Background: The Hack Incident

In our journey towards creating a secure and reliable decentralized finance platform, we encountered a significant setback. Every Finance, in its previous incarnation as Formation Fi, experienced a security breach, often referred to as "the hack."

During this unfortunate incident, there were significant unauthorized access and theft of assets. This event led to not only a monetary loss but also a shakeup in our team structure, with several changes in personnel, including some at high management levels.

In the face of this adversity, we responded with resilience and determination. We understood the importance of regaining trust and ensuring the security of our users' assets. Therefore, we initiated a thorough review of our security infrastructure and protocols, and made substantial changes. This was not limited to the security of the smart contracts but extended to every aspect of our operations, including control of social media and official communication channels.

The incident served as a catalyst for our transition from Formation Fi to Every Finance. In this new chapter, we are committed to offering a secure and trustworthy platform that serves our users' best interests. Every measure we've taken since the hack is part of an effort to rebuild, refocus, and provide a safer and more secure DeFi experience for all our users.