Alpha Homera’s Open Letter to Iron Bank on Bad Debt Solution

03/05/2023 11:14 • Metaverse Matters • 119 views

It is reported that Alpha Homera issued the third open letter to the Ethereum lending platform Iron Bank, after Iron Bank froze the loan account of Alpha Homera on March 1 due to the bad debt dispute. Alpha Homera believed that confiscating the user’s funds was not a solution, and publicly put forward a bad debt solution: 1 Iron Bank returns customer funds not on Ethereum; 2. Of the approximately $41 million on Ethereum, Iron Bank will transfer approximately $11 million to users. About US $11 million represents the net bad debt amount of user deposits, excluding accrued interest. 3. For the remaining US $30 million, detailed information on how to deal with it will be shared with the community within 1 week after Iron Bank agrees to the above solution.

Alpha Homera proposed a bad debt solution to Iron Bank and asked Iron Bank to return some user funds

Interpret the above information:

In their third open letter to Ethereum lending platform Iron Bank, Alpha Homera proposed a bad debt solution after their loan account was frozen on March 1st due to a debt dispute. Alpha Homera expressed their stance that simply confiscating user funds was not an acceptable solution. Instead, they offered a three-point resolution. The first point was a request for Iron Bank to return customer funds that were not on the Ethereum platform. The second point was for Iron Bank to transfer approximately $11 million to users out of the $41 million on Ethereum. This $11 million represents the cumulative amount of bad debt that has been incurred by users so far, excluding interest. The third point involved sharing detailed information with the community about how the remaining $30 million would be dealt with, one week after Iron Bank agrees to the proposed solution.

The message presents the latest development in the bad debt dispute between Alpha Homera and Iron Bank. It highlights that Alpha Homera is still pushing for a solution that would be more equitable for all parties involved. In their open letter, Alpha Homera framed its proposed resolution as a fair and just solution to the issue. They challenged Iron Bank to act responsibly and consider their proposal in good faith.

Alpha Homera’s offer to let Iron Bank keep $30 million in Ethereum is indicative of their desire to negotiate a mutually beneficial resolution to the problem. The proposal also aims to address the concerns of the Ethereum community, which is currently divided over the dispute. By sharing the details of the proposed solution, Alpha Homera hopes to rally support from the community and pressure Iron Bank to come to the negotiating table.

In conclusion, the message highlights Alpha Homera’s ongoing efforts to resolve the bad debt issue with Iron Bank. It presents their latest proposal as a fair and just solution that balances the needs of both parties. The message also suggests that the dispute has impacted the broader Ethereum community and that stakeholders are paying attention. Thus, it is significant and worth monitoring as it continues to unfold.

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Alpha Homera’s Open Letter to Iron Bank on Bad Debt Solution

Alpha Homera proposed a bad debt solution to Iron Bank and asked Iron Bank to return some user funds

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