew about 90% in the three months before this review, a pace this registry treats as a stress precursor rather than a track record. RockawayX is simultaneously an active venture investor and a curator that has rapidly filled vaults for at least one ecosystem project, Tori Finance; RockawayX's own disclosure states Tori is backed by other venture firms and not a RockawayX portfolio company, addressing the conflict directly, but RockawayX is the only source for its own disqualification from that conflict, and no independent cap-table verification exists. No independent, non-RockawayX-authored coverage of the curator business was found anywhere.

What would reopen the file

  • An independent, non-RockawayX-authored verification of Tori Finance's cap table confirms RockawayX's claimed non-investor status
  • The constrained-authority multisig and timelock model documented for the Tori vault is confirmed to apply across the Morpho, Kamino, and Midas positions making up the bulk of TVL
  • Twelve consecutive months of track record across a full market cycle with no curator misjudgment or bad-debt event
  • Independent, non-RockawayX-authored coverage of the curator business becomes available

Facts on file

Verdict
Rejected
Exposure
other
Chains examined
Ethereum, Solana, Sei, Pharos, BSC, Etherlink, Base, Plume Mainnet
Memo version
v1
Reviewed
Next review

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