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.

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.

A reminder that there is $1M bounty reward for anyone who can help return the exploited funds and identify the hacker. Please contact whitehat@alphafinance.io or via ETH address 0xFF2EEc5Bd0797e75fBe604710429cD3c8968659a. Arkham bounty link: https://t.co/qb8CqhXsln 2/2

The 2021 Alpha Homora exploiter's fund movements have been actively monitored. Recently, approximately 500 ETH were transferred to Tornado Cash from address 0x905315602ed9a854e325f692ff82f58799beab57. 1/2

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.

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.

The summary can be found in the blog here:

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.

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.

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

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

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 whitehat@alphafinance.io or ETH address 0xFF2EEc5Bd0797e75fBe604710429cD3c8968659a

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.

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

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

Tenth Open Letter to Alpha Homora Depositors

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:

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.

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.

The deadline for Iron Bank to get back has passed, and Iron Bank has not got back to the users whose funds are stuck in Iron Bank. Negotiation between users/Alpha (on behalf of users) and Iron Bank will end here after 2+ months.