# Why Ketju rejected Homora V2 (Alpha Finance)

- URL: https://riadefi.com/rejections/homora-v2/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-09-19

## The memo

REJECTED — THIS IS A DEAD PROTOCOL, NOT A CANDIDATE FOR ALLOCATION. Homora V2 is a leveraged yield-farming and lending protocol built by Alpha Finance Lab (now Alpha Venture DAO). DefiLlama's own protocol record carries a `deadFrom` flag dated 2025-10-11, and its last-active chain shows on-chain TVL in the tens of thousands of dollars, not the roughly $110M figure this registry's worklist initially carried, which reflects a stale or cached snapshot rather than current state. The live front end currently displays a banner stating "Alpha Homora is currently experiencing issues." Independent of its current operational status, the protocol suffered a confirmed $37.5M exploit in February 2021 via an accounting-rounding bug in an unreleased lending pool, an incident serious enough that the post-mortem strongly implied insider knowledge was required to execute it.

## What would reopen the file

- DefiLlama's dead-protocol flag is removed and current, meaningful on-chain TVL is confirmed
- The live application's operational-issue banner is resolved and the underlying cause disclosed
- A public accounting of the February 2021 exploit's attribution and any recovered funds is published
- A named multisig with disclosed signers and a timelock governs any surviving admin authority

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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