Bitget x Steakhouse USDT

Risk reportArbitrum0xbeef…492f

Risk

Depositing into Bitget x Steakhouse USDT means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

$2.28mrealistic worst · −50% collateral crashup to $5.68mSmart-contract bug · extreme only

−10%−30%−50%extreme

Left to right, a deeper collateral crash. Hover any point for the scenarios that drive the loss — only a smart-contract bug reaches a total loss.

Can I exit?

Via underlying marketsonly governance changes give a 7-day timelock to exit — every other modeled failure is no-warning

What backs it?

No committed backstopnothing committed would cover a loss

Track record

No pool-level losses recorded36 audits, latest 15 Dec, 2025

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $1.1m

tap a preset or drag

Driven by sUSDS $325,415 · weETH $289,221 · wsrUSD $143,888 · other $338,000 · −100% $5.24m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

weETHHybridChainlink$1.55m27% of vault · bad debtOracle exposure $115,169

$1.67m29% of vault$1.55m27% of vault$115,169separate path

What it's made of

Hybrid· Chainlink(composite, managed)

weETH uses a composite oracle path; verified external provider(s): Chainlink.

BaseComposite base price pathQuoteChainlink quote feed path

Markets this collateral backs · 1

→ USDT086% LLTV0xff13…0a8aChainlink

Aggregate Collateral Trust (ACT):$44.29m28 vaultsToken:0x3575…4dbeAllocation: $1.67m · 29% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $289,221Uses 1 market LLTV curve · capped at allocation $1.67m · inherits vault-wide stressOracle exposure: up to $115,169 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDSHardcodedChainlink$1.26m22% of vault · bad debtOracle exposure $86,435

$1.34m24% of vault$1.26m22% of vault$86,435separate path

What it's made of

Hardcoded· Chainlink(composite, managed)

sUSDS uses a composite oracle path; verified external provider(s): Chainlink.

BaseComposite base price pathQuoteChainlink quote feed path

Markets this collateral backs · 1

→ USDT095% LLTV0x0611…51d7Chainlink

Aggregate Collateral Trust (ACT):$93,95711 vaultsToken:0xddb4…7610Allocation: $1.34m · 24% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $325,415Uses 1 market LLTV curve · capped at allocation $1.34m · inherits vault-wide stressOracle exposure: up to $86,435 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$641,21311% of vault · bad debtOracle exposure $57,343

$698,55612% of vault$641,21311% of vault$57,343separate path

What it's made of

Market· Chainlink(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDT086% LLTV0x979e…fd82Chainlink

Aggregate Collateral Trust (ACT):$67.7m35 vaultsToken:0x5979…0529Allocation: $698,556 · 12% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $119,295Uses 1 market LLTV curve · capped at allocation $698,556 · inherits vault-wide stressOracle exposure: up to $57,343 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wsrUSDMarketChronicle / Chainlink$612,36111% of vault · bad debtOracle exposure $56,057

$668,41812% of vault$612,36111% of vault$56,057separate path

What it's made of

Market· Chronicle / Chainlink(aggregator)

wsrUSD uses Chronicle + Chainlink market-rate aggregator feed(s).

BaseChronicle + Chainlink market-rate feed pathQuoteChronicle + Chainlink quote feed path

Markets this collateral backs · 1

→ USDT092% LLTV0xab81…e0d4Chronicle / Chainlink

Aggregate Collateral Trust (ACT):$56,0444 vaultsToken:0x4809…d75dAllocation: $668,418 · 12% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $143,888Uses 1 market LLTV curve · capped at allocation $668,418 · inherits vault-wide stressOracle exposure: up to $56,057 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink$587,61110% of vault · bad debtOracle exposure $70,249

$657,86012% of vault$587,61110% of vault$70,249separate path

What it's made of

Market· Chainlink(aggregator)

WETH uses Chainlink market-rate aggregator feed(s).

BaseChainlink market-rate feed pathQuoteChainlink quote feed path

Markets this collateral backs · 1

→ USDT086% LLTV0x282f…71a2Chainlink

Aggregate Collateral Trust (ACT):$62.78m34 vaultsToken:0x82af…bab1Allocation: $657,860 · 12% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $109,323Uses 1 market LLTV curve · capped at allocation $657,860 · inherits vault-wide stressOracle exposure: up to $70,249 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink$568,66210% of vault · bad debtOracle exposure $55,408

$624,07011% of vault$568,66210% of vault$55,408separate path

What it's made of

Market· Chainlink(aggregator)

WBTC uses Chainlink market-rate aggregator feed(s).

BaseChainlink market-rate feed pathQuoteChainlink quote feed path

Markets this collateral backs · 1

→ USDT086% LLTV0xedca…1612Chainlink

Aggregate Collateral Trust (ACT):$62.68m36 vaultsToken:0x2f2a…5b0fAllocation: $624,070 · 11% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $105,798Uses 1 market LLTV curve · capped at allocation $624,070 · inherits vault-wide stressOracle exposure: up to $55,408 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

XAUt0MarketChainlink$13,2320.2% of vault · bad debtOracle exposure $1,218

$14,4510.3% of vault$13,2320.2% of vault$1,218separate path

What it's made of

Market· Chainlink(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDT077% LLTV0xade5…896eChainlink

Aggregate Collateral Trust (ACT):$2,2755 vaultsToken:0x4046…7159Allocation: $14,451 · 0.3% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $1,203Uses 1 market LLTV curve · capped at allocation $14,451 · inherits vault-wide stressOracle exposure: up to $1,218 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

syrupUSDCHybridChainlink$10,0940.2% of vault · bad debtOracle exposure $1,083

$11,1770.2% of vault$10,0940.2% of vault$1,083separate path

What it's made of

Hybrid· Chainlink(aggregator)

syrupUSDC is priced from an exchange-rate/NAV leg rather than a direct market-rate feed.

BaseExchange-rate/NAV pricing legQuoteChainlink quote feed path

Markets this collateral backs · 1

→ USDT092% LLTV0x8ced…6d7bChainlink

Aggregate Collateral Trust (ACT):$319,93110 vaultsToken:0x41ca…42b5Allocation: $11,177 · 0.2% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $2,372Uses 1 market LLTV curve · capped at allocation $11,177 · inherits vault-wide stressOracle exposure: up to $1,083 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+3 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$442,966drainable if these feeds are mispriced · 8% of vault

Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

Chainlink / Chronicle·a 4/9 Safe multisigprices wstETH, syrupUSDC, wsrUSD, XAUt0, WBTC, sUSDe, siUSD, weETH, sUSDS, WETH, PT-USDai-18JUN2026, PT-USDai-19FEB20260x2f3b…d3c5$356,530 · 6% of vaultdrainable if it is compromised
Chronicle / Chainlink·a control contractprices wsrUSD, siUSD0x371a…da5b$56,057 · <1% of vaultdrainable if it is compromised
On-chain exchange rate· no external feed or adminprices bitgetUSDC$0.53 · <1% of vaultmispriceable only via the issuing contract

Each row is a distinct failure. Possible loss is the share of your deposit at the selected collateral drop; Worst case is the ceiling if everything goes wrong — a conditional loss if it happens, not a likelihood. Price-scaling rows move with the drop selector; the rest are fixed. Enter a deposit to see the dollar figures as your own. Open a row for conditions, mitigations, and the math.

11 scenarios · 9 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$5.68m	Full deposit	Instant
	19%	$1.1m	up to $5.24m	Instant
Price-driven collateral stress(1)
	19%	$1.1m	up to $5.24m	Instant
Oracle & liquidation failures(5)
	19%	$1.1m	up to $5.24m	Instant
	19%	$1.1m	up to $5.24m	Instant
	19%	$1.1m	up to $5.24m	Instant
	11%	$617,007	up to $2.82m	Instant
	—	—	up to $442,966	Instant
Vault role & allocator(3)
	—	—	Full deposit	7 days
	—	—	Full deposit	Instant
	—	—	up to $2.84m	7 days

The people and processes that can change this protocol under you.

Track record · no pool-level losses recorded · 5 protocol incidents · 36 audits

Vault operators

The roles that can actually move your deposit — the real principal-loss path.

Reaches deposit, no delayReaches deposit, timelockedCan't reach deposit

Role timelock 7 days to exit before owner/curator actions land

Ownercontract0xca9f…f5ee

Curator2-of-7 multisig0x827e…ecdb

Sentinels1 · 1 contractSafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

contract0x438c…493e

Allocators3 · 1 multisig · 1 contract · 1 EOAReaches deposit · instant

Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.

1-of-6 multisig0x0000…9da8
contract0x2570…f462
single key (EOA)0xfeed…3c9a

Audits

361 critical, 13 high findings logged

Certora· 15 Dec, 2025report
Blackthorn· 4 Dec, 2025report
Spearbit· 4 Dec, 2025report
Blackthorn· 15 Sep, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner5-of-912 chains0xfd35…d9b2

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer3-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 254,036

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit · 10 things this pool relies on but doesn't control — select one for its story

Morpho Blue

oracles

Market Specific oracle

Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).

No quantified loss scenario references this dependency directly.

Updated 16 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Bitget x Steakhouse USDT

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle