Iron Finance Debacle: Was it really a bank run? (no)

The foremost narrative in the wake of Iron Finance’s alleged “bank run” was surprisingly tame. Most capitulated to the official narrative: no rugpull, no exploit, nothing shady happening. Even influencers in the Crypto space like Taiki agree. You also have the very public and rambunctious gloaters preaching about how the victims deserved it for not pulling out on a high. Except we tried to. But you cannot beat a well-prepared and organized network of bad actor(s) with no preparation or unity.

This was me in the aftermath reeling from the bloodbath trying to salvage what I can. This is what the normal user looks like — sending many cancellations on orders that never materialize to put forth higher gas prices so the network admits your transactions. You’d think it would be on me for not exiting earlier — except I did. I was trying the whole day from the peak price at $64! 6 hours in the afternoon and then 3 hours well into midnight. I even signed up for two personal RPCs and upped the gas to 200 and still couldn’t get through.

This was the the profiteering Ironredeemer in action: