Alpha Homora (🪄, 🃏)

DeFi's 1st multichain lending & leveraged yield farming platform.
Now on ETH, AVAX, FTM, OP.
Built by @AlphaVentureDAO ❤️
New link ✨:

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

It has been ~3 months since Iron Bank (IB) upgraded their code to freeze depositors’ funds. Though depositors have voted to stop negotiating, receive goodwill funds, and take appropriate legal action against IB, here's a summary of the whole incident for clarity and transparency.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

The ALPHA tokens in the Alpha Homora Goodwill Fund were fully vested on October 17, 2024.

50% of the protocol fees will continue to be allocated to the fund periodically, starting on October 31, 2024.

For further updates, check https://t.co/BINdwa0vpr.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

A reminder that there is $1M bounty reward for anyone who can help return the exploited funds and identify the hacker.

Please contact [email protected] or via ETH address 0xFF2EEc5Bd0797e75fBe604710429cD3c8968659a.

Arkham bounty link: https://t.co/qb8CqhXsln

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[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

The 2021 Alpha Homora exploiter's fund movements have been actively monitored.

Recently, approximately 500 ETH were transferred to Tornado Cash from address 0x905315602ed9a854e325f692ff82f58799beab57.

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[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Due to recent news on @MultichainOrg, we encourage AH users on @FantomFDN chain to close positions and transfer assets that could be at risk as soon as possible. These assets include: ETH, USDC, fUSDT, DAI, BTC, LINK, and MIM.

[Multichain (Previously Anyswap) @MultichainOrg]

1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had been revoked. Furthermore, these MPC node servers, like all other ordinary servers, were actually running under Zhaojun's personal cloud server account. No member of the team has access to Zhaojun's personal cloud server account, so nobody can log on to these MPC servers.

2. Later, the team established contact with Zhaojun's family and learned that all of Zhaojun's computers, phones, hardware wallets, and mnemonic phrases were confiscated by the authorities. Since the inception of the project, all operational funds and investments from investors have been under Zhaojun's control. This also means that all the team's funds and access to the servers are with Zhaojun and the police.

3. Due to the lack of information about the case, the team could only maintain project operations to the best of their abilities through the remaining access on some non-MPC servers that hadn't been revoked yet. Per the lawyer's suggestions, the team has chosen to cooperate as much as possible with the demands of Zhaojun's family and adhere to the requirements of local laws and regulations, refraining from disclosing unauthorized information about the case to the public.

4. On May 30, in a responsible approach toward the community, the team released the news about Zhaojun's disappearance and informed the community about the technical issues currently faced.

5. On June 4, Zhaojun's family successfully logged into the cloud server platform using the historical information on his home computer. However, Zhaojun's family only allowed Multichain team engineers physical access to the home computer to fix technical issues with Router2 and Router5.

6. During this period, Zhaojun's family and the lawyer were in communication with the police. The team was not informed about the details of the case but was notified that Zhaojun would be released soon and was asked to continue maintaining the system and await further updates.

7. The Multichain protocol continued to operate as designed. The team made every effort with limited resources to sustain the operation of the Multichain protocol and resolve user issues as much as possible.

8. On July 7, user assets locked on the MPC addresses were transferred to unknown addresses abnormally. According to Zhaojun's sister, login information from an IP address in Kunming was found on the cloud server platform, along with a series of operations transferring funds from the MPC addresses.

9. On July 9, Zhaojun's sister transferred the remaining user assets in the router pool and subsequently notified the team and several project parties of this asset preservation action. The funds were transferred to EOA addresses controlled by Zhaojun's sister.
0x1eed63efba5f81d95bfe37d82c8e736b974f477b
0x6b6314f4f07c974600d872182dcde092c480e57b

10. On July 13, according to information provided by Zhaojun's family, the police took Zhaojun's sister into custody. Now, Zhaojun's sister is also out of contact. The status of the assets she has preserved is uncertain, so the team believes it is necessary to inform the community about all the known circumstances.

11. Due to the lack of alternative sources of information and corresponding operational funds, the team is forced to cease operations. If there are any further notifications and developments, the team will update the community accordingly.

12. The Multichain team does not have the access to Domain Account to redirect or bring down the frontend https://t.co/v2pWSycJ0k. Please help amplify and ask users not to use the Multichain service anymore.
Can @GoDaddy help to bring down https://t.co/v2pWSycJ0k? Thanks.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Due to recent news on @MultichainOrg, we encourage AH users on @FantomFDN chain to close down positions and withdraw assets potentially at risk ASAP including: ETH, USDC, fUSDT, DAI, BTC, LINK, MIM.

[Multichain (Previously Anyswap) @MultichainOrg]

The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains.

There is no confirmed resume time.

Please don’t use the Multichain bridging service now.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

The summary can be found in the blog here: https://t.co/h2Zmr4yWUh

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

It has been ~3 months since Iron Bank (IB) upgraded their code to freeze depositors’ funds. Though depositors have voted to stop negotiating, receive goodwill funds, and take appropriate legal action against IB, here's a summary of the whole incident for clarity and transparency.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

@RiverRunnner @YohanGGlobal Would you be able to send us a DM as well incase for any quick update / faster communication? Thanks and appreciate you reaching out 🫡

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

We are launching a $1M reward for anyone who can help return the 2021 Alpha Homora exploited funds and trace the hacker’s identity.

Contact us at [email protected] or ETH address 0xFF2EEc5Bd0797e75fBe604710429cD3c8968659a

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

@RiverRunnner @YohanGGlobal Thank you I have informed the core team on this

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Alpha Homora will be having a community call on the Discord stage for users to ask and discuss all things related to Goodwill Fund & what's next.

📍May 19 at 2PM UTC https://t.co/bBqdJ7Qn9V

Users can drop a question in Discord to get it answered during the AMA.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Though this incident has set Alpha Homora back, core developers will not stop building. We believe the new product is key to capture a huge market gap in the current and future DeFi landscape that has changed drastically over the past few years.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

As per the Tenth Open Letter, the Goodwill Funds have been set up, and eligible depositors can now claim in the link provided below. Additionally, the new product will accrue protocol fees in ALPHA, and 50% of those will be distributed to depositors.:

https://t.co/BINdw9ZXzT

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

We are also working with an on-chain forensics firm to trace the hacker’s identity that can lead to the hacker’s arrest.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Depositors should check and reach out on Discord by Sunday May 14th 11:59PM UTC if there is anything to be corrected or if the allocation should be redirected to any other addresses (in case of a protocol lending on AH). Afterwards, we will share details & next steps on claiming.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

As per the Tenth Open Letter, eligible depositors for the Goodwill Fund can check how many ALPHA tokens they will receive over 18 months in the link provided here:

https://t.co/GmyOqpXQ6N

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Tenth Open Letter to Alpha Homora Depositors

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

The blog version can be found here:
https://t.co/aYzdGW0Qhv

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Tenth Open Letter to Alpha Homora Depositors

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

In fact, this proposal was made available by a group of users to Iron Bank almost 2 weeks ago, so Iron Bank has had enough time to think and decide upon it.

Proposal: https://t.co/ChRoZTF6QT

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Alpha and users will now work together to take appropriate legal action against Iron Bank. Separately, Alpha will set up a goodwill fund for depositors whose funds are stuck in Iron Bank, and we will share more details of the goodwill fund shortly.

[Alpha Homora (🪄, 🃏) @Alpha_HomoraV2]

Despite users agreeing on the latest solution proposed by the community and Alpha agreeing to follow this proposal if Iron Bank accept, Iron Bank did not get back.