Alpha Homora loses $37 million following Iron Bank exploit
Though a "prime suspect" has been identified, how will the protocol make itself whole? In one of the largest exploits of the DeFi era, this morning an attacker successfully drained over $37 million from Alpha Homora by leveraging Cream’s Iron Bank protocol-to-protocol lending platform. Alpha Finance Lab, whose protocol was audited by Quantstamp and Peckshield, announced on Twitter this morning that they were aware of an attack, that the “loophole” that allowed it had been patched, and that the team had a “prime suspect”:Dear Alpha community, we've been notified of an exploit on Alpha....
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Iron Bank is ready to reenter the spotlight after the Alpha Homora hack, and plans are underway to take the lending protocol to new heights. In a press release today, C.R.E.A.M. Finance announced a new feature for (and, by proxy, an unofficial relaunch of) Iron Bank, the protocol-to-protocol lending platform designed for flash and undercollateralized loans. C.R.E.A.M., which founder Leo Cheng describes as “the yolo-est Compound fork,” is a money market designed to cover assets that are “underserved” and allow for greater capital efficiency for decentralized finance power users, listing....
Via its Twitter handle Alpha Finance Lab has announced the relaunch of Alpha Homora in its second iteration. To be deployed on Ethereum, the team behind this DeFi protocol has called the event a “milestone towards our mission to build and incubate an innovative Alpha ecosystem”. After the launch, Alpha Homora’s ecosystem could see an […]
ALPHA price turned bullish shortly after the project introduced staking, simplified farming options and a launchpad for new blockchain projects. Bitcoin (BTC) price continues to trade in a predictable range which has given traders confidence in trading altcoins and DeFi tokens. This translated to a 110% rally in the price of Alpha Finance Lab (ALPHA) over the past four days. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.30 on June 22, the price of ALPHA has rallied 196% to a monthly high at $0.89 on July 6 as its 24-hour volume spiked 433% to $293....
The Alpha Homora hack is still rippling through markets. Finance Redefined is Cointelegraph's DeFi-centric newsletter, delivered to subscribers every Wednesday.The Alpha Homora and Cream Finance hack has made a gigantic mark in the DeFi space this week.It is the largest single hack in DeFi history at $37 million in funds stolen. It is also one of the most complex, apparently leveraging several honest-to-God vulnerabilities in Alpha Homora. A few missing input checks in very specialized conditions allowed the hacker to abuse Alpha Homora’s privilege of borrowing an unlimited amount of funds....
ALPHA, the governance token of the Alpha Finance Lab and Alpha Homora ecosystem, is now the 85th biggest token in the market. ALPHA, the governance token of Alpha Finance Lab, has surged 152% in the past week. It is now the 85th most valuable cryptocurrency in the global market, breaking into the top 100 in a short period.Behind its meteoric rally are three key factors, namely the rapidly rising total value locked (TVL) of Alpha Homora, the overall positive market sentiment around DeFi, and the imminence of Alpha Homora v2.ALPHA/USDT 15-min price (Binance). Source: TradingView.comWhat is....