Exactly Protocol
Summary
Exactly Protocol is a decentralized, non-custodial fixed-rate and variable-rate lending protocol deployed on the Optimism Layer 2 network. On August 18, 2023, the protocol suffered a critical exploit resulting in approximately $7.3–$12 million in ETH stolen from 117 user accounts due to insufficient input validation in its DebtManager periphery contract. The protocol has since resumed operations, engaged law enforcement, offered a $700,000 bounty, and passed a governance proposal to compensate affected users with EXA tokens.
Connected Entities
2 entities · 1 linked investigation- + 1 more
Connected Through
1 shared actor · 1 investigationDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ⌂Exactly Protocolprotocolalso inExactly Protocol·42
Timeline(11 events)
2021-07-01
Exactly Protocol founded by Gabriel Gruber and Lucas Lain under Exa Labs.
2022-11-01
Exactly Protocol launched on Ethereum Mainnet.
2023-03-01
Exactly Protocol deployed on Optimism Layer 2 network.
2023-08-18
Exploit executed via malicious market address in DebtManager contract; approximately $7.3–$12 million in ETH stolen from 117 user accounts. Protocol temporarily paused. EXA token fell over 12%.
2023-08-19
Protocol published post-mortem identifying DebtManager vulnerability. $700,000 bounty announced for information leading to attacker arrest and fund recovery.
2023-09-01
Protocol team contacted US Department of Homeland Security; HSI opened case NY02HR23NY0001. Chainalysis engaged to trace stolen funds.
2023-09-01
ABDK Consulting completed audit of remediated DebtManager contract; Strategies section of web app re-enabled.
2023-10-01
EXAIP-03 governance proposal approved; one million EXA tokens allocated as compensation to 117 hack victims, with 48-month linear vesting beginning June 2024.
2024-06-01
Vesting of EXAIP-03 compensation tokens commenced via Sablier NFTs for affected users.
2025-02-01
Exactly Protocol announced partnership with Uphold fintech platform to integrate Exa Credit Card and Exa Loans.
2025-03-01
Exa App launched to general users in 160+ countries, enabling crypto-backed credit cards and fixed-rate lending.
Decision Log
- hash: 5nj7GVZUYoZqeLZWPby2gJQPhA8YRvsFSbZrSLd8RWGn
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:38 AM
last updated: 5/28/2026, 3:02:26 PM
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