Alpha Finance Lab
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Alpha Finance Lab (later rebranded to Alpha Venture DAO, then Stella) is a DeFi protocol best known for its leveraged yield farming product Alpha Homora. On February 13, 2021, Alpha Homora V2 was exploited for approximately $37.5 million via a sophisticated attack that required insider knowledge of an unannounced smart contract, draining funds from its Iron Bank (Cream Finance) integration. By March 2023, the protocol had repaid less than 2% of the resulting $32 million debt to Iron Bank despite a formal repayment agreement, triggering a second crisis in which user funds were frozen.
Connected Entities
2 entities · 1 linked investigation- + 1 more
Connected Through
1 shared actor · 1 investigationDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ⌂Alpha Finance Labprotocolalso inAlpha Finance Lab·48
Timeline(11 events)
8 October 2020
ALPHA token launches on Binance Launchpad at $0.02, raising $2M USD from 8,736 winners.
2021
Iron Bank (protocol-to-protocol lending) is established as a spin-off of Cream Finance, enabling undercollateralized borrowing for whitelisted protocols including Alpha Homora.
13 February 2021
Alpha Homora V2 is exploited for approximately $37.5 million via nine transactions chaining four smart contract vulnerabilities, including an unannounced sUSD pool. Funds drained from Cream Finance's Iron Bank.
13 February 2021
Alpha Finance states they have 'a prime suspect' and 'already' know the likely identity of the attacker. No name is ever publicly disclosed.
14 February 2021
Joint repayment agreement announced: Alpha Homora commits to 20% of protocol fee reserves monthly toward Iron Bank debt; 50M ALPHA tokens locked as 2x collateral in time-locked escrow.
9 April 2021
OpenZeppelin completes post-remediation audit of Alpha Homora V2, finding zero critical and one high-severity issue.
31 March 2022
Alpha Finance Lab rebrands to Alpha Venture DAO, repositioning as a Web3 builder and decentralized venture DAO.
March 2023
Iron Bank freezes Alpha Homora user lending accounts after Alpha has repaid only ~$481K of $32.4M debt over two years. ALPHA token collateral worth approximately $6M against $32M debt.
2 March 2023
Outstanding Alpha Homora debt to Iron Bank confirmed at $31,947,429.
5 March 2023
Iron Bank deadline passes without resolution. Alpha Homora proposes Iron Bank retain ~$32M in user funds and return ~$8.7M excess.
June 2023
Alpha Venture DAO depositors vote to stop negotiating with Iron Bank and pursue legal action. Project rebrands again to Stella, launching on Arbitrum.
Decision Log
- hash: HwtZvgXT6jnFFmve2nHyVJ3b7QS7FYoXS8vaWhDLEkgc
This investigation is cryptographically anchored to the Solana blockchain (1 event). 20 of 25 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:59 AM
last updated: 9/1/2026, 4:16:58 AM
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