Draft template. This page has not been reviewed by a lawyer and is not legal advice. It must be reviewed and completed by qualified counsel before anyone relies on it.

Risk disclosure

Last updated: 2 October 2026.

Trading through Kasumi can lose money for reasons that have nothing to do with the market. Read this with the threat model and the security review, which go into detail.

Smart contract risk

The contracts are unaudited by any third party. A defect could let tokens you have approved be moved in a way you did not intend, or leave an order unsettled. Approve only what you are about to trade and revoke approvals you no longer need.

Encryption and key release

Orders are sealed to the drand threshold network. If a threshold of its operators colluded, or the scheme were broken, orders could be read before the epoch closes. Key release depends only on time: if the relay fails to commit a batch in time, the epoch is cancelled but its orders still become public.

Oracle risk

Clearing prices are bounded by a Chainlink reference price. A wrong, stale or manipulated reference price can lead to execution at a bad price within your signed limit. Equity feeds stop outside market hours, and markets halt when the price is too old.

Operator risk

• The relay can refuse or drop orders. A signed receipt proves it if it does, but does not prevent it.
• The matcher chooses fills offchain. The contract enforces your limits and the published result, not the allocation rule itself.
• The operator can cancel an epoch after orders are revealed. It cannot move funds outside what signed orders allow.

Griefing and failed settlement

A participant can make a market's settlement fail, for example by cancelling onchain after the match. The matcher can re-match, but a market may end the epoch unsettled.

Token and issuer risk

Stock Tokens are upgradeable and can be paused or blocked by their issuer. They give economic exposure only and are not offered to US persons. Stablecoins can lose their peg.

Everything is public after the trade

Once an epoch is decrypted, every order in it, filled or not, is public together with the wallet that signed it. Settlement transfers are permanent public records.

Network risk

Robinhood Chain has a single sequencer that can delay or filter transactions. An outage can prevent settlement or onchain cancellation.