Converts a supplied crypto position snapshot and market-data packet into an evidence-bounded risk memo without executing trades or pretending to access an exchange. It checks as-of freshness, reconciles units and conflicting records, normalizes exposure, and calculates liquidation distance or collateral buffers only when required inputs are actually provided. It separates measured facts, derived values, user assumptions, illustrative scenarios, and unknowns; shows adverse/base/favorable sensitivities with formulas; and flags concentration, leverage, funding, venue, and data-quality risks. The deliverable includes a decision brief, exposure ledger, risk register, human-gated review checklist, and cannot-conclude section. It never invents prices, balances, fees, returns, owners, or guarantees, and every proposed control has evidence, triggers, stop conditions, and a rollback or unwind path.