The fixed-income layer for tokenized markets. Fixed-rate markets, repo & collateral infrastructure. Live on mainnet since 2023. Founder: @masa_web3
Worldwide
Joined September 2022
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Secured Finance Lending is back.
Recovery is complete. The Secured Finance Lending Protocol has reopened on Ethereum, Arbitrum and Filecoin.
No user outside our team lost funds. Assets have been replenished, the contract fixes are in place, and balances, positions and order books have been repaired and verified.
Our full postmortem covers what happened, how we restored the protocol, and what we changed:
medium.com/secured-finance/2…
Thank you for your patience and support over these past weeks.
Welcome back.
@Quantstamp is supporting our incident response, including reviewing the proposed fix and assisting with funds tracing.
We appreciate their prompt support. The affected lending markets remain paused. Please continue to avoid deposits and interactions with the affected lending protocol.
Our next scheduled update remains 04:00 UTC on 8 September.
Security incident update — 7 September 2026
Our investigation into unauthorized outflows from the Secured Finance fixed-rate lending protocol on Ethereum, Arbitrum and Filecoin continues.
Since our last update, we have reconciled stored balances and outstanding orders for a selected set of identified positions across all three chains. This has helped clarify the accounting state left by the incident and the corrections required alongside the software fix. Broader validation and assessment of the impact on individual users remain ongoing.
Before reopening can be considered, both the fix and the proposed state corrections will need to be validated, including checks that legitimate user balances are preserved.
We have also traced fund movements to destinations that provide concrete leads for recovery inquiries and are preparing supporting evidence. No recovery amount or reopening timeline is confirmed. Loss reconciliation remains ongoing.
We understand the concern and disruption this causes. Please continue to avoid deposits and interactions with the affected lending protocol.
Our next scheduled update will be provided by 04:00 UTC on 8 September, even if the investigation remains ongoing. We will share any material developments sooner.
Security incident update — 7 September 2026, 12:00 UTC
We continue to investigate unauthorized outflows from the Secured Finance fixed-rate lending protocol on Ethereum, Arbitrum and Filecoin.
Since our last update, we have obtained additional transaction execution traces and confirmed further steps in the movement of funds, including asset conversions, repayments and transfers to recipient addresses. These findings help us distinguish protocol losses from intermediate transfers and avoid double-counting.
We are continuing to reconcile the loss amount and the impact on user balances and positions, assess potential indirect exposure through connected strategies, and evaluate recovery and remediation options. We cannot yet confirm recoverable amounts or a reopening timeline.
Please continue to avoid deposits and interactions with the affected lending protocol. We understand the concern and disruption this causes.
Our next update will be published by 16:00 UTC on 7 September, even if the investigation remains ongoing. Material developments will be communicated sooner.
Security incident update — 7 September 2026
We have identified unauthorized outflows from the Secured Finance fixed-rate lending protocol on Ethereum, Arbitrum and Filecoin.
We have mapped 15 transactions for detailed review and are reconciling fund movements and affected balances and positions. The final loss amount has not yet been confirmed.
Correction to our initial update: the axlFIL market on Ethereum had not yet been paused. It has now been paused and verified on-chain. We are continuing to verify containment across affected deployments.
We are assessing potential indirect exposure through connected vault strategies, alongside remediation and recovery options. Recovery amounts and a reopening timeline remain unconfirmed.
We understand the concern and disruption this causes. Please continue to avoid deposits and interactions with the affected lending protocol.
Our next update will be provided by 12:00 UTC on 7 September, even if the investigation remains ongoing.
We have identified unauthorized withdrawals affecting the Secured Finance fixed-rate lending protocol on Ethereum, Arbitrum and Filecoin.
Our engineering team has confirmed that all orderbooks and TokenVaults across all three chains have been paused.
We are investigating the full impact, including affected balances and positions, and assessing recovery options. Pausing the contracts does not reverse prior withdrawals.
Please refrain from making new deposits or interacting with the lending protocol until further notice.
We understand the concern this causes. We will provide another update within two hours, even if the investigation is still ongoing.
Please follow this account for official updates. We will never ask for your seed phrase or private keys, or ask you to send funds to receive a refund.
📢 Secured Finance Weekly Update
🏦 USDFC (Filecoin-Backed Stablecoin)
• Review and follow-up work related to the bug bounty program continued.
💰 SF Yield Vault
• Continued refining the “SF Yield Vault” section of the official documentation. Revised the explanations, user guides, and FAQ to align with the current UI and actual app behavior, improving accuracy and clarity throughout.
🌐 Community & Outreach
• Masa appeared on Nikkei LIVE’s “FinTech3.5+,” where he discussed the future of on-chain finance.
• Taiga and Kenji hosted Coffee Break EP.10, exploring Hyperliquid as an example of growth in on-chain finance.
📚 Resources
• Lending Platform: app.secured.finance
• USDFC App: app.usdfc.net
• SF Yield Vault: vaults.secured.finance
• Official Docs: docs.secured.finance
Secured Finance retweeted
Coffee Break EP.10 ☕️
トランプ大統領の発言やHYPEのATH更新で注目が集まるなか、金融インフラとして存在感を増すHyperliquidについて、Kenjiさん(@mitsusada25)とざっくばらんに話します。
📅 日時：8月28日(金)19:00〜 ※日本時間
🔗 スペース：xitter.cf/i/spaces/1DxLdZOwvaqxm
ぜひお気軽にご参加ください！ 🙌
📢 日経LIVE出演のお知らせ
8/28（金）12:00（日本時間）より、Founder & CEOのMasa Kikuchi（@onion797jp）が日経LIVE「FinTech3.5+」に出演し、オンチェーン金融の未来について議論します。
詳細はこちら👇
nikkei.com/live/event/EVT260…
Secured Finance retweeted
明日8/28（金）12:00より、日経LIVE「FinTech3.5 Plus 預金も株式もすべてデジタル化」に出演します。
三井住友FG CDIOの磯和啓雄さん、Pacific Meta CEOの岩崎翔太さんとご一緒に、オンチェーン金融の現在地を議論します。
私からは、先日発表した日本国債レポ取引の実証実験と、その中でレンディング・プロトコルが果たす役割についてお話しする予定です。
お昼のお供にぜひ
nikkei.com/live/event/EVT260…
📢 Secured Finance Weekly Update
⚡️ Key Announcement
• Founder and CEO @masa_web3 reflected on Secured Finance’s journey since it began as a hackathon project six years ago and explained the significance of the PoC to bring the full JGB repo transaction lifecycle on-chain, as well as Secured Finance’s role in making it a reality. xitter.cf/masa_web3/status/20904…
💰 SF Yield Vault
• Significantly updated the “SF Yield Vault” section of the official documentation. Expanded the explanations of how Vaults work, deposits and withdrawals, fees, liquidity, and risks, and documented the operating rules and parameters for the JPYC and USDFC strategies.
• Updated the strategy implementation powering SF Yield Vault, strengthening strategy operations, risk safeguards, emergency response capabilities, operational tooling, and test coverage.
📚 Resources
• Lending Platform: app.secured.finance
• USDFC App: app.usdfc.net
• SF Yield Vault: vaults.secured.finance
• Official Docs: docs.secured.finance
Six years ago this month, Secured Finance began as a small hackathon project.
Last week, we announced our role in bringing the Japanese Government Bond repo lifecycle on-chain — with Mitsubishi UFJ Trust and Banking, @digitalasset and Progmat, on @CantonNetwork.
Some personal context on why this matters.
The joint announcement by four MUFG group companies is more than another PoC. To me, it is Japan — home to one of the world's largest collateral pools — signaling that it is serious about on-chain finance.
Tokenization in Japan first took hold in primary markets: issuance and redemption. The next step is the secondary market: moving those assets, financing them, managing collateral and running the daily economics on-chain. That is where repo lives.
Secured Finance is responsible for implementing the lifecycle: trade agreement and recording, opening-leg DvP, in-life valuation and collateral management, and closing-leg settlement. Because this is a global market, our protocol is designed to conform to established repo market standards and ultimately connect with international liquidity.
Before founding Secured Finance, I structured and traded rates products at a global investment bank. Our team includes a trader with more than a decade of rates and FX experience at Goldman Sachs. Repo is the plumbing beneath the markets we worked in — and markets live in their daily motion: valuations, margin calls, collateral movements, unwinds and settlement, not only the instrument itself.
We are pouring everything we learned into encoding JGB repo into a protocol, alongside the institutions responsible for the market infrastructure itself.
What has struck me most in the industry-wide working group is the caliber of the people involved: sharp questions, fast responses, clear direction and a shared sense of purpose that crosses company lines. A market veteran with more than 30 years of experience told me he does not see this as a quick opportunity, but as the culmination of his professional life. I was deeply moved by that.
Years ago, I left traditional finance, moved overseas and learned software engineering because I believed these two worlds would eventually reconnect. Those paths are now converging.
For a startup to be entrusted with the lending protocol implementing this lifecycle is a rare opportunity and a serious responsibility.
Through the PoC, we will validate the design and move it toward production-grade institutional market infrastructure.
English release:medium.com/secured-finance/s…
A significant milestone for Secured Finance.
We’re proud to be helping shape the next phase of institutional on-chain finance alongside leading financial institutions and infrastructure providers.
And this is only the beginning.
Six years ago this month, Secured Finance began as a small hackathon project.
Last week, we announced our role in bringing the Japanese Government Bond repo lifecycle on-chain — with Mitsubishi UFJ Trust and Banking, @digitalasset and Progmat, on @CantonNetwork.
Some personal context on why this matters.
The joint announcement by four MUFG group companies is more than another PoC. To me, it is Japan — home to one of the world's largest collateral pools — signaling that it is serious about on-chain finance.
Tokenization in Japan first took hold in primary markets: issuance and redemption. The next step is the secondary market: moving those assets, financing them, managing collateral and running the daily economics on-chain. That is where repo lives.
Secured Finance is responsible for implementing the lifecycle: trade agreement and recording, opening-leg DvP, in-life valuation and collateral management, and closing-leg settlement. Because this is a global market, our protocol is designed to conform to established repo market standards and ultimately connect with international liquidity.
Before founding Secured Finance, I structured and traded rates products at a global investment bank. Our team includes a trader with more than a decade of rates and FX experience at Goldman Sachs. Repo is the plumbing beneath the markets we worked in — and markets live in their daily motion: valuations, margin calls, collateral movements, unwinds and settlement, not only the instrument itself.
We are pouring everything we learned into encoding JGB repo into a protocol, alongside the institutions responsible for the market infrastructure itself.
What has struck me most in the industry-wide working group is the caliber of the people involved: sharp questions, fast responses, clear direction and a shared sense of purpose that crosses company lines. A market veteran with more than 30 years of experience told me he does not see this as a quick opportunity, but as the culmination of his professional life. I was deeply moved by that.
Years ago, I left traditional finance, moved overseas and learned software engineering because I believed these two worlds would eventually reconnect. Those paths are now converging.
For a startup to be entrusted with the lending protocol implementing this lifecycle is a rare opportunity and a serious responsibility.
Through the PoC, we will validate the design and move it toward production-grade institutional market infrastructure.
English release:medium.com/secured-finance/s…