Due diligence on tokens and crypto projects
Before you invest in a token, I check what the project says about itself against on-chain data: who can issue more, how much supply really exists, where the treasury goes and who moves the price.
Member of AEPEJU (no. 1556). Barcelona and across Spain.
Indicative fee: from €1,600. See prices
What I check before you invest
An on-chain due diligence tests the project's story (its website, its documentation and the price aggregators) against what is recorded on-chain and in the markets. These are the questions I answer.
- Contract permissions: who can mint tokens, pause, freeze accounts or upgrade the code, and whether those keys are still live even if nobody uses them.
- Real versus official supply: tokens issued, burned, locked and circulating, compared with what the project and the aggregators publish.
- Concentration: how much sits in wallets of the team, the foundation, the investors and the exchanges, and whether the unlock schedule is being followed.
- Treasury: where the project's tokens go and whether they reach exchanges at sensitive moments, such as announcements, price rises or unlocks.
- Price formation: how much weight derivatives and leverage carry, how deep the market is and whether a handful of orders is enough to move the price.
- Liquidity: where it trades, how much liquidity sits on decentralised exchanges and whether whoever provided it can pull it.
- Exposure to funds of doubtful origin: contact with mixers, protocol exploits or sanctioned wallets.
- Disclosure: whether what the project publishes can be reconciled with what is visible on-chain.
What you receive
A written report with a risk summary up front and the technical detail after it. Every statement carries the transaction, contract or public source behind it, and I separate recorded facts from inferences, with their degree of certainty.
I read the data straight from network nodes, not from screenshots or explorer labels, and market data from the exchanges' public sources. I work with Ethereum data every day as a blockchain data engineer at MigaLabs.
The method is that of an expert report: sources, cut-off date and degree of certainty. If a dispute arises later, the report already documents how things stood on that date. You can see the method applied to a public case in the blog's on-chain analysis series.
A due diligence is a snapshot at a date
The report describes the token at a cut-off date and block stated on its cover. Anything that happens afterwards is outside it, and a token can change within hours.
These are the most common changes that a snapshot already delivered cannot capture.
- A new mint from an account with permissions.
- A contract upgrade that changes its rules.
- An unlock of team or investor tokens.
- A treasury transfer to an exchange.
- A sharp change in leverage on the derivatives markets.
Monitoring, alerts and periodic reports
If you will hold the position over the medium or long term, my recommendation is not to rely on a single snapshot. I set up monitoring tailored to you: what to watch, with which thresholds and how often you want to hear about it.
- Periodic reports, daily, weekly, fortnightly or monthly, depending on what you need.
- Alerts when something we agreed to watch happens: mints, permission or contract changes, team or treasury wallets moving funds to exchanges, unlocks.
- Active on-demand monitoring at specific moments, such as an announcement, an unlock or the token's listing on a new exchange.
- A review of the scope when your position or the project changes.
Who it is for
For anyone about to put serious money into a token who wants to know the risks that do not appear on the project's website.
- Private investors before taking a large position.
- Traders who need to know who can move the supply, and when.
- Funds, family offices and OTC desks that need a documented report for their committee.
- Anyone who already holds the position and wants to keep watch over it.
Price, timing and what it is not
A due diligence on a token or a project costs from €1,600 + VAT, depending on the number of chains, contracts and wallets to analyse. Monitoring and alerts are quoted separately, depending on the frequency and on what needs watching. The first 30-minute consultation and the quote are free, and the delivery time is set in the quote before work starts.
It is not investment advice or a recommendation to buy, sell or hold. I describe verifiable facts and risks with their degree of certainty; the decision to invest is yours.
Frequently asked questions
Common questions about this kind of report.
How is this different from a lawyer's due diligence?
Legal due diligence reviews the company, its contracts and regulatory compliance. On-chain due diligence reviews what the token and the wallets do on-chain and in the markets. They complement each other, and the on-chain one is what checks whether the project does what it says.
Does it cover what happens after delivery?
No. The report has a cut-off date and block, and anything later is outside it. That is what monitoring, alerts and periodic reports are for.
How often can I receive reports?
Daily, weekly, fortnightly or monthly, plus one-off alerts when something we agreed to watch happens. We fit it to your position and you can change it whenever you like.
Which networks and tokens do you cover?
Tokens on Ethereum and on Ethereum-compatible networks such as Arbitrum, Base or BNB Chain, and the markets of the main exchanges. Other chains on request.
Is this investment advice?
No. It is a technical analysis of facts and risks, with its sources. I do not recommend buying, selling or holding.
Is it confidential?
Yes. The report is for you and I do not publish client analyses. The cases on the blog are analyses of public data done on my own initiative.
How much does it cost?
From €1,600 + VAT for a one-off due diligence. Monitoring depends on frequency and scope; the quote is free and arrives within 24 working hours.
Tell me about your case
Free 30-minute consultation and a free quote within 24 working hours.