Exactly Protocol
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
anchored·4Tvt3Y…4SGVSummary
Exactly Protocol is a decentralized, non-custodial fixed- and variable-rate lending protocol deployed on Optimism and Ethereum, developed by Exa Labs. On August 18, 2023, the protocol suffered a smart contract exploit in its DebtManager periphery contract that resulted in the loss of approximately $7.3 million (4,324 ETH) belonging to 117 user accounts; the protocol itself was a victim of the attack, not the perpetrator. The team responded with a governance-approved compensation plan, law-enforcement engagement, and a substantially expanded post-incident audit program, and the protocol has continued operating with an evolving consumer app product.
Connected Entities
1 entities- + 6 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·32
Timeline(17 events)
May 2022
First external security audit completed by Coinspect and Chainsafe.
Exactly Protocol Audits documentation8 September 2022
Center for Cryptoeconomics (Cryptecon) releases economic audit, finding the protocol 'economically plausible, mathematically correct, and theoretically feasible.'
Exactly Protocol Audits documentation18 August 2023
Smart contract exploit in DebtManager periphery contract drains approximately 4,324 ETH (~$7.3 million) from 117 user accounts on Optimism. Protocol paused at approximately 10:40 AM UTC.
The Record / Recorded Future News18 August 2023
Team files police reports, contacts Chainalysis for on-chain tracing, and attempts to communicate with the attacker.
The Record / Recorded Future NewsAugust 2023
Exactly Protocol announces $700,000 bounty for information leading to recovery of stolen funds and arrest of attacker.
CryptoNewsSeptember 2023
Team reports engagement with US Department of Homeland Security Investigations (HSI), which opened case NY02HR23NY0001. Claim originates from team's own communications; not independently confirmed by government sources.
Exactly Protocol Incident Post-MortemSeptember 2023
ABDK re-engaged post-hack to audit periphery contracts (including DebtManager) that were previously out of audit scope.
Exactly Protocol Audits documentationOctober 2023
EXAIP-03 governance proposal approved by community: 1,000,000 EXA tokens distributed pro rata to 117 hack victims via Sablier NFT claims.
Exactly Protocol Medium — EXAIP-03August 2024
Sherlock audits Staking Program; Quantstamp audits Exa App WebAuthn Plugin, expanding security coverage to consumer app layer.
Exactly Protocol Audits documentation20 March 2025
Exa App reports over $1 million processed on-chain across approximately 1,300 issued Exa Cards.
Exactly Protocol on Optimism Governance ForumMarch 2025
Uphold announces $2 million investment in Exa Labs to support Exa App development.
Scaling the Dots — Exactly Protocol MediumDecision Log
- #3review revise+13⛓ pending8/19/2026, 12:33:07 PMhash: 4HHp9LRKCcwa8CbxDLBbhBfTDMFZkpx1vf2SqiDqmWps
- #2review⛓ pending8/19/2026, 12:33:07 PMhash: 6ww3T1Jea8QUqpvVysTCyhqRart7MxaxzBwZMmu4CM7F
- hash: AkobvhtUPLSgE2iwgyaupFcUb2eNxy7rb5Jn794HhVu1
This investigation is cryptographically anchored to the Solana blockchain (1 event). 16 of 23 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 6:59:27 AM
last updated: 8/20/2026, 12:32:06 AM
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