Alpha Finance Lab
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6 |
| Incidents it suffered (e.g. hacks) | -10 |
| Problems around it, caused by others | -4.4 |
| Long-running | +4 |
| Sum | 49 |
Score: 59/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 5 of 7 claims confirmed · 2 need better sources
anchored·3P5vQw…6YuSSummary
Alpha Finance Lab (later rebranded Alpha Venture DAO, and subsequently as the Stella protocol) was a Thailand-linked DeFi venture founded around mid-2020, best known for the leveraged yield-farming product Alpha Homora. Its Alpha Homora v2 contract was exploited in February 2021 for roughly $37.5 million, creating bad debt with its credit line provider Iron Bank (an offshoot of Cream Finance), which in 2023 froze depositor funds in a dispute over repayment that led Alpha to set up a goodwill fund and depositors to vote for legal action against Iron Bank. No regulatory or law-enforcement action against the project was identified in available sources; most of the record consists of crypto-industry reporting and the parties' own statements, which conflict on several points.
Connected Entities
6 entities · 60 linked investigations- Cream Finance→mentioned with→ZachXBT(70%)
- Cream Finance→mentioned with→Binance(70%)
- ZachXBT→mentioned with→Binance(60%)
- Alpha Finance→mentioned with→ZachXBT(70%)
- Alpha Finance→mentioned with→Binance(70%)
- Alpha Finance→mentioned with→Arbitrum(65%)
- Alpha Finance Lab→mentioned with→Cream Finance(80%)
- ZachXBT→mentioned with→Cream Finance(80%)
- Arbitrum→mentioned with→Binance(65%)
Timeline(5 events)
October 2020
Alpha Homora launches on Ethereum mainnet as a leveraged yield-farming protocol.
DeFiPrime13 February 2021
Alpha Homora v2 is exploited via a malicious 'spell' contract, causing Cream Finance's Iron Bank to lend out roughly $37.5 million to the attacker.
The BlockMarch 2023
Iron Bank freezes Alpha Homora's lending accounts over roughly $30-32 million in unresolved bad debt stemming from the 2021 exploit, trapping depositor funds.
The BlockApril 2023
Alpha publishes its Eighth Open Letter announcing depositors voted to stop negotiating with Iron Bank.
Alpha Venture DAO blog11 May 2023
Alpha announces a 'goodwill fund' of 30 million ALPHA tokens plus 50% of future protocol fees for 18 months, to compensate depositors whose funds remain frozen at Iron Bank.
Alpha Venture DAO blog: Tenth Open LetterDecision Log
- slot 464365847 · hash FFZS44c9gcPkLQcQGzrbd7xwoHZK3RntAwr2YqCytF8w
- slot 464365841 · hash Bv3Ns7GU5KvR58HvAAb8oc5aAJ3NW5m32CkST8DfqMvA
- slot 464365393 · hash 4tkfkqRUXuoH74JjEfnFBrVgp3pNmFmUjVWpkbudFrDH
- slot 455360674 · hash 8k7dUosbetRLoudX6SRc3kqPMBxDH9L7aMoUgpYYumsJ
- slot 421342900 · hash HwtZvgXT6jnFFmve2nHyVJ3b7QS7FYoXS8vaWhDLEkgc
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 19 of 22 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/4/2026, 2:54:59 AM
last updated: 11/2/2026, 4:45:52 AM
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