• Mon. Jun 24th, 2024

EasyFi Just Announced its Compensation Plan for the Victims of Recent Exploit



May 8, 2021

As the cryptocurrency industry continues to grow bigger by the day, the risks involved around the industry falling victim to cyber-attacks have also increased. Almost every week, a new cryptocurrency firm is reporting that they have fallen victim to an exploit.

With time, the hackers have found backdoors, loops, and other ways of finding access to cryptocurrency infrastructures. This way, the hackers are able to exploit the protocols and hack them to steal funds worth millions.

EasyFi is one of the decentralized finance (DeFi) firms that has fallen victim to a cyber-attack. After the cyber-attack, EasyFi has come up with a compensation plan for the victims of the recent hack. EasyFi is a prominent decentralized finance (DeFi) project that offers cross-chain transaction processing ability to the users.

According to cryptocurrency analysts and DeFi observers, EasyFi has fallen victim to one of the largest exploits in decentralized finance history.

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On Monday, May 10, 2021, the decentralized firm announced the launch of their compensation plan that will be interim. EasyFi has announced through Twitter that the new plan will include incentive programs, IOU tokens, and immediate payments.

EasyFi has revealed that the compensation will be multi-staged and is focused on compensating the victims who ended up losing their funds to the recent cyber-attack.

The firm announced that it has come up with a compensation plan after careful investigation of the matter. They have gone through all the options and have come up with a plan that would help the victims on an immediate basis.

EasyFi has announced that it has brought many prominent and strong investors to the platform in order to expand its business. The protocol has also acquired the support of many backers who would ensure that the project upgrades its security infrastructure.

EasyFi had reportedly become a victim of an exploit that took place on the protocol back on April 19. According to EasyFi, it had lost 2.98 million EZ tokens and stablecoins worth $6 million. At the time of writing, 2.98 million EZ tokens translate to $120 million.

Although the hack was one of the largest to take place in the DeFi space ever, the majority of the funds that the hacker acquired were rendered useless. It happened as the EasyFi protocol introduced EZ 2.0 hardfork for the token.

Ankitt Gaur, the founder of EasyFi admitted through his personal profile that the hackers went ahead and attacked his personal machine. By gaining access to Gaur’s machine, the hacker successfully gained access to admin keys and permissions to hack into the system.

The hack that took place on EasyFi is somewhat similar to the one that the hackers had attempted on Nexus Mutual, costing the project around $6 million.


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