earnpark
EarnPark BTC LPCustodialCCC-
custodial

EarnPark BTC LP Custodial Rating

EarnPark BTC LP is a custodial CeDeFi earn product from Earnpark Limited (BVI) that pools user Bitcoin into DEX liquidity provision and BTC lending to perpetual-futures traders, run with borrowed collateral. Assets are custodied through Fireblocks with on-demand withdrawals and a self-attested proof of reserves at 105% across 12 published wallet addresses. A Binance Portfolio Margin Pro liquidation on 23 August 2026 produced an approximately 30% loss applied to participants on 29 August 2026, which remains unreimbursed.

CCC-
High RiskPotential BB+
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OTRTVRLSYSLT
CurrentPotential

This rating is based solely on publicly available information. Custodial platform risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from CCC- to BB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

OTROperator Track Record56
TVTransparency & Verifiability49
RLSRegulatory & Legal Standing52
YSYield & Strategy24
LTLiquidity & Terms78
Updated Sep 22, 2026Framework v2.0-custodialDetailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Market Details
Fee0% management; spread between quoted and earned rate retained by EarnPark (rate undisclosed); free in-platform transfers; ~$2 flat network withdrawal fee, no percentage fee
CustodianFireblocks
InsuranceNo
Founded Since2022
Strategy TypeMarket-making
Proof Of ReservesYes (self-attested, 12 on-chain wallet addresses + exchange statement, 105%)
Supported AssetsBTC
Regulatory LicensesBVI (Earnpark Limited, No. 2149760); no substantive license (BVI VASP application pending, no capital floor); SEC Form D (Reg D 506(c)) notice filing only
Stated Withdrawal TimeOn-demand
Component Ratings
SecurityCCC-49
StrategyCC45
OperationsCCC-54
Key Strengths
S1Roughly four years of verifiable operation since July 2022 with a publicly named founding team and independently checkable professional histories (Companies House)
S2No security breach or unauthorized fund movement in around four years; the August 2026 liquidation was contractually authorised under the exchange's margin terms rather than an intrusion (Security)
S3Tier-1 custody through Fireblocks MPC-CMP, carrying SOC 2 Type II and ISO 27001 on a recurring, publicly verifiable basis (Fireblocks)
S4Unusually detailed fund-location transparency — 12 published wallet addresses, an exchange-issued account statement and a quantitative per-location split refreshed monthly (Proof of Reserves)
S5Clean regulatory record with no investigations, enforcement actions or fraud charges, alongside video-based KYC, dual parallel AML screening and ongoing transaction monitoring (KYC/AML Policy)
Key Risks
R1A permanent, unreimbursed customer-fund loss admitted by the operators — approximately 30% applied to participants on 29 August 2026 after a Binance Portfolio Margin Pro liquidation, with no confirmed compensation as of 18 September 2026 (Binance Response Update)
R2Effective leverage of approximately 5.5x on the account through which the strategy ran, above the framework's 5x high-risk threshold, in an account shared with strategies disclosing 8–10x working leverage (Post-Mortem)
R3Majority single-venue concentration at 76% of platform assets on Binance, which has now produced a realised loss rather than a theoretical one (Proof of Reserves)
R4A material single-month drawdown of roughly 30% is permanently on the strategy's track record
R5No insurance, safety fund or compensation scheme reaching strategy losses; liability is explicitly disclaimed and nothing absorbed the August loss (Maker Core strategy page)

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