Karak (Fka) Risk Harbor
Basics
"Risk Harbor operates as a two-sided marketplace in which DeFi depositors are able to purchase protection for their capital in DeFi projects, while others are able to underwrite that protection in return for premiums."
History
"A “risk management Layer 2 blockchain supercharging restaking, AI, and a new generation of secure applications“. Karak powers ‘rollaps’ via their modular security, high customization and built-in machine learning tools. Karak recently announced a $48m Series A round from Lightspeed, Pantera and more. Read more"
Audits & Exploits
- Bug bounty program can be found [insert here].
Bugs/Exploits
Got into a controversy around allegedly stealing underwriting contract funds after adding new code in post-audit (20-4-2024). According to people in the Rekt channel:
"Risk harbor that stole 7M from Terra Classic underwriting contracts had a 48M seed round (featuring Pantera Capital, Coinbase, and others) and relaunched as Karak Network and now claims the money they took was from a 1B grant they received from Do Kwon 😂
the auditor of their underwriting contracts came out this week and said the function they used to backdoor withdraw the money "AllowList" was not in the code they received and audited.
their CSO chimed in and said the funds they took weren't "user funds" so no problems.
Amazing when you can request a $5 withdrawal from an underwriting contract and receive 200M that someone else deposited."
Technology
Implementations
- Built on: Terra Classic
How it works
Upgrades
- KUDA, Karak Universal Data Availability went live on testnet (2-11-2024).
- Announced V2 with 4 new vaults (28-6-2022).
Their Other Projects
KUDA
Karak Universal Data Availability went live on testnet (2-11-2024).
Ozone
Pros and Cons
Pros
Cons
Team, Funding, Partners
Team
- Full team can be found [here].
Funding
"A “risk management Layer 2 blockchain supercharging restaking, AI, and a new generation of secure applications“. Karak powers ‘rollaps’ via their modular security, high customization and built-in machine learning tools. Karak recently announced a $48m Series A round from Lightspeed, Pantera and more. Read more"
- Had a $3.25 million seed round co-led by Framework Ventures and Pantera Capital (24-6-2021).
Partners
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