# Why Ketju rejected Telos Consilium

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

## The memo

REJECTED ON TOTAL ENTITY OPACITY. Telos Consilium ("TelosC") curates Euler Earn vaults on Plasma and Ethereum holding roughly $147M. Its own site discloses only "Digital Asset Advisory · Est. 2023" and an informal claim to be "HQed in crypto-friendly Switzerland," listing Lausanne, Crans-Montana, Zurich, and Florence as in-person meeting locations — Florence is in Italy, not Switzerland, undermining the one jurisdictional claim the site makes. No registered entity name, company number, or filing jurisdiction is disclosed anywhere. DefiLlama lists zero audits. The two vault owner/admin addresses used identically across both chains could not be confirmed as a multisig or a single key. Ethereum-side TVL has shown a persistent pattern of large single-period swings — moves on the order of 35-40% week over week through mid-2026 — consistent with one or a few large depositors cycling capital rather than broad, organic adoption. Separately, TelosC bundles this vault-curation business with an unrelated wealth-advisory practice (trusts, tax structuring, tokenized equity) under the same brand, a scope combination no comparable curator in this registry carries.

## What would reopen the file

- A named, verifiable legal entity and incorporation jurisdiction are disclosed
- Vault admin authority is confirmed as a disclosed multisig with named signers, or the absence of one is confirmed and treated as a standing risk
- TVL flow diversifies beyond the current concentrated, large-depositor-driven pattern
- The DeFi vault-curation business is disclosed as legally and operationally separate from the wealth-advisory practice, or the combined scope is otherwise explained

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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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