This market will resolve to “Yes” if the Spark protocol or any Spark products suffers from bad debt or a qualifying exploit at any time after the creation of this market and before December 1, 2026 00:00 UTC.

Otherwise, this market will resolve to “No.”

For the purposes of this market:

• “Exploit” is defined as a security incident, smart contract hack, oracle manipulation, or compromised key of any official Spark deployment or product resulting in a verifiable loss of $1,000,000 or more in a single incident.

• “Bad debt” is defined as unrecoverable debt on any official Spark deployment, where liquidated or undercollateralized positions leave the protocol with unpaid debt of $1,000,000 or more in a single incident, as confirmed by onchain data.

• Only incidents occurring after market creation are eligible. Incidents that began before market creation do not qualify.

• Losses must be realized and not covered in full by the protocol’s own mechanisms within the same incident (recovery of exploited funds does not negate an exploit that has already occurred).