Upcoming EasySwap Hard Fork in Response to Hacking Incident

In light of the security incident that happened on the 19th of April 2021, EASY has announced that there will be new changes to its decentralized finance lending protocol. One of which is a proposed hard fork.

By
Utulu Hope
on
April 30, 2021
Category:
BSC News

The Motivation for the Fork

April 19th was not a day to remember for EasyFi. The lending protocol was defrauded of $6 million of user's deposits after malicious hackers launched an attack. Reports have it that the attack was well planned, and hackers gained access to the founder's machine so that they were able to attack admin keys. All users' deposits were drained from several markets, including USDT, USDC, ETH, MATIC, and DAI. 

The attackers were not only able to steal users' deposits, but they also infiltrated EASY token contracts and other official contracts. Approximately 2.98 million EASY were stolen from these contracts; however, they were not sold on significant exchanges except for a few, which were sold on some DEXs. Pool contracts on the Binance Smart Chain (BSC) were unaffected by the incident. Presently, the lending protocol is doing all they can to recover stolen user deposits and have drafted interim compensation plans, subject to discussions with stakeholders and partners. 

EasyFi to Launch Hard Fork 

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In response to the hack, the EasyFi team has decided to create a new token contract — EASY V2. The lending protocol operates on three blockchain networks: Polygon, BSC,  and Ethereum. Every address which holds $EASY under these blockchains will be credited with the newly created token, which is titled $EZ. 

The EasyFi token will be changed from $EASY to $EZ immediately when the hard fork is completed. This decision was made after meetings with forensic agencies, stakeholders, and partners. Below are the details of the hard fork:

  • All three chains (Polygon, Ethereum, BSC) will undergo this change. 
  • The total supply will remain intact, pegged at $10 Million $EZ. The distribution ratio as per plan will be 1 $EASY: 1$EZ.
  • The new addresses of Ethereum and BSC blockchains are given below. 

Ethereum: 0x1eb754b8355d3185a7429109bde75e473434b26b

BSC: 0x5512014efa6Cd57764Fa743756F7a6Ce3358cC83

  • The hard fork will be reflected on all exchanges, both Centralized and Decentralized, as well as aggregators such as CoinGecko and Coin Market Cap and wallets. Therefore the token will be seen as $EZ. 
  • Users should also note that token swaps will be done with the token id $EZ when it begins. 
  • There will also be integrations with partner applications on EasyFi. 

Binance Issues Out Directives to Support EasyFi Hard Fork

Binance has announced that it will keep up with $EASY's hard fork, communicating with the EasyFi team. The timeline below shows the activities that will support the hard fork as obtained from their official website: 


  • At 2021-04-27 00:00 (UTC), Binance Staking will delist $EASY tokens, and users will be refunded their staked $EASY tokens to the spot wallets.
  • At 2021-04-27 04:00 (UTC), Binance will halt trading for and subsequently delist all EASY trading pairs (EASY/BTC, EASY/ETH), and pending orders will be canceled.
  • At 2021-04-27 04:10 (UTC), Binance will take a snapshot of user holdings and distribute new $EZ tokens to all eligible $EASY token holders at the ratio of 1 $EASY = 1 $EZ.
  • According to the EASY team’s announcement, Binance will only credit tokens deposited before Ethereum block height 12,276,665 (2021-04-20 11:09:55 (UTC)) and BSC block height 6,729,137 (2021-04-20 11:09:59 UTC) until the token swap has been completed. The deposited EASY tokens will be swapped for the new EZ tokens at a ratio of 1 EASY = 1 EZ.
  • At 2021-04-30 06:00 (UTC), Binance will open trading for EZ/BTC and EZ/ETH trading pairs

About EasyFi

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EasyFi is a Layer 2 DeFi Lending Protocol for Digital Assets, focused on plugging various gaps in DeFi adoption, powered by the efficient Layer 2 Blockchains — Ethereum, BSC, and Polygon. Their objective is to provide a quick, low-cost protocol for lenders across the Layer 2 networks.

Closing Thoughts

While the hard fork process is being undertaken, the EasyFi team has urged users not to make any transactions. Therefore, users are warned against buying or selling EASY on-chain on any DEX/AMM or similar platforms. Users have been told not to purchase EASY from this address: 0x913d8adf7ce6986a8cbfee5a54725d9eea4f0729.

EasyFi is thankful for the support from all corners of the ecosystem, including exchanges, partners, community members, investors, media partners, advisors, and experts. The protocol has promised that plans are in place to bring the project back to full speed amidst the unending support. 

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.