EasyFi reveals its plans of community compensation post the hack price slump. The cross-chain decentralized finance protocol (DeFi) revealed that it faced a devastating hack. As a result, they are planning temporary compensation.
This applies to the impacted token holders and investors. EasyFi announced in a Tweet that their interim compensation plan which is a multistage process. It includes immediate payments, IPU tokens, and incentive programs aimed at victims of the attack.
Hack
The hack took place on 19th April. However, this hack considered the largest in the history of DeFi. In addition, $6 million in stablecoins and $2.98 million in EZ tokens totaling $120 million got lost at the time of the attack.
The hacker got into a complicated position. They could own upwards of 30% of the supply. However, there was limited liquidity to unload them. As a result, the token hard forked to EZ 2.0 a week later. This rendered the attackers remaining tokens effectively worthless.
Ankit Gaur
Ankit Gaur, Founder of EasyFi, Tweeted from his account. He confirmed that the attack was a result of a targeted attack on the founder’s machine.
Moreover, it is also a meta task to access admin keys and execute the well-planned hack. However, the attack is similar to that of Hugh Karo, the founder of Nexus mutual, who lost $8 million in 2020.
