Verify

Three questions. What has been independently demonstrated. What anyone can reproduce. What remains open.

✓

Independently reproducible — on-chain accounting

Anyone can run this. No trust in Alef required.

  • Reserve addresses are public. All wallets across Ethereum, BNB Chain, Solana, Tron, TON and Bitcoin are published on the main page.
  • The auditor fetches positions directly from lending protocols. Assets and liabilities are retrieved from Aave, Morpho, JustLend, Venus and Euler via their public APIs — not from Alef.
  • Prices come from Yahoo Finance and CoinGecko. Not from any source controlled by Alef.
  • Token supply is read from Solana. Via getTokenSupply on the ALEF mint address directly from the blockchain.
  • NAV is calculated, not asserted. The formula is (assets − liabilities − accrued fee) / supply, computed from the retrieved data.
  • Strict mode is on. Any required data fetch that fails aborts the run rather than silently producing a partial result. Manual asset or liability overrides are set to zero.
  • The code is open source. Every line of the calculation is published and inspectable on this site.
⊕

Third-party verified — wallet control

Alpine Audit GmbH, Zürich, October 2026.

  • An independent Swiss firm tested whether Alef controls the published addresses. Tests were performed between October 14–21, 2026, across seven blockchain address/network combinations including multisignature arrangements.
  • The report is published and digitally signed. Available at alef.money/alpine-audit-report.pdf. The signature can be verified at validator.admin.ch.
  • Scope is limited to wallet control. The report does not verify reserve sufficiency, solvency, NAV accuracy or smart-contract security. It establishes that Alef can sign transactions from the disclosed addresses — no more, no less.
!

Remaining open questions

Real risks. Not reasons to dismiss what has been demonstrated.

  • Leverage is optional for the investor. The portfolio uses approximately 1.3–1.5× internal exposure, which amplifies both gains and losses. Investors who prefer no leverage can pair ALEF with stablecoins and harvest volatility through periodic rebalancing — capturing returns from price oscillations without taking on additional risk.
  • The auditor checks disclosed on-chain positions. It cannot automatically rule out undisclosed off-chain obligations.
  • Redemption rights. ALEF can be sold on Raydium or Biconomy. Large redemptions at NAV depend on available liquidity.
  • Regulatory status. Alef Financial is incorporated in Panama. Its precise regulatory obligations under Panamanian law have not been independently assessed here.
  • Code correctness. The auditor can be independently reviewed. Discrepancies, errors or improvement suggestions can be submitted via the contact form.

How to run the auditor

1
Copy the code from the Proof of Reserves section Go to alef.money → Proof of Reserves → Portfolio Auditor and copy the full Python script. No installation beyond Python 3 and a few standard packages is required.
2
Install dependencies 
pip install requests yfinance
3
Run it 
python nav_auditor.py
The script fetches live data from public blockchains and APIs. It prints a full audit report including gross assets, liabilities, NAV per ALEF, and lending health factors.
4
Compare to the reported price The price shown on the main page is generated by this same calculation. If your run produces a materially different result, that is worth investigating — submit it via the contact form.
5
You can also give the code to an AI Paste the auditor into ChatGPT, Claude, Gemini or Grok and ask it to verify that the code retrieves data from external sources, that no manual balances are hardcoded, and that the NAV formula is correct. The code is designed to be readable by both humans and AI systems.
↓ Alpine Audit report Verify signature ↗ Auditor source code FAQ