For the reason that Third Open Letter, we now have proposed a number of options to Iron Financial institution on to return customers’ funds, however haven’t been capable of come to a whole decision. Whereas Iron Financial institution has returned some elements of customers’ deposits (on non-Ethereum chains), they nonetheless take management of customers’ deposits on Ethereum.
We imagine one of the best ways ahead is for our neighborhood to agree upon the plan to barter with Iron Financial institution to return Alpha Homara’s consumer deposits. This step is being executed in public so we will transfer ahead collectively as a neighborhood.
We suggest the next plan, which ought to maximize worth for Alpha Homora V2 depositors whereas being truthful to Iron Financial institution’s customers on the similar time.
Iron Financial institution to pause curiosity accruing immediatelyIron Financial institution to return the whole extra ($8,686,364.33)*, which unequivocally belongs to Alpha Homora depositors, again to Alpha in 2 elements:
a) Iron Financial institution to return the excellent extra ($5,326,879.99), as calculated beneath, again to Alpha by March 14th, 6AM (UTC).
i) As of present, complete liquidity in Iron Financial institution excluding unhealthy debt = $57,452,881.48 – $30,689,988.09 = $26,762,893.39
ii) As of present, non-Alpha’s complete deposit = $18,076,529.06
iii) As of present, Alpha’s present borrow = $3,359,484.34
iv) So, the excellent extra worth = (i) – (ii) – (iii) = $5,326,879.99
b) Iron Financial institution to redirect any repayments from Alpha Homora positions from iii) ($3,359,484.34) again to Alpha inside 3 days after every reimbursement is made.
3. Iron Financial institution to return Alpha’s collateral (63,000,000 ALPHA) as Iron Financial institution will not have debt with Alpha Homora.
4. We are going to work with Alpha depositors to settle the unhealthy debt quantity and make depositors complete as a lot as attainable. As soon as we go the primary three elements, we are going to suggest some attainable options so we, as a neighborhood, can resolve the best choice collectively.
Most significantly, this implies the unhealthy debt will likely be transferred from between the 2 protocols to at least one between Alpha Homora and its depositors. We are going to then talk about the restoration plan collectively after the negotiation with Iron Financial institution is accomplished.
Whereas we fully disagree with Iron Financial institution freezing Alpha Homora’s consumer funds, this plan is made in good religion to resolve protocol’s debt in the way in which that minimizes every social gathering’s losses. This resolution right here is way from supreme as we’re unable to instantly make everybody complete (as a result of the fund misplaced is held by the hacker). Nonetheless, we imagine this center floor is an effective potential resolution towards unfreezing Alpha Homora’s consumer fund as quickly as attainable.
We might like to kickstart the dialogue round this plan on Discord and begin the voting inside 48 hours for the neighborhood to resolve the trail ahead that Alpha Homora depositors collectively conform to pursue.
Individually, we encourage leverage customers on Alpha Homora v2 to shut the positions IMMEDIATELY to reduce your dangers and to make resolving course of easier.
We will likely be out there and lively on Discord. If any consumer has any questions or options, please tell us.
*The numbers are as of March ninth, 11:08AM (UTC). The precise numbers will should be adjusted upon execution.
