Risk Disclosure Statement
Last Updated: August 28, 2025
This Risk Disclosure Statement discusses the risks of tokenized equities trading via Moonshot’s interface that connects to one or more exchanges through an API integration (“Tokenized Equities”). The risk of loss in trading Tokenized Equities through decentralized protocols can be substantial and may present risks that may not be experienced in traditional securities markets. You should, therefore, carefully do your own research and carefully consider whether such trading is suitable for you in light of your circumstances, financial resources, investment objectives knowledge of cryptocurrency assets, risk tolerance and technical competency. You should be aware of the following points:
Moonshot is not a regulated broker, dealer, futures commission merchant, or other regulated intermediary in the United States or other jurisdictions. Moonshot does not solicit, handle, negotiate, match, execute or facilitate trades, nor does it hold, custody or control user funds or assets directly related to Tokenized Equities trading, as all trading activity occurs directly on the Jupiter Exchange protocol. Moonshot operates solely as a technical interface connecting users to the Jupiter Exchange decentralized protocol. You will NOT receive the protections typically associated with regulated financial intermediaries, including, but not limited to, SIPC or similar coverage, as discussed further herein. You are responsible for your Tokenized Equities transactions and Moonshot is not responsible for any losses you may experience.
Lack of a liquid market for Tokenized Equities. As an emerging product class, in some cases there may be a limited – or no – market for Tokenized Equities. This may cause delays in seeking a counterparty for execution or otherwise being able to execute your orders.
Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur due to extreme market volatility, blockchain network congestion, smart contract limitations, or protocol-level restrictions. During such periods, losses may accumulate rapidly without your ability to exit positions.
All Tokenized Equities transactions are executed directly on the Jupiter Exchange decentralized protocol, not by Moonshot. Moonshot provides only a technical interface to connect you to Jupiter Exchange. All trading, settlement, margin management, and liquidations occur directly on the Jupiter Exchange protocol through smart contracts.
Moonshot cannot guarantee the continuous operation or availability of the Jupiter Exchange protocol. The operation, functionality, and availability of Jupiter Exchange is controlled by Jupiter Exchange and its governance mechanisms, not Moonshot. Protocol upgrades, governance decisions, or technical failures may affect your ability to access or manage your positions.
Smart contract vulnerabilities and blockchain network risks may result in loss of funds. Tokenized Equities operate through smart contracts that may contain bugs, vulnerabilities, or design flaws. Blockchain networks may experience congestion, forks, or other technical issues that could affect transaction execution or position management.
You assume all risks associated with technical failures, including delays, failures in transmission, misinterpretation of instructions, or loss of connection. Moonshot's interface may experience downtime, data transmission delays, or connectivity issues with Jupiter Exchange. During such periods, you may be unable to access or manage your positions through Moonshot's interface.
Information displayed is provided as a courtesy and may not always be accurate or up-to-date. Due to delays in data transmission, blockchain confirmation times, or other technical factors, the price, position and other information displayed through Moonshot's interface may not reflect real-time status.
Tokenized Equities trading through decentralized protocols, such as Jupiter Exchange, operates in a complex and evolving regulatory environment. Regulatory authorities may determine that certain activities constitute regulated financial services, potentially affecting the availability or legality of Tokenized Equities trading and the Jupiter Exchange, in various jurisdictions. This could restrict your ability to buy, sell or transfer Tokenized Equities.
You do not own the equities underlying the Tokenized Equities. Your ownership of a Tokenized Equity does not give you ownership, voting, dividend or other rights, to the traditional equity security underlying the Tokenized Equity.
You are solely responsible for compliance with all applicable laws and regulations in your jurisdiction. The legal status of cryptocurrency assets, decentralized finance protocols, and technical interface providers varies significantly across jurisdictions and continues to evolve.
You may not be afforded certain protections that apply to transactions with regulated financial intermediaries. Unlike traditional regulated brokers or futures commission merchants, Moonshot does not provide customer fund segregation, insurance protection, fiduciary oversight, or regulatory dispute resolution mechanisms. Moonshot is a technical interface provider and not a regulated financial intermediary.
Tax treatment of Tokenized Equities is uncertain and complex. You are solely responsible for determining what taxes, if any, arise from your Tokenized Equities transactions and for reporting and paying any applicable taxes.
Moonshot does not hold, custody, or control your funds. All funds used for Tokenized Equities trading are held directly in smart contracts on the Jupiter Exchange protocol or in your personal cryptocurrency wallets. Moonshot cannot protect, recover, or provide insurance for your funds.
Your funds are not protected by traditional financial institution safeguards. Your funds are not protected by deposit insurance, the Securities Investor Protection Corporation, or other traditional investor protection mechanisms. If funds are lost due to smart contract failures, hacking, or protocol vulnerabilities, there may be no recourse for recovery.
You are solely responsible for the security of your cryptocurrency wallets and private keys. Loss of access to your wallets or compromise of your private keys may result in permanent loss of funds with no possibility of recovery.
You bear all risks associated with cryptocurrency custody, including but not limited to hacking, theft, loss of private keys, and technological failures. Moonshot provides no custody services and cannot assist in fund recovery.
Tokenized Equities markets may lack sufficient liquidity to execute your desired transactions. Decentralized exchanges may have limited liquidity compared to centralized venues, potentially resulting in significant price slippage or inability to execute large orders.
Decentralized exchange market structure may expose you to additional risks not present in traditional markets. These include but are not limited to front-running, MEV (Maximum Extractable Value) extraction, sandwich attacks, and other forms of market manipulation specific to blockchain-based trading.
Price discovery mechanisms in decentralized markets may differ substantially from traditional markets. This may result in pricing inefficiencies, increased volatility, or disconnection from underlying asset values.
Moonshot may suspend, restrict, or terminate your access to the interface at any time for any reason without advance notice to you. If your access is terminated while you have open positions, you will need to manage these positions directly through Jupiter Exchange or another interface. Moonshot bears no responsibility for positions that remain open after termination.
Moonshot may impose interface-level restrictions on your trading activity. These restrictions may limit order size, frequency, or types of transactions you can execute, and may be in addition to any limits imposed by Jupiter Exchange.
Fee structures may change at any time without advance notice. You are subject to fees charged by Moonshot, Jupiter Exchange, and blockchain networks, all of which may change unpredictably and are beyond Moonshot's control for Jupiter Exchange and network fees.
Alternative access to Jupiter Exchange may be required during interface downtime. You should understand how to access Jupiter Exchange directly or through alternative interfaces to manage your positions if Moonshot's interface is unavailable.
Moonshot does not provide investment advice, suitability assessments, or recommendations. Moonshot is not a broker, dealer, investment adviser or commodity trading adviser, or similar entity. You are solely responsible for determining whether Tokenized Equities trading is appropriate for your financial situation, risk tolerance, and investment objectives.
Information provided through Moonshot's interface may be inaccurate, incomplete, or outdated. Moonshot does not guarantee the accuracy, timeliness, or completeness of any market data, position information, or other content provided through its interface.
You should not rely on Moonshot for information about tax implications, legal requirements, or regulatory compliance. You should consult qualified professionals for advice on these matters.
Third-party information and data providers bear no liability for accuracy or completeness of information. Information accessible through Moonshot may be provided by third parties who disclaim warranties and limit liability for their content.
Cryptocurrency markets are highly volatile and unpredictable. Digital asset prices can experience extreme fluctuations within short time periods, potentially amplifying the risks associated with Tokenized Equities.
Blockchain network congestion or failures may prevent timely execution of transactions. During periods of high network activity, transactions may be delayed or fail to execute, potentially preventing you from managing your positions effectively.
Cryptocurrency protocol changes, forks, or upgrades may affect your positions. Changes to underlying blockchain protocols may impact the operation of Jupiter Exchange or the valuation of your positions in ways that cannot be predicted.
Correlation between different cryptocurrencies or tokenized asset may increase during market stress. Diversification among different cryptocurrency assets may provide less protection than expected during market downturns.
Your legal recourse against Moonshot is severely limited. Moonshot disclaims liability except for gross negligence, fraud, or willful misconduct. You may have limited ability to recover losses through legal action, see our Terms of Use for more.
Disputes related to Jupiter Exchange protocol operation are outside Moonshot's control. Moonshot cannot resolve disputes related to smart contract execution, protocol governance decisions, or Jupiter Exchange operational issues.
Governing Law and Jurisdiction. Any disputes arising from your use of Tokenized Equities shall be governed by and construed in accordance with the laws of the Republic of Panama, without regard to conflict of law principles. Any legal proceedings must be brought exclusively in the courts of the Republic of Panama. You acknowledge that United States laws do not apply to your use of Moonshot’s services or any disputes arising therefrom.
Tokenized Equities trading requires significant technical knowledge and understanding. You must understand blockchain technology, smart contracts, cryptocurrency wallets, private key management, and decentralized exchange protocols to trade safely.
You must understand the fundamental operation of Tokenized Equities. Failure to understand the operation and structure of these products may result in unexpected losses.
You should maintain the ability to access Jupiter Exchange directly without Moonshot's interface. Technical competency to interact directly with smart contracts may be necessary during emergencies or interface downtime.
This risk disclosure cannot describe all possible risks associated with Tokenized Equities trading through decentralized protocols. The rapidly evolving nature of cryptocurrency markets, blockchain technology, and decentralized finance creates novel risks that may not be fully understood or anticipated.
You should only trade with funds you can afford to lose entirely. Given the high-risk nature of cryptocurrencies and tokenized assets trading through unregulated decentralized protocols, you should never risk funds necessary for living expenses or financial security.
Regulatory authorities may prohibit or restrict Tokenized Equities trading in the future. Changes in law or regulation could make Tokenized Equities trading illegal or impractical in your jurisdiction, potentially affecting your ability to close positions or recover funds.
THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF TOKENIZED EQUITIES TRADING THROUGH DECENTRALIZED PROTOCOLS. THE COMBINATION OF CRYPTOCURRENCY VOLATILITY, SMART CONTRACT RISKS, AND LIMITED REGULATORY PROTECTION CREATES AN EXTREMELY HIGH-RISK TRADING ENVIRONMENT UNSUITABLE FOR MANY INVESTORS. YOUR USE OF TOKENIZED EQUITIES IS AT YOUR OWN RISK.
If you do not fully understand these risks or lack the technical competency to safely interact with decentralized protocols, you should not trade Tokenized Equities.
Moonshot reserves the right to periodically make any changes, modifications or amendments to this Risk Disclosure, in its sole discretion, by posting or making available to you an updated Risk Disclosure. The updated Risk Disclosure will be effective immediately and your continued trading of Tokenized Equities will constitute your acknowledgment and acceptance of the updated Risk Disclosure. If you do not understand or agree with the terms of any updated Risk Disclosure, you must immediately stop trading Tokenized Equities.