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EasyFi Announces Reinstatement Plan Following Security Incident

EasyFi Announces Reinstatement Plan Following Security Incident

EasyFi has announced that it has started reinstatement of its protocol after the security incident in April when they were hacked by a well-planned and sophisticated attack.

EasyFi is using the analysis of the hack and has crafted a thorough plan to reinstate the protocol from the ground up.

A Little Background

EasyFi came under attack on 19th April 2021, when hackers launched a sophisticated attack on the founder’s machine and were able to access mnemonic keys, draining the protocol’s pools by about $6 million of user deposits. It has taken several steps to ensure that the community has complete confidence to use EasyFi products and protocol.

A Complete Audit Of The Protocol

An already important feature, EasyFi, will get a full audit of the protocol so that it is able to enhance security. EasyFi is looking at partnering with top audit companies to audit both the protocol smart contract code and all security practices to improve security significantly. EasyFi will also partner with companies that specialize in Bug Bounty programs, allowing participation in protocol evaluation.

Partnership With Insurance Cover Providing Protocols

EasyFi will partner with Insurance cover providing protocols, adding an extra layer of risk mitigation to the protocol. The partnership will enable EasyFi to protect user collateral positions and engagement into Easyfi’s contracts. The protocol is looking at Protocol Insurance which will grant insurance against smart contract failures. It is also looking at Positional Insurance to enable users to cover unfavorable market scenarios and protect their collateral.

Protocol Launch

EasyFi is already working on the launch, with the audit partners well in place and the audit underway. Once the insurance partners are on board, Easyfi will launch the primary protocol on BSC and Polygon. Parallelly, Protocol sections that comply with the requisite security practices and the necessary auditing will also be opened up.

Liquidity Sourcing Programs

EasyFi will release various farming and liquidity sourcing programs for EZ token holders and protocol users once the protocol has been launched. The programs will be available to them on all networks, including Ethereum, Binance Smart Chain, and Polygon.

New Advanced Collateral Options

Once the above steps have been implemented, EasyFi will launch innovative collateral options such as tokenized stocks and staked derivatives. This will give users more options for liquidity.

There will be several more updates for protocol users and token holders in the form of a completely new and redesigned UI/UX, new access programs, and an entirely new roadmap and product.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.