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

A company blog post reveals that private keys to the project’s admin account had been compromised.

By Jamie Crawley

Apr 20, 2021 at 4:10 p.m. UTC

Updated Sep 14, 2021 at 12:43 p.m. UTC

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Jamie Crawley

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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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Jamie Crawley

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Jamie Crawley