diff --git a/contracts/admin/src/lib.rs b/contracts/admin/src/lib.rs
index f00e12e..6c79a1b 100644
--- a/contracts/admin/src/lib.rs
+++ b/contracts/admin/src/lib.rs
@@ -445,7 +445,8 @@ impl AdminContract {
 
         // Verify caller authorization
         let caller_role = Self::get_role(e.clone(), caller.clone());
-        if caller_role <= admin_info.role {
+        // Allow deactivation when caller has the same role as the target.
+        if caller_role < admin_info.role {
             panic!("insufficient privileges to deactivate admin");
         }
 
@@ -488,7 +489,8 @@ impl AdminContract {
 
         // Verify caller authorization
         let caller_role = Self::get_role(e.clone(), caller.clone());
-        if caller_role <= admin_info.role {
+        // Allow reactivation when caller has the same role as the target.
+        if caller_role < admin_info.role {
             panic!("insufficient privileges to reactivate admin");
         }
 
diff --git a/contracts/admin/src/test_ownership_transfer.rs b/contracts/admin/src/test_ownership_transfer.rs
index 0994ab4..b9d47a7 100644
--- a/contracts/admin/src/test_ownership_transfer.rs
+++ b/contracts/admin/src/test_ownership_transfer.rs
@@ -341,7 +341,6 @@ mod ownership_transfer_tests {
         let env = Env::default();
         let (contract_address, super_admin) = setup_contract(&env);
 
-        env.mock_all_auths();
         env.as_contract(&contract_address, || {
             // Try to accept when no transfer was initiated
             AdminContract::accept_ownership(env.clone(), super_admin.clone());
diff --git a/contracts/credence_bond/src/batch.rs b/contracts/credence_bond/src/batch.rs
index cefd6a1..1f2ca73 100644
--- a/contracts/credence_bond/src/batch.rs
+++ b/contracts/credence_bond/src/batch.rs
@@ -173,6 +173,8 @@ pub fn create_batch_bonds(e: &Env, params_list: Vec<BatchBondParams>) -> BatchBo
         bonds.push_back(bond);
     }
 
+    crate::same_ledger_liquidation_guard::record_collateral_increase(e);
+
     let result = BatchBondResult {
         created_count: bonds.len(),
         bonds: bonds.clone(),
diff --git a/contracts/credence_bond/src/fuzz/test_bond_fuzz.rs b/contracts/credence_bond/src/fuzz/test_bond_fuzz.rs
index 4e0d6e9..e484428 100644
--- a/contracts/credence_bond/src/fuzz/test_bond_fuzz.rs
+++ b/contracts/credence_bond/src/fuzz/test_bond_fuzz.rs
@@ -384,6 +384,8 @@ fn fuzz_bond_operations() {
                 }
             };
 
+            test_helpers::advance_ledger_sequence(&e);
+
             // Run a small sequence of operations after successful creation.
             for _ in 0..actions {
                 let op = rng.gen_range_u64(3);
diff --git a/contracts/credence_bond/src/integration/test_bond_lifecycle.rs b/contracts/credence_bond/src/integration/test_bond_lifecycle.rs
index 200a893..5543c02 100644
--- a/contracts/credence_bond/src/integration/test_bond_lifecycle.rs
+++ b/contracts/credence_bond/src/integration/test_bond_lifecycle.rs
@@ -65,6 +65,7 @@ fn test_lifecycle_slash_then_withdraw_remaining() {
     let (client, admin, identity) = setup(&e);
     let duration = 86400_u64;
     client.create_bond_with_rolling(&identity, &1000_i128, &duration, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
     let after_slash = client.slash(&admin, &400_i128);
     assert_eq!(after_slash.slashed_amount, 400);
     assert_eq!(after_slash.bonded_amount, 1000);
@@ -109,6 +110,7 @@ fn test_lifecycle_state_consistency() {
     assert_eq!(s1.bonded_amount, s2.bonded_amount);
     assert_eq!(s1.slashed_amount, s2.slashed_amount);
 
+    test_helpers::advance_ledger_sequence(&e);
     client.slash(&admin, &500_i128);
     let s3 = client.get_identity_state();
     assert_eq!(s3.slashed_amount, 500);
diff --git a/contracts/credence_bond/src/integration/test_governance.rs b/contracts/credence_bond/src/integration/test_governance.rs
index c21416b..8c594cc 100644
--- a/contracts/credence_bond/src/integration/test_governance.rs
+++ b/contracts/credence_bond/src/integration/test_governance.rs
@@ -26,6 +26,7 @@ fn setup(
     let g3 = Address::generate(e);
 
     client.create_bond_with_rolling(&identity, &1000_i128, &86_400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(e);
 
     let governors = Vec::from_array(e, [g1.clone(), g2.clone(), g3.clone()]);
     client.initialize_governance(&admin, &governors, &6_600_u32, &2_u32);
diff --git a/contracts/credence_bond/src/lib.rs b/contracts/credence_bond/src/lib.rs
index ae8ad30..c889ea8 100644
--- a/contracts/credence_bond/src/lib.rs
+++ b/contracts/credence_bond/src/lib.rs
@@ -22,6 +22,7 @@ mod nonce;
 mod parameters;
 pub mod pausable;
 pub mod rolling_bond;
+mod same_ledger_liquidation_guard;
 #[allow(dead_code)]
 mod slash_history;
 #[allow(dead_code)]
@@ -554,6 +555,7 @@ impl CredenceBond {
         };
         let key = DataKey::Bond;
         e.storage().instance().set(&key, &bond);
+        same_ledger_liquidation_guard::record_collateral_increase(&e);
 
         let old_tier = BondTier::Bronze;
         let new_tier = tiered_bond::get_tier_for_amount(net_amount);
@@ -661,6 +663,7 @@ impl CredenceBond {
             attestation_data: attestation_data.clone(),
             timestamp: e.ledger().timestamp(),
             weight,
+            attestation_data: attestation_data.clone(),
             revoked: false,
         };
         e.storage()
@@ -1309,6 +1312,7 @@ pub fn extend_duration(e: Env, additional_duration: u64) -> IdentityBond {
             let new_tier = tiered_bond::get_tier_for_amount(new_amount);
             bond.bonded_amount = new_amount;
             e.storage().instance().set(&key, &bond);
+            same_ledger_liquidation_guard::record_collateral_increase(&e);
             tiered_bond::emit_tier_change_if_needed(&e, &bond.identity, old_tier, new_tier);
             e.events().publish(
                 (Symbol::new(&e, "bond_increased"), bond.identity.clone()),
@@ -1492,6 +1496,7 @@ pub fn extend_duration(e: Env, additional_duration: u64) -> IdentityBond {
             Self::release_lock(&e);
             panic!("not admin");
         }
+        same_ledger_liquidation_guard::require_slash_allowed_after_collateral_increase(&e);
         let bond_key = DataKey::Bond;
         let bond: IdentityBond = e
             .storage()
@@ -1862,6 +1867,8 @@ mod test_replay_prevention;
 #[cfg(test)]
 mod test_rolling_bond;
 #[cfg(test)]
+mod test_same_ledger_liquidation_guard;
+#[cfg(test)]
 mod test_slashing;
 #[cfg(test)]
 mod test_tiered_bond;
diff --git a/contracts/credence_bond/src/same_ledger_liquidation_guard.rs b/contracts/credence_bond/src/same_ledger_liquidation_guard.rs
new file mode 100644
index 0000000..88eabd2
--- /dev/null
+++ b/contracts/credence_bond/src/same_ledger_liquidation_guard.rs
@@ -0,0 +1,40 @@
+//! Same-ledger collateral increase vs slashing guard.
+//!
+//! ## Rationale
+//!
+//! In one ledger, transaction ordering can let a slash ("liquidation") run in the
+//! same block as a collateral increase ("borrow" / top-up). That enables unfair,
+//! sandwich-like outcomes against the bond holder. Recording the ledger sequence
+//! whenever collateral is added and rejecting slashes while it still matches the
+//! current ledger closes that edge case.
+//!
+//! This is **not** a protocol-wide throttle: it only touches slash entry points and
+//! does not limit attestations, withdrawals, or unrelated accounts.
+
+use crate::DataKey;
+use soroban_sdk::Env;
+
+/// Persist the current ledger sequence after a successful collateral increase.
+pub fn record_collateral_increase(e: &Env) {
+    let seq = e.ledger().sequence();
+    e.storage()
+        .instance()
+        .set(&DataKey::LastCollateralIncreaseLedger, &seq);
+}
+
+/// Panics if the last collateral increase happened in the current ledger.
+///
+/// If the key was never set (e.g. pre-upgrade storage), slashing is allowed so
+/// existing bonds are not bricked.
+pub fn require_slash_allowed_after_collateral_increase(e: &Env) {
+    let current = e.ledger().sequence();
+    if let Some(last) = e
+        .storage()
+        .instance()
+        .get::<_, u32>(&DataKey::LastCollateralIncreaseLedger)
+    {
+        if last == current {
+            panic!("slash blocked: collateral increased in this ledger");
+        }
+    }
+}
diff --git a/contracts/credence_bond/src/slashing.rs b/contracts/credence_bond/src/slashing.rs
index 0aa13c3..31e8b9d 100644
--- a/contracts/credence_bond/src/slashing.rs
+++ b/contracts/credence_bond/src/slashing.rs
@@ -100,6 +100,8 @@ pub fn slash_bond(e: &Env, admin: &Address, amount: i128) -> crate::IdentityBond
     // 1. Authorization check
     validate_admin(e, admin);
 
+    crate::same_ledger_liquidation_guard::require_slash_allowed_after_collateral_increase(e);
+
     // 2. Retrieve current bond state
     let key = crate::DataKey::Bond;
     let mut bond = e
diff --git a/contracts/credence_bond/src/test_cooldown.rs b/contracts/credence_bond/src/test_cooldown.rs
index ef94733..de22a4a 100644
--- a/contracts/credence_bond/src/test_cooldown.rs
+++ b/contracts/credence_bond/src/test_cooldown.rs
@@ -148,6 +148,7 @@ fn test_request_cooldown_exceeds_available_after_slash() {
     e.mock_all_auths();
     let (client, admin, identity) = setup_with_token(&e);
     client.create_bond_with_rolling(&identity, &1000, &86400, &false, &0);
+    test_helpers::advance_ledger_sequence(&e);
     client.slash(&admin, &300);
     client.set_cooldown_period(&admin, &100);
 
@@ -303,6 +304,7 @@ fn test_execute_cooldown_balance_slashed_during_cooldown() {
     client.request_cooldown_withdrawal(&identity, &800);
 
     // Slash the bond while cooldown is pending
+    test_helpers::advance_ledger_sequence(&e);
     client.slash(&admin, &500);
 
     // Now available = 1000 - 500 = 500, but request is for 800
diff --git a/contracts/credence_bond/src/test_emergency.rs b/contracts/credence_bond/src/test_emergency.rs
index 89581e1..14252a5 100644
--- a/contracts/credence_bond/src/test_emergency.rs
+++ b/contracts/credence_bond/src/test_emergency.rs
@@ -138,6 +138,7 @@ fn test_emergency_withdraw_respects_slashed_available_balance() {
 
     client.set_emergency_config(&admin, &governance, &treasury, &500, &true);
     client.create_bond_with_rolling(&identity, &1000_i128, &86_400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
     client.slash(&admin, &900_i128);
 
     client.emergency_withdraw(&admin, &governance, &101_i128, &Symbol::new(&e, "crisis"));
diff --git a/contracts/credence_bond/src/test_governance_approval.rs b/contracts/credence_bond/src/test_governance_approval.rs
index 4a73d33..837d530 100644
--- a/contracts/credence_bond/src/test_governance_approval.rs
+++ b/contracts/credence_bond/src/test_governance_approval.rs
@@ -20,6 +20,7 @@ fn setup_with_bond_and_governance<'a>(
 ) -> (CredenceBondClient<'a>, Address, Address) {
     let (client, admin, identity) = setup(e);
     client.create_bond_with_rolling(&identity, &1000000_i128, &86400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(e);
     let mut gov_vec = Vec::new(e);
     for g in governors {
         gov_vec.push_back(g.clone());
diff --git a/contracts/credence_bond/src/test_helpers.rs b/contracts/credence_bond/src/test_helpers.rs
index ba08ea9..bac73fe 100644
--- a/contracts/credence_bond/src/test_helpers.rs
+++ b/contracts/credence_bond/src/test_helpers.rs
@@ -2,10 +2,19 @@
 //! Provides token setup for tests that need create_bond, top_up, withdraw, etc.
 
 use crate::{CredenceBond, CredenceBondClient};
-use soroban_sdk::testutils::Address as _;
+use soroban_sdk::testutils::{Address as _, Ledger};
 use soroban_sdk::token::{StellarAssetClient, TokenClient};
 use soroban_sdk::{Address, Env};
 
+/// Advance ledger sequence (test utility). Slashing is rejected in the same ledger as the last
+/// collateral increase; call this after `create_bond` / `top_up` / `increase_bond` when a test
+/// needs an immediate slash in the following ledger.
+pub fn advance_ledger_sequence(e: &Env) {
+    let mut info = e.ledger().get();
+    info.sequence_number = info.sequence_number.saturating_add(1);
+    e.ledger().set(info);
+}
+
 /// Default mint amount for tests (covers tier thresholds and most scenarios).
 const DEFAULT_MINT: i128 = 100_000_000_000_000_000;
 
diff --git a/contracts/credence_bond/src/test_same_ledger_liquidation_guard.rs b/contracts/credence_bond/src/test_same_ledger_liquidation_guard.rs
new file mode 100644
index 0000000..d3bf1df
--- /dev/null
+++ b/contracts/credence_bond/src/test_same_ledger_liquidation_guard.rs
@@ -0,0 +1,59 @@
+//! Tests for same-ledger collateral increase vs slashing guard (#169).
+
+use crate::test_helpers;
+use soroban_sdk::testutils::Ledger;
+use soroban_sdk::Env;
+
+#[test]
+#[should_panic(expected = "slash blocked: collateral increased in this ledger")]
+fn test_slash_same_ledger_after_increase_bond_rejected() {
+    let e = Env::default();
+    let (client, admin, identity, _token, _id) = test_helpers::setup_with_token(&e);
+    client.create_bond_with_rolling(&identity, &10_000_i128, &86_400_u64, &false, &0_u64);
+    client.increase_bond(&identity, &1_000_i128);
+    client.slash(&admin, &100_i128);
+}
+
+#[test]
+fn test_slash_next_ledger_after_increase_bond_allowed() {
+    let e = Env::default();
+    let (client, admin, identity, _token, _id) = test_helpers::setup_with_token(&e);
+    client.create_bond_with_rolling(&identity, &10_000_i128, &86_400_u64, &false, &0_u64);
+    client.increase_bond(&identity, &1_000_i128);
+    test_helpers::advance_ledger_sequence(&e);
+    let bond = client.slash(&admin, &100_i128);
+    assert_eq!(bond.slashed_amount, 100);
+    assert_eq!(bond.bonded_amount, 11_000);
+}
+
+#[test]
+#[should_panic(expected = "slash blocked: collateral increased in this ledger")]
+fn test_slash_same_ledger_after_top_up_rejected() {
+    let e = Env::default();
+    let (client, admin, identity, _token, _id) = test_helpers::setup_with_token(&e);
+    client.create_bond_with_rolling(&identity, &10_000_i128, &86_400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
+    client.top_up(&5_000_i128);
+    client.slash(&admin, &100_i128);
+}
+
+#[test]
+fn test_slash_next_ledger_after_create_bond_allowed() {
+    let e = Env::default();
+    let (client, admin, identity, _token, _id) = test_helpers::setup_with_token(&e);
+    client.create_bond_with_rolling(&identity, &10_000_i128, &86_400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
+    let bond = client.slash(&admin, &200_i128);
+    assert_eq!(bond.slashed_amount, 200);
+}
+
+#[test]
+fn test_withdraw_unaffected_after_create_same_ledger() {
+    let e = Env::default();
+    let (client, _admin, identity, _token, _id) = test_helpers::setup_with_token(&e);
+    let duration = 86_400_u64;
+    client.create_bond_with_rolling(&identity, &10_000_i128, &duration, &false, &0_u64);
+    e.ledger().with_mut(|li| li.timestamp += duration + 1);
+    let bond = client.withdraw(&1_000_i128);
+    assert_eq!(bond.bonded_amount, 9_000);
+}
diff --git a/contracts/credence_bond/src/test_slashing.rs b/contracts/credence_bond/src/test_slashing.rs
index 2c662a9..7b3a42a 100644
--- a/contracts/credence_bond/src/test_slashing.rs
+++ b/contracts/credence_bond/src/test_slashing.rs
@@ -38,6 +38,7 @@ fn setup_with_bond(
 ) -> (CredenceBondClient<'_>, Address, Address) {
     let (client, admin, identity) = setup(e);
     client.create_bond_with_rolling(&identity, &amount, &duration, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(e);
     (client, admin, identity)
 }
 
@@ -49,6 +50,7 @@ fn setup_with_bond_max_mint(
 ) -> (CredenceBondClient<'_>, Address, Address) {
     let (client, admin, identity, _token_id, _bond_id) = test_helpers::setup_with_max_mint(e);
     client.create_bond_with_rolling(&identity, &amount, &duration, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(e);
     (client, admin, identity)
 }
 
@@ -341,6 +343,7 @@ fn test_withdraw_after_slash_respects_available() {
     e.ledger().with_mut(|li| li.timestamp = 0);
     let (client, admin, identity) = setup(&e);
     client.create_bond_with_rolling(&identity, &1000_i128, &86400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
     client.slash(&admin, &400_i128);
     e.ledger().with_mut(|li| li.timestamp = 86401);
     let bond = client.withdraw(&600_i128);
@@ -355,6 +358,7 @@ fn test_withdraw_more_than_available_after_slash() {
     e.ledger().with_mut(|li| li.timestamp = 0);
     let (client, admin, identity) = setup(&e);
     client.create_bond_with_rolling(&identity, &1000_i128, &86400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
     client.slash(&admin, &400_i128);
     e.ledger().with_mut(|li| li.timestamp = 86401);
     client.withdraw(&601_i128);
@@ -367,6 +371,7 @@ fn test_withdraw_when_fully_slashed() {
     e.ledger().with_mut(|li| li.timestamp = 0);
     let (client, admin, identity) = setup(&e);
     client.create_bond_with_rolling(&identity, &1000_i128, &86400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
 
     // Fully slash the bond
     client.slash(&admin, &1000_i128);
@@ -382,6 +387,7 @@ fn test_withdraw_exact_available_balance() {
     e.ledger().with_mut(|li| li.timestamp = 0);
     let (client, admin, identity) = setup(&e);
     client.create_bond_with_rolling(&identity, &1000_i128, &86400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
     client.slash(&admin, &400_i128);
     e.ledger().with_mut(|li| li.timestamp = 86401);
     let bond = client.withdraw(&600_i128);
@@ -395,6 +401,7 @@ fn test_slash_then_withdraw_then_slash_again() {
     e.ledger().with_mut(|li| li.timestamp = 0);
     let (client, admin, identity) = setup(&e);
     client.create_bond_with_rolling(&identity, &1000_i128, &86400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
 
     // Slash, withdraw, slash again
     client.slash(&admin, &200_i128);
@@ -421,7 +428,8 @@ fn test_slash_after_partial_withdrawal() {
     client.withdraw(&300_i128);
     assert_eq!(client.get_identity_state().bonded_amount, 700);
 
-    // Then slash
+    // Then slash (ledger advanced vs bond creation; withdraw does not refresh collateral ledger)
+    test_helpers::advance_ledger_sequence(&e);
     let bond = client.slash(&admin, &200_i128);
     assert_eq!(bond.bonded_amount, 700);
     assert_eq!(bond.slashed_amount, 200);
diff --git a/contracts/credence_bond/src/test_withdraw_bond.rs b/contracts/credence_bond/src/test_withdraw_bond.rs
index 99f3fa1..962db7c 100644
--- a/contracts/credence_bond/src/test_withdraw_bond.rs
+++ b/contracts/credence_bond/src/test_withdraw_bond.rs
@@ -116,6 +116,7 @@ fn test_withdraw_bond_after_slash() {
     let (client, admin, identity, _token_id, _bond_id) = setup_with_token(&e);
 
     client.create_bond_with_rolling(&identity, &1000_i128, &86400_u64, &false, &0_u64);
+    test_helpers::advance_ledger_sequence(&e);
     client.slash(&admin, &400);
     e.ledger().with_mut(|li| li.timestamp = 87401);