Iron Bank Calls On Alpha Homora To Take Responsibility For Bad Debt

Decentralized finance (DeFi) lending protocol Iron Bank is calling on Alpha Homora to take responsibility for its bad debt.

Alpha Homora allegedly failed to provide a proposed solution to the issue despite repeated requests by Iron Bank.

Iron Bank said it has been seeking a transparent and written solution from Alpha Homora, but the company has been unresponsive and continues to request private calls.

See Also: Digital Collectibles Platform Few And Far Secures $10.5M In Funding

Iron Bank added that written responses are important to protect all parties involved and provide full transparency.

According to Iron Bank, Alpha Homora committed to topping off its collateral within three days but failed to meet the commitment. Iron Bank reached out to Alpha Homora and received no response for 14 days. Eventually, the company received a meeting request for the following week.

Iron Bank has paused Alpha Homora's lending accounts to ensure Keep3r FixedForex, Yearn, Curve, and direct Iron Bank depositors are protected.

Iron Bank has been urging Alpha Homora to take ownership of its bad debt, stating that it needs to pay off its exploited debt.

The company has called on Alpha Homora to provide a proposed solution and take responsibility for the cost of its own exploit.

Iron Bank has repeatedly asked to see Alpha Homora’s proposed solution but they've failed to provide it. They continue to seek private calls rather than transparently provide a written solution. Written responses are to protect all parties involved and provide full transparency," it stated.

Next: UK Banks Tighten Access To Cryptoassets For Retail Customers