We’re live! You can now send back your ETH/alETH using our website.
On Wednesday June 16th, the Alchemix alETH contract encountered a bug with the harvest function, erroneously repaying all the system alETH debt. Borrowers were free to withdraw their ETH that was supposed to be collateral for their alETH. In effect, all borrowers of alETH before the time of the incident were given free alETH. This “reverse-rug” resulted in the alETH system being undercollateralized by 2262 ETH.
The Return Program:
After the incident, we received several inquiries from users on how and where they could return their accidental airdrops. The team was impressed by this show of support for the project. We are humbly requesting the users that benefited from this incident return the alETH they minted, or an equal amount of ETH. In turn, the Alchemix DAO will airdrop you an equivalent amount (not value) of ALCX for any ETH or alETH returned.
What to do next?
Visit the ‘Return’ page at https://app.alchemix.fi/. Here you’ll be greeted with a message that tells you how much free credit you were issued as a result of the bug.
How to become a true Alchemix Legend?
Underneath the input box you’ll see a slider which allows you to set how much ETH or alETH you would like to send in. If you set it to 100% you’ll see that the ‘Become a Legend’ phrase is presented to you.
Don’t worry, if you want to return ETH or alETH using multiple transactions then the webpage will account for your outstanding balance.
What about this NFT we keep hearing about?
In addition to being proof of your Legendary status, the NFT will endow you with yet-to-be-determined functionality in the Alchemix DAO.
Upon the conclusion of the return program period, the Legendary NFT will be claimable, via POAP, for those who return their full balance.
Can anyone donate ETH or alETH even if they weren’t reverse rugged?
As a platform we will always recognise the generosity of contributors of all types.
If someone has not benefited from the incident but would still like to donate, they are free to do so and will also get the ALCX airdrop after the program concludes. We absolutely do not expect anyone to do this, however we have received several such offers, and any such donations would play an active role in strengthening the Alchemix protocol. Your contributions will be remembered.
I still have ETH deposited in the Alchemist contract, what should I do?
If you had deposited ETH in the alETH Alchemist and taken an alETH loan, your loan is now paid off and you should be able to withdraw your initial deposit. If you took out an alETH loan after the incident and it shows you still have debt, that will have to be repaid before withdrawing from the contract.
When we relaunch alETH Alchemix next week, it will require depositing into a new contract. You can withdraw from the current contract at any time, but operations will not continue on it.
If you have any questions about becoming a Legend please feel free to pop by in our Discord channel and you’ll find plenty of motivated Alchemist’s ready to help steer you through it.