{"investigation":{"slug":"alpha-finance-lab","entity_name":"Alpha Finance Lab","trust_score":48,"severity_base":null,"score_modifier":16,"confidence":0.72,"status":"draft","content_type":"investigation","summary":"Alpha Finance Lab (also known as Alpha Venture DAO, later rebranded to Stella) is a DeFi protocol builder founded in 2020 and best known for Alpha Homora, the first leveraged yield farming protocol on Ethereum. In February 2021, a vulnerability in Alpha Homora V2's own smart contract code was exploited by a third party, resulting in approximately $37.5 million drained from Cream Finance's Iron Bank through an uncollateralized protocol-to-protocol lending arrangement. Alpha bore primary responsibility for the exploited vulnerability; subsequent disputes over the resulting bad debt led to Iron Bank freezing approximately $41 million in Alpha Homora user deposits on Ethereum in March 2023, a dispute that as of mid-2023 remained unresolved with Iron Bank, with Alpha establishing a goodwill compensation fund for affected depositors.","sections":[{"content":"Alpha Finance Lab was founded in 2020 by Tascha Punyaneramitdee (project lead, formerly of Jefferies investment banking and Tencent product management) and co-founder Nipun Pitimanaaree (lead engineer, MIT graduate and four-time International Mathematical Olympiad gold medalist). The project launched its native ALPHA governance and utility token via a public sale on the Binance Launchpad. Alpha Homora, launched in October 2020, was the first leveraged yield farming protocol in DeFi, allowing users to take leveraged positions on yield farming pools and earning a peak total value locked (TVL) reported at approximately $1.9 billion. Alpha Finance Lab subsequently rebranded as Alpha Venture DAO, adding an incubation arm (Alpha Incubate) that launched projects including Beta Finance and pStake. In 2023-2024, the core leveraged yield farming product was further rebranded to Stella, operating under a zero-cost borrowing model across Arbitrum and other chains, while still using the ALPHA token.","heading":"Background and Products","sources":[{"url":"https://kriptomat.io/cryptocurrency-prices/alpha-finance-alpha-price/what-is/","name":"What Is Alpha Finance & How Does It Work? Who Created ALPHA? — Kriptomat","type":"other","credibility":2},{"url":"https://consensys.io/blog/alpha-homora-leveraged-yield-farming","name":"Alpha Finance Lab — Consensys blog overview","type":"other","credibility":2},{"url":"https://blockcast.cc/founder-of-alpha-finance-lab-analyze-product-features-operation-procedures-and-development-plans/","name":"Founder of Alpha Finance Lab: product features and development plans — Blockcast.cc","type":"other","credibility":3},{"url":"https://www.gate.com/crypto-wiki/article/stella-alpha-summary-leveraged-yield-farming-reimagined","name":"Stella ($ALPHA) — Gate.com crypto wiki","type":"other","credibility":2}],"severity":"low"},{"content":"On February 13, 2021, an attacker exploited Alpha Homora V2's smart contract code across more than nine transactions, draining approximately $37.5 million from Cream Finance's Iron Bank, which provided uncollateralized protocol-to-protocol lending to Alpha Homora. Primary fault for the vulnerability lay with Alpha Homora V2's code design, not with Iron Bank or Cream Finance. The exploit combined at least three flaws in Alpha Homora's contracts: (1) an undisclosed sUSD pool that existed at the contract level but was not yet publicly released or accessible via the protocol's UI; (2) a rounding miscalculation in the borrow function that was only triggered when a single borrower held the pool; and (3) a permissionless resolveReserve function that any caller could invoke to inflate total debt without proportionally increasing debt shares. By becoming the sole borrower, partially repaying to minimize debt shares, then calling resolveReserve to skew the debt-to-share ratio, the attacker was able to borrow increasing amounts at near-zero share cost, ultimately extracting funds that Iron Bank held. Alpha Homora had been previously audited by Quantstamp (which identified four high-severity issues, all reportedly remediated) and PeckShield (which found no high-severity issues). The vulnerability exploited in February 2021 was not identified by either audit. The attacker was a third party — Alpha Finance Lab and Cream Finance / Iron Bank were victims of the exploit, not perpetrators. No evidence of insider involvement has been established by any credible source.","heading":"February 2021 Exploit — Attribution and Mechanism","sources":[{"url":"https://blog.alphaventuredao.io/alpha-homora-v2-post-mortem/","name":"Alpha Homora V2 Post Mortem — Alpha Venture DAO official blog","type":"official","credibility":1},{"url":"https://medium.com/cream-finance/alpha-homora-v2-exploit-post-mortem-344d277bdea6","name":"Alpha Homora V2 Exploit Post Mortem — C.R.E.A.M. Finance (Medium)","type":"official","credibility":1},{"url":"https://cointelegraph.com/news/alpha-homora-loses-37-million-following-iron-bank-exploit","name":"Alpha Homora loses $37 million following Iron Bank exploit — CoinTelegraph","type":"news_article","credibility":2},{"url":"https://thedefiant.io/cream-and-alpha-finance-get-hacked-for-37-5m/","name":"CREAM and Alpha Finance Get Hacked for $37.5M — The Defiant","type":"news_article","credibility":2},{"url":"https://quadrigainitiative.com/casestudy/alphahomorahack.php","name":"Feb 2021 — Alpha Homora/Cream Finance Hack case study — Quadriga Initiative","type":"research","credibility":2},{"url":"https://blog.merklescience.com/hacktrack/hack-track-analysis-of-cream-finance-hack","name":"Hack Track: Analysis of C.R.E.A.M. Finance Hack — Merkle Science","type":"research","credibility":2}],"severity":"high"},{"content":"Following the exploit, Alpha Finance Lab and Cream Finance jointly announced a repayment framework. The agreement included: an immediate payment from 1,000 ETH each that the attacker had sent to their respective deployer addresses; a commitment by Alpha Homora to apply 20% of its V1 and V2 protocol fee reserves monthly toward debt repayment; an upgrade to halt interest accrual on the exploit-derived debt (with Alpha covering audit costs); and Alpha locking 50 million ALPHA tokens in escrow at a 2x collateral ratio, with Cream's multisig holding liquidation rights if repayment obligations were not met. At the time of the agreement the 50 million ALPHA tokens were valued at approximately $109 million. Borrowing on Alpha Homora V2 was paused; existing positions could be repaid or liquidated. New security measures were introduced including whitelisting of spells (strategies) rather than accepting any custom spell.","heading":"Post-Exploit Response and Initial Debt Agreement","sources":[{"url":"https://blog.alphaventuredao.io/joint-announcement-on-funds-repayment/","name":"Joint Announcement on Funds Repayment — Alpha Venture DAO blog","type":"official","credibility":1},{"url":"https://medium.com/cream-finance/joint-announcement-on-funds-repayment-a7d63870f7d6","name":"Joint Announcement on Funds Repayment — C.R.E.A.M. Finance (Medium)","type":"official","credibility":1}],"severity":"medium"},{"content":"As of March 2, 2023, Alpha Homora's outstanding debt to Iron Bank stood at approximately $31.95 million (comprising 11,422 ETH plus stablecoin balances). Over the two years since the exploit, Alpha Homora had repaid approximately $481,746 — at that rate, independent analysts estimated repayment would take over 540 years. Simultaneously, the ALPHA token collateral locked in escrow had depreciated from roughly $109 million at the time of the agreement to approximately $6 million, leaving the debt severely undercollateralized. On March 1, 2023, Iron Bank unilaterally modified its smart contracts to prevent Alpha Homora from withdrawing assets deposited into the bank, reportedly without prior notice to Alpha Homora. This action froze approximately $41 million in Alpha Homora user deposits on Ethereum (exceeding the $32 million debt). Iron Bank subsequently returned access to deposits on Optimism, Avalanche, and Fantom deployments but maintained the freeze on Ethereum. Alpha Venture DAO disputed the legitimacy of the freeze, with its CEO stating that Iron Bank's concerns did not entitle it to hold user deposits. Alpha proposed that Iron Bank retain approximately $32 million of user funds to satisfy the debt and return approximately $8.7 million in excess funds. Negotiations did not produce a formal settlement. After several public open letters and community votes, Alpha Homora depositors voted to cease negotiations with Iron Bank, pursue legal action to unfreeze funds, and accept a goodwill compensation fund established by Alpha Homora consisting of 30 million ALPHA tokens vested monthly over 18 months starting May 2023, plus 50% of protocol fees. No public record of a court ruling or a negotiated settlement has been identified as of the date of this investigation. The disposition of the frozen Ethereum deposits and the Iron Bank debt remain unclear based on available public sources.","heading":"Iron Bank Dispute and Frozen User Funds (2023)","sources":[{"url":"https://www.dlnews.com/articles/defi/defi-partners-clash-over-32m-bad-debt-iron-bank-alpha-homora/","name":"As DeFi partners clash over $32m in bad debt, depositors could lose everything — DL News","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/216832/iron-bank-tells-alpha-homora-to-take-ownership-of-its-bad-debt","name":"Iron Bank tells Alpha Homora to take ownership of its bad debt — The Block","type":"news_article","credibility":1},{"url":"https://thedefiant.io/news/defi/alpha-homora-cedes-32m-user-funds-iron-bank","name":"Alpha Homora Offers $32M In Seized User Assets To Iron Bank To Pay Down Debt — The Defiant","type":"news_article","credibility":2},{"url":"https://blog.alphaventuredao.io/iron-bank-and-alpha-homora-conflict-summarized/","name":"Iron Bank and Alpha Homora Conflict Summarized — Alpha Venture DAO blog","type":"official","credibility":1},{"url":"https://blockbytes.com/2023/03/08/iron-bank-vs-alpha-homora-protocol-exploits-protocol/","name":"Iron Bank vs Alpha Homora — Protocol Exploits Protocol — Blockbytes","type":"news_article","credibility":2},{"url":"https://ibdotxyz.medium.com/timeline-between-iron-bank-alpha-homora-v2-e0bfe75467b8","name":"Timeline Between Iron Bank and Alpha Homora V2 — Iron Bank (Medium)","type":"official","credibility":1},{"url":"https://rekt.news/iron-alpha","name":"Iron Bank vs Alpha Homora — Rekt News","type":"news_article","credibility":2},{"url":"https://blog.alphaventuredao.io/tenth-open-letter-goodwill-fund/","name":"Tenth Open Letter: Goodwill Fund — Alpha Venture DAO blog","type":"official","credibility":1}],"severity":"high"},{"content":"No SEC enforcement action, CFTC proceeding, OFAC sanctions designation, or DOJ investigation involving Alpha Finance Lab, Alpha Venture DAO, or their principals has been identified in publicly available records as of this investigation. The dispute between Alpha Homora and Iron Bank is a civil protocol-to-protocol matter; Alpha Homora depositors voted to pursue legal action against Iron Bank, but no filed court proceedings have been identified in available sources.","heading":"Regulatory and Legal Status","sources":[],"severity":"low"},{"content":"The core team rebranded Alpha Homora to Stella (stellaxyz) in 2023-2024, focusing on a zero-cost-to-borrow leveraged strategies model on Arbitrum and other networks. The ALPHA token continues to trade and is used for governance and fee-sharing. The project remains active with ongoing product development under the Stella brand. The ALPHA token has declined significantly from its all-time high of approximately $2.93 (reached February 5, 2021) and as of available data has lost more than 99% of peak value, reflecting the 2022-2023 bear market and the reputational and financial impact of the exploit and Iron Bank dispute. Alpha Homora V2 continued to operate on Ethereum, Fantom, Avalanche, and Optimism, with borrowing on Ethereum subject to the ongoing debt constraints.","heading":"Current Project Status","sources":[{"url":"https://dexplain.com/what-happened-to-alpha-finance-alpha-token/","name":"What Happened to Alpha Finance and the ALPHA Token? — dExplain","type":"news_article","credibility":2},{"url":"https://medium.com/@stellaxyz_/stella-the-leveraged-strategies-protocol-with-0-cost-to-borrow-bad4f89d5cd3","name":"Stella — the Leveraged Strategies Protocol With 0% Cost to Borrow — Stella (Medium)","type":"official","credibility":2},{"url":"https://messari.io/project/alpha-finance/profile","name":"What is Stella? — Messari","type":"research","credibility":2},{"url":"https://docs.alphaventuredao.io/alpha-finance-lab/alpha-venture-dao/overview","name":"Alpha Venture DAO Overview — official docs","type":"official","credibility":1}],"severity":"medium"}],"timeline":[{"date":"2020-10","event":"Alpha Finance Lab launches Alpha Homora, the first leveraged yield farming protocol in DeFi, and the ALPHA token via Binance Launchpad.","source":"Kriptomat / Consensys overview","source_url":"https://kriptomat.io/cryptocurrency-prices/alpha-finance-alpha-price/what-is/","date_original":"2020-10-01"},{"date":"2021-02-05","event":"ALPHA token reaches all-time high price of approximately $2.93.","source":"dExplain — What Happened to Alpha Finance","source_url":"https://dexplain.com/what-happened-to-alpha-finance-alpha-token/"},{"date":"2021-02-13","event":"A third-party attacker exploits vulnerabilities in Alpha Homora V2's smart contract code, draining approximately $37.5 million from Cream Finance's Iron Bank. The root cause is identified as multiple flaws in Alpha Homora's own contracts, including an undisclosed sUSD pool, a rounding error in the borrow function, and a permissionless resolveReserve function.","source":"Alpha Homora V2 Post Mortem — Alpha Venture DAO / CoinTelegraph","source_url":"https://blog.alphaventuredao.io/alpha-homora-v2-post-mortem/"},{"date":"2021-02-14","event":"Alpha Finance Lab and Cream Finance publish a joint repayment plan: 1,000 ETH each from attacker-returned funds, 20% of Alpha Homora protocol fees monthly, interest freeze on exploit-derived debt, and 50 million ALPHA tokens locked as collateral (then worth ~$109 million at a 2x ratio).","source":"Joint Announcement on Funds Repayment — Alpha Venture DAO blog","source_url":"https://blog.alphaventuredao.io/joint-announcement-on-funds-repayment/"},{"date":"2021-09","event":"Alpha Finance Lab announces transition to Alpha Venture DAO, adding Alpha Incubate as an incubation arm for Web3 projects.","source":"Alpha Finance Lab Launches Alpha Venture DAO — Bitcoinist","source_url":"https://bitcoinist.com/alpha-finance-lab-launches-alpha-venture-dao-to-support-and-advance-web3-innovation-efforts/","date_original":"2021-09-01"},{"date":"2023-03","event":"Iron Bank unilaterally modifies its Ethereum smart contracts to prevent Alpha Homora from withdrawing assets, freezing approximately $41 million in Alpha Homora user deposits on Ethereum, after repayment progress is found to be minimal ($481,746 repaid over two years out of ~$32 million owed). Iron Bank subsequently restores access on Optimism, Avalanche, and Fantom.","source":"Iron Bank tells Alpha Homora to take ownership of its bad debt — The Block","source_url":"https://www.theblock.co/post/216832/iron-bank-tells-alpha-homora-to-take-ownership-of-its-bad-debt","date_original":"2023-03-01"},{"date":"2023-03-02","event":"Alpha Venture DAO publishes an open letter disputing Iron Bank's actions and proposes Iron Bank retain ~$32M to settle the debt while returning ~$8.7M in excess user funds.","source":"An Open Letter to Iron Bank — Alpha Venture DAO blog","source_url":"https://blog.alphaventuredao.io/an-open-letter-to-iron-bank/"},{"date":"2023-05","event":"Alpha Homora depositors vote to cease negotiations with Iron Bank and accept a goodwill fund established by Alpha Homora: 30 million ALPHA tokens vested over 18 months plus 50% of protocol fees, with depositors also voting to pursue legal action against Iron Bank.","source":"Tenth Open Letter: Goodwill Fund — Alpha Venture DAO blog","source_url":"https://blog.alphaventuredao.io/tenth-open-letter-goodwill-fund/","date_original":"2023-05-01"},{"date":"2024","event":"Alpha Homora's leveraged yield farming product is rebranded to Stella, focusing on a zero-cost borrowing model and expanding to Arbitrum. The ALPHA token continues to serve as the governance and fee-sharing token.","source":"Stella — the Leveraged Strategies Protocol — Messari","source_url":"https://messari.io/project/alpha-finance/profile","date_original":"2024-01-01"}],"sources_used":[{"url":"https://blog.alphaventuredao.io/alpha-homora-v2-post-mortem/","name":"Alpha Homora V2 Post Mortem — Alpha Venture DAO official blog","type":"official","archive_url":"http://web.archive.org/web/20260518024141/https://blog.alphaventuredao.io/alpha-homora-v2-post-mortem/","credibility":1,"archive_timestamp":"2026-05-18T02:41:41+00:00"},{"url":"https://medium.com/cream-finance/alpha-homora-v2-exploit-post-mortem-344d277bdea6","name":"Alpha Homora V2 Exploit Post Mortem — C.R.E.A.M. Finance (Medium)","type":"official","archive_url":"http://web.archive.org/web/20260803174950/https://medium.com/cream-finance/alpha-homora-v2-exploit-post-mortem-344d277bdea6","credibility":1,"archive_timestamp":"2026-08-03T17:49:50+00:00"},{"url":"https://blog.alphaventuredao.io/joint-announcement-on-funds-repayment/","name":"Joint Announcement on Funds Repayment — Alpha Venture DAO blog","type":"official","archive_url":"http://web.archive.org/web/20260518035727/https://blog.alphaventuredao.io/joint-announcement-on-funds-repayment/","credibility":1,"archive_timestamp":"2026-05-18T03:57:27+00:00"},{"url":"https://medium.com/cream-finance/joint-announcement-on-funds-repayment-a7d63870f7d6","name":"Joint Announcement on Funds Repayment — C.R.E.A.M. Finance (Medium)","type":"official","archive_url":"http://web.archive.org/web/20250724204904/https://medium.com/cream-finance/joint-announcement-on-funds-repayment-a7d63870f7d6","credibility":1,"archive_timestamp":"2025-07-24T20:49:04+00:00"},{"url":"https://blog.alphaventuredao.io/iron-bank-and-alpha-homora-conflict-summarized/","name":"Iron Bank and Alpha Homora Conflict Summarized — Alpha Venture DAO blog","type":"official","archive_url":"http://web.archive.org/web/20260608084106/https://blog.alphaventuredao.io/iron-bank-and-alpha-homora-conflict-summarized/","credibility":1,"archive_timestamp":"2026-06-08T08:41:06+00:00"},{"url":"https://blog.alphaventuredao.io/an-open-letter-to-iron-bank/","name":"An Open Letter to Iron Bank — Alpha Venture DAO blog","type":"official","archive_url":"http://web.archive.org/web/20260518024453/https://blog.alphaventuredao.io/an-open-letter-to-iron-bank/","credibility":1,"archive_timestamp":"2026-05-18T02:44:53+00:00"},{"url":"https://ibdotxyz.medium.com/timeline-between-iron-bank-alpha-homora-v2-e0bfe75467b8","name":"Timeline Between Iron Bank and Alpha Homora V2 — Iron Bank (Medium)","type":"official","archive_url":"http://web.archive.org/web/20251115063450/https://ibdotxyz.medium.com/timeline-between-iron-bank-alpha-homora-v2-e0bfe75467b8","credibility":1,"archive_timestamp":"2025-11-15T06:34:50+00:00"},{"url":"https://blog.alphaventuredao.io/tenth-open-letter-goodwill-fund/","name":"Tenth Open Letter: Goodwill Fund — Alpha Venture DAO blog","type":"official","archive_url":"http://web.archive.org/web/20260518025833/https://blog.alphaventuredao.io/tenth-open-letter-goodwill-fund/","credibility":1,"archive_timestamp":"2026-05-18T02:58:33+00:00"},{"url":"https://cointelegraph.com/news/alpha-homora-loses-37-million-following-iron-bank-exploit","name":"Alpha Homora loses $37 million following Iron Bank exploit — CoinTelegraph","type":"news_article","archive_url":"http://web.archive.org/web/20260724221457/https://cointelegraph.com/news/alpha-homora-loses-37-million-following-iron-bank-exploit","credibility":2,"archive_timestamp":"2026-07-24T22:14:57+00:00"},{"url":"https://thedefiant.io/cream-and-alpha-finance-get-hacked-for-37-5m/","name":"CREAM and Alpha Finance Get Hacked for $37.5M — The Defiant","type":"news_article","archive_url":null,"credibility":2,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://thedefiant.io/news/defi/alpha-homora-cedes-32m-user-funds-iron-bank","name":"Alpha Homora Offers $32M In Seized User Assets To Iron Bank To Pay Down Debt — The Defiant","type":"news_article","archive_url":null,"credibility":2,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.theblock.co/post/216832/iron-bank-tells-alpha-homora-to-take-ownership-of-its-bad-debt","name":"Iron Bank tells Alpha Homora to take ownership of its bad debt — The Block","type":"news_article","archive_url":null,"credibility":1,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.dlnews.com/articles/defi/defi-partners-clash-over-32m-bad-debt-iron-bank-alpha-homora/","name":"As DeFi partners clash over $32m in bad debt, depositors could lose everything — DL News","type":"news_article","archive_url":"http://web.archive.org/web/20260617095331/https://www.dlnews.com/articles/defi/defi-partners-clash-over-32m-bad-debt-iron-bank-alpha-homora/","credibility":2,"archive_timestamp":"2026-06-17T09:53:31+00:00"},{"url":"https://rekt.news/iron-alpha","name":"Iron Bank vs Alpha Homora — Rekt News","type":"news_article","archive_url":"http://web.archive.org/web/20260209093747/https://rekt.news/iron-alpha","credibility":2,"archive_timestamp":"2026-02-09T09:37:47+00:00"},{"url":"https://blockbytes.com/2023/03/08/iron-bank-vs-alpha-homora-protocol-exploits-protocol/","name":"Iron Bank vs Alpha Homora — Protocol Exploits Protocol — Blockbytes","type":"news_article","archive_url":"http://web.archive.org/web/20260611001317/https://blockbytes.com/2023/03/08/iron-bank-vs-alpha-homora-protocol-exploits-protocol/","credibility":2,"archive_timestamp":"2026-06-11T00:13:17+00:00"},{"url":"https://quadrigainitiative.com/casestudy/alphahomorahack.php","name":"Feb 2021 — Alpha Homora/Cream Finance Hack case study — Quadriga Initiative","type":"research","archive_url":"http://web.archive.org/web/20260711135145/https://quadrigainitiative.com/casestudy/alphahomorahack.php","credibility":2,"archive_timestamp":"2026-07-11T13:51:45+00:00"},{"url":"https://blog.merklescience.com/hacktrack/hack-track-analysis-of-cream-finance-hack","name":"Hack Track: Analysis of C.R.E.A.M. 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