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About Wasabi
Wasabi is a leveraged trading and yield protocol operating across EVM chains (Ethereum, Base, Blast, Berachain) and Solana. Users can open long or short positions with up to 20x leverage on long-tail assets such as memecoins and NFTs, or deposit funds into yield vaults covering stablecoins, major cryptos, and memecoins.
Its core positioning is cross-chain aggregation: it routes liquidity and order flow across EVM and SVM environments, claiming access to over 800 markets with exclusive listings not found elsewhere. Yield is generated from trading fees rather than token emissions, aiming to align incentives between traders and depositors.
The market pain point it addresses is the limited asset coverage and unsustainable incentive models of traditional leveraged platforms. Wasabi targets underserved long-tail assets and aims to provide a more sustainable yield source by tying returns to actual trading activity.
In the past six months (March to September 2026), Wasabi suffered a major security incident. On April 30, 2026, attackers exploited a misconfiguration in the protocol's AWS infrastructure to steal private keys controlling EVM smart contracts, draining approximately $4.8 million in user funds and $900,000 from the project treasury across Ethereum, Base, Blast, and Berachain vaults. Solana deployments and Prop AMM were unaffected. The team contained the breach within two days, restored withdrawals for unaffected vaults on May 2, and hired ZeroShadow for on-chain tracking. A post-mortem was published on May 9, but no final compensation plan for affected users has been confirmed. The incident highlighted the risk of centralized cloud infrastructure in DeFi and the importance of private key management security beyond smart contract audits.
On April 30, 2026, Wasabi Protocol suffered an admin private key leak attack. The attacker obtained ADMIN_ROLE via the deployer EOA and used UUPS upgrades to replace the perp vaults and LongPool contracts with malicious versions, stealing about $2.9 million (later reports put total losses at about $5.7 million). The incident stemmed from a Spring Boot Actuator misconfiguration in AWS infrastructure, affecting only EVM deployments on Ethereum, Base, Blast, and Berachain; Solana and Prop AMM were unaffected. Berachain Foundation paused affected reward vaults and stopped BGT rewards. The team paused contract interactions, then allowed unaffected vaults to withdraw, while compromised vaults (e.g., sWETH, sUSDC, sPEPE) remained inaccessible. Officials stated they are cooperating with security teams, law enforcement, and the FBI, with no final compensation plan yet, but prioritizing making affected users whole. No clear future roadmap has been announced; current focus is on security fixes and fund recovery.
Hasan Atay (Co-Founder, CTO): An engineer with a decade of experience. Self-taught coder who enjoys working with diverse technologies and writing readable, scalable code. Studied computer science at Cornell University, where he was part of the heavyweight rowing team. Previously worked as a full-stack software engineer at Yext, building user-facing applications and scaling systems.
Eren (Co-Founder, CEO): An experienced product manager and researcher. Began his career at Firefly, a Google Ventures portfolio company valued at over $600M, where he helped scale the team from 11 to 200+ employees and achieve $20M ARR. Later became product lead at Akkio, driving ICP experiments and product iterations to reach product-market fit. Studied at Brown University, published research on hardware acceleration for robot perception, and exhibited kinetic sculptures. Drawn to crypto by NFTs, he and Hasan built a data aggregator for trading and arbitrage, identifying and solving key industry problems.