DeFi Protocol EasyFi Reports Hack, Loss of Over $80M in Funds

EasyFi, a decentralized finance (DeFi) Polygon Network-powered protocol, has reported suffering a hack Monday of over $80 million.

  • A blog post by CEO and founder Ankitt Gaur published later in the day said the hacker had transferred out 2.98 million EASY tokens, which were worth around $25 apiece at the time, for a total of around $75 million.

  • Also removed was $6 million from liquidity pools in U.S. dollars, dai and tether.

  • The amounts were transferred to an unknown wallet on the Ethereum network.

  • Gaur wrote that private keys to the network admin MetaMask account had been compromised through his computer, but the EasyFi smart contracts were not exploited.

  • He also offered a $1 million reward to the hacker for returning the funds in full.

  • EASY tokens have taken a hit since the hack, sitting at $16.65 at press time. Deposits and withdrawals have also been suspended, which has prevented the hacker from moving the stolen tokens from the wallet.

  • In a message to CoinDesk, Guar has confirmed that plans for a hard fork to recover funds are in the works. A detailed report on the investigation is also expected later today.

Updated April 20, 2021, 16:34 UTC: Information regarding the pending hard fork and report was added.

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