FalconX Credit Vault

Senior tranche of the FalconX credit vault on Pareto. USDC is lent to one FalconX borrower wallet, which funds prime-brokerage credit lines. Collateral sits offchain. The junior tranche has no tokens outstanding, so there is no onchain first-loss buffer. This is the vault FalconX announced and that rwa.xyz lists as AA_FalconXUSDC, not Plume's NFALCON or Sygnum's Desygnate. A deprecated Pareto deployment on Optimism is not tracked.

Private creditNon-US professional investors onlyTransfer-restrictedOnchain dataIssued by M11 Credit · Platform Pareto

JSON

Value

$131.5M

Stage

None

Below Stage 0: key facts not disclosed

Single-key powers

Single key holds critical power

Oracle age

6d 18h

On schedule

Used as DeFi collateral

$12.5M· 5 markets

Control

Who can freeze, mint, pause or upgrade, and what stops them?

Red

A single key can create new tokens.

A single key can create new tokens.
A single key can destroy tokens in any wallet.
A single key can change the onchain price.
Multisig signers aren't named, so their independence can't be checked.
A Safe module can act without the signers' approval.
A 3-of-6 multisig can change the onchain price with no timelock.
A Safe module can act without the signers' approval.
A 3-of-6 multisig can move the assets backing the token with no timelock.
A 3-of-6 multisig can grant or revoke every other role with no timelock.
The issuer doesn't document its admin powers; they're only visible onchain.
Audited by Sherlock (2025-08).

5 privileged functions still need manual review.
Bug bounty on Immunefi, up to $50,000.
Transfers are limited to allowlisted wallets.

Audits and bug bounty

Sherlock · Idle Pareto update (credit vaults)1 Aug 2025

Bug bounty on Immunefi, up to $50,000.

Chains and bridges

Holders on a bridged chain also depend on the bridge.

ethereumIssued natively · Pareto

Who controls AA_FalconXUSDC on Ethereum

Token and service contracts on the left, the accounts holding their powers on the right. Edge color is the risk status of that power.

IdleCreditVault

Service · verified

0x17E9…eEf3

IdleCDOEpochVariant

Service · verified

0x433D…be4d

AA_FalconXUSDC token

IdleCDOTranche · Not a proxy

0xC26A…f99C

IdleCDOTranche

Service · verified

0xacbb…b3D6

ProxyAdmin

0x9438…f351

Upgrade timelock (1 day)

Timelock · 24h delay

0xDa86…5A44

Vault owner Safe (3 of 6)

Safe 3/6 · 1 module(s)

0xFb3b…3814

├ 0x56d1…8D41
├ 0x03a9…Bd8d
├ 0xD01C…d8F9
└ +3 more signers

Epoch operator (single wallet)

EOA

0x1fb0…Df58

Borrower wallet (single wallet)

EOA

0xc08f…A2C6

Powers

Every privileged power we found, normalized to canonical power types.

UpgradeCriticalGreen
ProxyAdmin0x9438…f351
→ Timelock 24h → Safe 3/6
1-day delay · via Proxy upgrade · eip1967 admin
UpgradeCriticalGreen
ProxyAdmin0x9438…f351
→ Timelock 24h → Safe 3/6
1-day delay · via Proxy upgrade · eip1967 admin
MintCriticalRed
FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d
→ EOA
None · via IdleCDOTranche.mint · minter is the vault
MintCriticalRed
FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d
→ EOA
None · via IdleCDOTranche.mint · minter is the vault
Burn from holderCriticalRed
FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d
→ EOA
None · via IdleCDOTranche.burn · minter is the vault
Burn from holderCriticalRed
FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d
→ EOA
None · via IdleCDOTranche.burn · minter is the vault
Set priceCriticalRed
FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d
→ EOA
None · via IdleCreditVault.setApr, setAprs, setAprsWithBuffer · only the vault, which the operator drives at epoch stop
Set priceCriticalRed
Epoch operator (single wallet)EOA0x1fb0…Df58
None · via IdleCDOEpochVariant.startEpoch, stopEpoch, stopEpochWithDuration · owner or the strategy manager's operator. stopEpoch sets the interest and therefore priceAA
Set priceCriticalRed
Borrower wallet (single wallet)EOA0xc08f…A2C6
None · via IdleCDOEpochVariant.writeOffDeposit · borrower, and only while an epoch is running
Set priceCriticalYellow
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCDOEpochVariant.startEpoch, stopEpoch, stopEpochWithDuration · owner or the strategy manager's operator. stopEpoch sets the interest and therefore priceAA
Set priceCriticalYellow
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCDOEpochVariant.updateAccounting · _checkOnlyOwnerOrGuardian() (owner (guardian is an internal variable, initialized to the owner; no public getter))
Allocate fundsCriticalYellow
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCreditVault.setBorrower · owner. points the vault's only borrower
Allocate fundsCriticalYellow
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCreditVault.transferToken · onlyOwner (owner)
Allocate fundsCriticalYellow
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCDOEpochVariant.transferToken · owner, no timelock
Grant rolesCriticalYellow
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCreditVault.renounceOwnership, setManager, transferOwnership · onlyOwner (owner)
Grant rolesCriticalYellow
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCDOEpochVariant.renounceOwnership, transferOwnership · onlyOwner (owner)
PauseHighGreen
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCDOEpochVariant.pause, unpause, emergencyShutdown · owner. startEpoch also pauses deposits itself
Set complianceHighGreen
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
No delay · via IdleCDOEpochVariant._setLimit · _checkOnlyOwner() (owner)
UnclassifiedNeeds review
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
Needs review · via IdleCreditVault.setMaxApr, setWhitelistedCDO · onlyOwner (owner)
UnclassifiedNeeds review
Epoch operator (single wallet)EOA0x1fb0…Df58
Needs review · via IdleCDOEpochVariant.setEpochParams, setInstantWithdrawParams, setIsDepositDuringEpochDisabled +1 more · _checkOnlyOwnerOrManager() (owner or the strategy manager's operator)
UnclassifiedNeeds review
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
Needs review · via IdleCDOEpochVariant.setBBDepositEnabled, setFeeParams, setGuardian +4 more · _checkOnlyOwner() (owner)
UnclassifiedNeeds review
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
Needs review · via IdleCDOEpochVariant.setEpochParams, setInstantWithdrawParams, setIsDepositDuringEpochDisabled +1 more · _checkOnlyOwnerOrManager() (owner or the strategy manager's operator)
UnclassifiedNeeds review
Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814
Needs review · via IdleCDOEpochVariant.setIsDepositDuringEpochDisabled · _checkOnlyOwnerOrGuardian() (owner (guardian is an internal variable, initialized to the owner; no public getter))

Power	Criticality	Held by	Checks	Status	Found via
Upgrade	Critical	ProxyAdmin0x9438…f351→ Timelock 24h → Safe 3/6	1-day delay	Green	`Proxy upgrade · eip1967 admin`
Upgrade	Critical	ProxyAdmin0x9438…f351→ Timelock 24h → Safe 3/6	1-day delay	Green	`Proxy upgrade · eip1967 admin`
Mint	Critical	FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d→ EOA	None	Red	`IdleCDOTranche.mint · minter is the vault`
Mint	Critical	FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d→ EOA	None	Red	`IdleCDOTranche.mint · minter is the vault`
Burn from holder	Critical	FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d→ EOA	None	Red	`IdleCDOTranche.burn · minter is the vault`
Burn from holder	Critical	FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d→ EOA	None	Red	`IdleCDOTranche.burn · minter is the vault`
Set price	Critical	FalconX credit vault (IdleCDO)IdleCDO0x433D…be4d→ EOA	None	Red	`IdleCreditVault.setApr, setAprs, setAprsWithBuffer · only the vault, which the operator drives at epoch stop`
Set price	Critical	Epoch operator (single wallet)EOA0x1fb0…Df58	None	Red	`IdleCDOEpochVariant.startEpoch, stopEpoch, stopEpochWithDuration · owner or the strategy manager's operator. stopEpoch sets the interest and therefore priceAA`
Set price	Critical	Borrower wallet (single wallet)EOA0xc08f…A2C6	None	Red	`IdleCDOEpochVariant.writeOffDeposit · borrower, and only while an epoch is running`
Set price	Critical	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Yellow	`IdleCDOEpochVariant.startEpoch, stopEpoch, stopEpochWithDuration · owner or the strategy manager's operator. stopEpoch sets the interest and therefore priceAA`
Set price	Critical	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Yellow	`IdleCDOEpochVariant.updateAccounting · _checkOnlyOwnerOrGuardian() (owner (guardian is an internal variable, initialized to the owner; no public getter))`
Allocate funds	Critical	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Yellow	`IdleCreditVault.setBorrower · owner. points the vault's only borrower`
Allocate funds	Critical	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Yellow	`IdleCreditVault.transferToken · onlyOwner (owner)`
Allocate funds	Critical	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Yellow	`IdleCDOEpochVariant.transferToken · owner, no timelock`
Grant roles	Critical	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Yellow	`IdleCreditVault.renounceOwnership, setManager, transferOwnership · onlyOwner (owner)`
Grant roles	Critical	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Yellow	`IdleCDOEpochVariant.renounceOwnership, transferOwnership · onlyOwner (owner)`
Pause	High	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Green	`IdleCDOEpochVariant.pause, unpause, emergencyShutdown · owner. startEpoch also pauses deposits itself`
Set compliance	High	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	No delay	Green	`IdleCDOEpochVariant._setLimit · _checkOnlyOwner() (owner)`
Unclassified	—	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	Needs review	Needs review	`IdleCreditVault.setMaxApr, setWhitelistedCDO · onlyOwner (owner)`
Unclassified	—	Epoch operator (single wallet)EOA0x1fb0…Df58	Needs review	Needs review	`IdleCDOEpochVariant.setEpochParams, setInstantWithdrawParams, setIsDepositDuringEpochDisabled +1 more · _checkOnlyOwnerOrManager() (owner or the strategy manager's operator)`
Unclassified	—	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	Needs review	Needs review	`IdleCDOEpochVariant.setBBDepositEnabled, setFeeParams, setGuardian +4 more · _checkOnlyOwner() (owner)`
Unclassified	—	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	Needs review	Needs review	`IdleCDOEpochVariant.setEpochParams, setInstantWithdrawParams, setIsDepositDuringEpochDisabled +1 more · _checkOnlyOwnerOrManager() (owner or the strategy manager's operator)`
Unclassified	—	Vault owner Safe (3 of 6)Safe 3/60xFb3b…3814	Needs review	Needs review	`IdleCDOEpochVariant.setIsDepositDuringEpochDisabled · _checkOnlyOwnerOrGuardian() (owner (guardian is an internal variable, initialized to the owner; no public getter))`

For regulated securities, freeze and force-transfer powers are often legally required. Control rates who holds them and what checks exist, not whether they exist. A single key holding a critical power or freeze is red; a multisig with no timelock is yellow.

Discovered at block 26,190,113 · 14 Oct 2026 · tool discovery-0.2.0 · View raw JSON on GitHub ↗