The conclusions reached are that the metaphor signifies that the Athenians, rather than being cunning, have been tricked by a 'fox', and that this 'fox' is a tyrant, probably Peisistratus.
After his term of office, Solon left Athens for an intended absence of ten years, during which political unrest and anarchy prevailed until Peisistratus gained control in 561/60.
The majority of scholars follow the ancient testimony, and suggest various possible identities for the men involved: Peisistratus and his followers, (20) a group of powerful people, (21) some ruling group not mentioned in the sources, (22) 'those who administered and executed the law' of Draco, (23) 'capi del popolo', (24) or unknown persons outside of and opposed to Solon's own sympotic audience of hetairoi.
With the removal of the bodyguards, Peisistratus is left undefended: (36) the 'fox' must be someone else, some unknown person who instituted debt-bondage (Linforth), or Draco (Rihll).
11 was composed when Peisistratus had already seized power.
The only other possible figure, apart from Peisistratus, to qualify as a 'tyrant' in Attica would be Draco, as argued by Rihll.