Bitcoin

DeFi App EasyFi Announces Compensation Plans After $120 Million Hack

DeFi protocol has announced a comprehensive compensation plan after a major hack and said that it is for investors and token holders who have been affected by the cyber attack. EasyFi took to Twitter and revealed their plan, which they described as the multilayer plan that includes incentives program, immediate payments, and IOU tokens.

Reportedly, the cyber attack on April 19 was among the biggest so far on a decentralized platform, with as much as $120 million lost in the attack. The hackers, who stole nearly $6 million worth of altcoins and $2.8 million EZ coins, found themselves in a complicated position. They had almost 30 percent of EZ tokens, with limited liquidity to unload them.

A week down the lane after the Hack, it hard forked to EZ 2.0, effectively making the remaining coins worthless. In response to the massive hack, the founder of the token Ankitt Gaur took to Twitter and said that the hackers accessed the founder’s machine for admin keys to execute a well-planned hack. 

Experts suggest that the EasyFi Hack was quite similar to the 2018’s Hack of the Nexus Mutual, which lost a total of $8 million. Meanwhile, the crypto experts described it as a lack of security protocol, noting that only one individual had access to admin keys when they should have been saved on a wallet.

On the other hand, the compensations announced include almost 25 percent of the lost tokens, which are expected to be transferred to investors in stable coins. In comparison, the remaining seventy-five percent will be given in IOU tokens. Besides that, the victims are likely to get access to future airdrops as well other incentivized programs.

Since the hack, the EZ token has been reeling and is down thirty-three percent. In recent months, the compensations programs have become the talk of the town as the cyberattacks continue to grow in size and numbers.

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