{"id":244862,"date":"2021-05-08T01:44:18","date_gmt":"2021-05-07T22:44:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/reeling-from-post-hack-price-slump-easyfi-reveals-community-compensation-plan\/"},"modified":"2021-05-08T01:44:18","modified_gmt":"2021-05-07T22:44:18","slug":"reeling-from-post-hack-price-slump-easyfi-reveals-community-compensation-plan","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/reeling-from-post-hack-price-slump-easyfi-reveals-community-compensation-plan\/","title":{"rendered":"# Reeling from post-hack price slump, Easyfi reveals community compensation plan"},"content":{"rendered":"<p>&#8220;<strong># Reeling from post-hack price slump, Easyfi reveals community compensation plan <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvMjcxMWNjNDktNjM4Mi00M2U1LThhYzQtMTZlYTE1YjY5ZmQ0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>After a devastating hack, a cross-chain decentralized finance (DeFi) protocol has revealed today a temporary compensation plan for token holders and investors impacted by one of the largest exploits in DeFi history.\u00a0<\/p>\n<p>In a Tweet today, EasyFi announced their \u201cInterim Compensation Plan,\u201d a multi-stage process that includes im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te payments, IOU tokens, and incentive programs aimed at victims of the attack. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/EasyFi?src=hash&amp;ref_src=twsrc%5Etfw\">#EasyFi<\/a> is releasing a carefully thought out compensation plan for the protocol users on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/0xPolygon?ref_src=twsrc%5Etfw\">@0xPolygon<\/a>.<\/p>\n<p>We would also like to inform you that we have onboarded new strategic investors &amp; strong backers to help expand the protocol operations &amp; business. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Gu7FtLcsnc\">https:\/\/t.co\/Gu7FtLcsnc<\/a><\/p>\n<p>\u2014 @easyfi.network (@EasyfiNetwork) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/EasyfiNetwork\/status\/1390694032544735236?ref_src=twsrc%5Etfw\">May 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The hack, which took place 19 April, is considered to be among the largest in DeFi history, with $6 million in stablecoins and 2.98 million EZ tokens worth upwards of $120 million lost at the time of the attack. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/address\/0x83a2EB63B6Cc296529468Afa85DbDe4A469d8B37\">hacker<\/a> was in a complicated position, however, as after exploiting the protocol they owned upwards of 30% of the supply of EZ tokens and there was limited liquidity with which to unload them. The token \u201chardforked\u201d to EZ 2.0 a week later, rendering the attacker\u2019s remaining tokens effectively worthless.\u00a0<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AnkittGaur\/status\/1384253351492087819\">Tweet<\/a> from his personal account, EasyFi founder Ankitt Gaur confirmed that the hack was the result of a \u201ctargeted attack on the founder&#8217;s machine\/metamask to access admin keys and execute the well-planned hack.\u201d This attack vector bears similarities to a 2020 hack on the personal computer of Hugh Karp, the founder of Nexus Mutual, who lost $8 million. <\/p>\n<p>An expert from hack and exploit publication Rekt <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.rekt.news\/easyfi-rekt\/\">noted<\/a> that the theft may have been the result of lax security practices, in that a single individual was in possession of the keys to the treasury, as opposed to being secured in a wallet with precautions against this type of hack such as a multisignature scheme or timelocked transactions. <\/p>\n<p>In their compensation plan blog post, EasyFi characterizes the attack as \u201cwell-planned\u201d and \u201csophisticated.\u201d<\/p>\n<p>Regardless of the cause, the efforts to compensate victims is multifaceted. Per their post, 25% of lost funds will be distributed to users \u201cimmediately\u201d in the form of stablecoins, while the remaining 75% will be distributed as \u201cIOU\u201d tokens. The IOU tokens will have \u201c25% discount on spot price of EZ at the time of distribution,\u201d and be redeemable for EZ v2 tokens on a 1-to-1 basis. Hack victims will also reportedly be the recipients of future airdrops from unspecified partners and have access to other incentivized programs still in development.\u00a0<\/p>\n<p>The post also noted that the protocol has worked to attract new venture capital via an \u201caccelerated\u201d fundraising round following the hack \u2014 a round that is still ongoing. <\/p>\n<p>The token is down 4.7% today to $11.30, and down 33.8% on the week \u2014 still reeling from both the hack, as well as from compensated investors possibly cashing in their IOUs. <\/p>\n<p>Compensation methods are an increasingly hot topic as hacks and exploits continue to plague DeFi. EasyFi\u2019s multifaceted <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach mirrors that of Origin Dollar\u2019s, while other protocols have opted for creative cross-platform treasury magic to mitigate attacks in recent months. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/reeling-from-post-hack-price-slump-easyfi-reveals-community-compensation-plan\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Reeling from post-hack price slump, Easyfi reveals community compensation plan &#8221; After a devastating hack, a cross-chain decentralized finance (DeFi) protocol has revealed today a temporary compensation plan for token holders and investors impacted by one of the largest exploits in DeFi history.\u00a0 In a Tweet today, EasyFi announced their \u201cInterim Compensation Plan,\u201d a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":244863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvMjcxMWNjNDktNjM4Mi00M2U1LThhYzQtMTZlYTE1YjY5ZmQ0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74868,74882,75493],"class_list":["post-244862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-defi","tag-hacks","tag-stablecoin"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/244862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=244862"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/244862\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/244863"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=244862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=244862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=244862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}