Historical bad-debt events
Save (formerly Solend)'s assessment for RD-F-067 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Two documented bad-debt events in 2022: (1) ~$6M from SOL congestion preventing timely liquidation of large underwater position — DAO treasury covered shortfall; (2) $1.26M from Nov 2022 USDH oracle-manipulation exploit on Stable/Coin98/Kamino isolated pools — team restored all funds by August 2022. Total documented bad debt: ~$7.26M. No bad-debt events found 2023-2024. Yellow: prior bad debt events occurred but were covered; not systemic at present TVL levels.
Sources #
- URLSolend Accrues $6 Million in Bad Debt After Sharp Fall in SOL Price — TokenInsightTokenInsight: Solend $6M bad debt after SOL price decline, DAO treasury to coverretrieved 2026-05-17
- DeFi Protocol Solend Struck by $1.26M Oracle Exploit — CoinDeskCoinDesk Nov 2022: $1.26M oracle exploit USDH price manipulation Stable/Coin98/Kamino poolsretrieved 2026-05-17
- Solend Isolated Pools Exploitation Nov 2022 — ImmuneByteImmuneByte analysis: attacker spent $113K USDC to pump USDH $0.99→$8.80 via Switchboard single-source Saber oracle; drained ~$1.26M across three isolated poolsretrieved 2026-05-17
Methodology #
Count and sum (USD) the number of documented bad-debt events where the protocol socialized losses across depositors.
See the full factor methodology and distribution across all protocols →