Alpha Finance Lab
Summary
Alpha Finance Lab, now rebranded as Alpha Venture DAO, is a DeFi protocol suite founded in 2020 and best known for Alpha Homora, a leveraged yield farming platform. On February 13, 2021, Alpha Homora V2 suffered one of the most technically complex exploits in DeFi history, losing approximately $37.5 million through a multi-step flash loan attack that exploited a rounding error and an undisclosed sUSD pool. The exploit triggered a prolonged inter-protocol dispute with Iron Bank (Cream Finance) over $32.4 million in bad debt that remained only partially resolved as of 2023.
Connected Entities
1 entities · 10 linked investigations- + 2 more
Timeline(13 events)
2020-10-01
Alpha Finance Lab founded; ALPHA token launched on Binance Launchpad.
Alpha Venture DAO — Crunchbase2021-01-01
Alpha Homora V2 launched on Ethereum mainnet, integrating with Cream Finance's Iron Bank for protocol-to-protocol lending.
Alpha Homora V2 Post Mortem — Alpha Venture DAO Blog2021-02-13
Alpha Homora V2 exploited via flash loan attack exploiting rounding error, undisclosed sUSD pool, and unrestricted custom spell contracts. Approximately $37.5 million drained. Funds routed to Tornado Cash.
CoinDesk2021-02-13
Alpha Finance suspends new borrowing and patches vulnerabilities. Team announces it has a 'prime suspect' and will work with authorities. No public identification of attacker follows.
Crypto Briefing2021-02-18
Alpha Finance Lab publishes detailed post mortem confirming rounding error, hidden sUSD pool, and custom spell vulnerability as root causes.
Alpha Venture DAO Blog2021-03-01
Joint repayment agreement announced between Alpha Finance and Cream Finance: 50 million ALPHA tokens locked as 2x collateral, 20% of monthly protocol fees directed to debt repayment, Iron Bank debt interest halted.
Alpha Venture DAO Blog2021-04-09
OpenZeppelin completes third security audit of Alpha Homora V2, building on prior audits by Quantstamp and PeckShield.
CryptoNinjas2021-04-21
Alpha Homora V2 relaunches with whitelisted spells, restricted token support, and patched access controls.
Finance and Freedom2022-03-31
Alpha Finance Lab rebrands to Alpha Venture DAO, shifting focus from DeFi products to Web3 incubation.
Invezz2023-02-01
Iron Bank unilaterally freezes Alpha Homora depositor liquidity without notice, demanding accelerated repayment of the approximately $31.9 million remaining bad debt.
Rekt News2023-03-06
Alpha Homora has published multiple open letters to Iron Bank; Iron Bank rejects all proposed resolution structures. Rekt News publishes analysis of the dispute.
Rekt News2023-05-11
Alpha Homora depositors vote to cease negotiations with Iron Bank, accept Alpha's goodwill fund, and pursue legal action against Iron Bank.
Iron Bank and Alpha Homora Conflict Summarized — Alpha Venture DAO Blog2023-05-17
Alpha Venture DAO begins distributing goodwill fund: 30 million ALPHA tokens plus 50% of protocol fees, vesting monthly over 18 months to affected depositors.
Tenth Open Letter: Goodwill Fund — Alpha Venture DAO BlogDecision Log
- hash: bZgmDj1cvWaN2aBmmUq6HbLYFrvARSteC6AEJcCUayW
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/31/2026, 6:58:42 AM
last updated: 5/31/2026, 6:58:45 AM
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