so here's what the ALPHA oracle was actually doing
i pulled every change alphalend's admin made to how ALPHA gets priced & to the market's settings, & lined them up w what the 4 positions that became the ~$17M of bad debt were doing at the same time. booked = what the protocol itself said the ALPHA was worth (its own events, value / amount). market = what ALPHA actually traded at that day. i could have gotten some stuff wrong, every row links to the tx so you can check me.
the 4 positions
all 4 were backed by ALPHA & nothing else when the sui foundation's wallet paid them off on sep 20. "borrows" = cumulative gross borrow events at the protocol's own numbers, not net exposure.
| position | opened (utc) | opened by | ALPHA collateral | highest booked value | debt the bailout paid | borrows |
|---|
what the protocol said ALPHA was worth vs what it traded at
log scale cuz of the gold thing. red = the feed ALPHA was mapped to at that moment, dots = the exact valuations the protocol wrote into its own events. the strip underneath is the LTV the admin had set, w a tick every time the deposit cap got raised (59 times).
hour by hour
admin stuff on the left, the positions on the right. every entry links to the tx on suiscan where there is one.
everything here is read straight off sui mainnet via public rpc: the admin's txs on the ALPHA market (market id 12), the oracle object's price identifiers & the 4 positions' events. times are utc. P1 = 0x9e9d0f9c…, P2 = 0x74d35b41…, P3 = 0xd439d8da…, P4 = 0xf0a41462….
"fee wallet" = 0xee5360c5…, the address the protocol admin set as where protocol fees go. what the chain shows: it gassed the creators, held 2 of the positions' caps, deposited & borrowed on them, & repaid them. who's behind it isn't on chain, & i'm not saying i know.
this is one piece of a bigger thing. the rest of the research (the night of the shutdown, the vault lock, the bad debt, what the fee wallet did in september, the receipts) lives at k4d.io/alphafi.