LONDON, Aug. 10, 2022 (GLOBE NEWSWIRE) — ETHLisbon hackathon winner Hackless protects the decentralized finance (DeFi) world from targeted exploits and securely transfers funds from individual wallets and protocols We have designed a comprehensive security platform that aims to attack.
Hackless works at the infrastructure level of EVM-compatible blockchains, integrating several elements of the blockchain ecosystem to enhance the security of DeFi protocols from the lowest level of the ecosystem.
The platform has three core services that it uses to defend against exploits and collect funds.
- watch dog – A mempool monitoring tool that tracks suspicious transactions.
- Safe migration (B2B) – The first market service to ensure the successful migration of funds from the suspended DeFi protocol under attack.
- Conductor (B2C) – A private mining provider that ensures safe and undetectable migration of user funds from compromised wallets.
The Hackless team believes this type of proactive protection is critical to future innovation in the DeFi space, given the significant increase in value of assets locked in DeFi applications.
Serhii Androsiuk, Co-founder and CEO Hackless comments:
“The current difficulty with DeFi is that the recent rising trend in security exploits seems to have overtaken the adoption and development of DeFi itself. Seven of the crypto thefts involved DeFi protocols.Frequent brutality Flash loan protocols, cross-chain bridges and exploitation of individual cryptocurrency wallets could quickly increase security levels in the industry. We emphasize the need for powerful security tools.We envision Hackless as a comprehensive platform that provides solutions for both DeFi protocols and individual investors.When used by all types of DeFi players , which will enhance overall protection and drive industry growth.”
hackless in action
Earlier this year, AI and blockchain-powered virtual assistant service platform VAIOT was exposed to a brutal exploit. The attackers successfully attempted to take ownership of several of the platform’s operational wallets, including the native currency VAI, which is critical to the functionality of the service. This resulted in the theft and freezing of millions of his VAI and tens of thousands of valuable ETH and BNB belonging to both users and his VAIOT itself.
The Hackless team integrated with VAIOT to contribute their expertise to the effort to safely migrate frozen assets from attacker-owned contracts. Using a variety of techniques and tools utilized within the Hackless product itself, the team was successful in allowing his VAIOT to recover his $400,000 frozen assets, although both the technique and its use were identified by the attackers. to prevent it from being detected by
Following this successful case study, other examples of Hackless were run. The first is users whose private keys have been stolen following a phishing attack (a very common theft in the cryptocurrency industry). The attacker then monitored the wallet and depleted all funds as soon as it appeared, rendering the user inaccessible to his NFT worth approximately $4,000. In this case, Hackless was able to deploy his two key features of the product: Conductor and SafeMigrate. The team was able to return all users’ NFTs to uncompromised wallets without the attackers noticing.
The second was a similar case, just with a much higher stolen amount of $87,000. By rolling out the same functionality, Hackless was able to recoup this amount quickly, proving that not only is there demand for this service, but that the tool works. As a result, both Conductor and SafeMigrate became part of his Hackless core offering, now open to the public.
Protecting the Future of DeFi Hackless
Hackless has demonstrated its DeFi security pedigree in the real world. Its mission to provide a robust security layer between Ethereum and its many DeFi protocols is inspired and fueled by the experience of the Ukraine-based team. Co-founders Serhii Androsiuk and Pavel Radchuk have extensive experience in the blockchain space and have been involved in various of his DeFi and NFT projects since 2017. team.
This year saw the architectural design of modular platforms and the launch of operational services. There are many exciting developments on our roadmap this year, including the Staking Program (Q3 2022), V1 Conductor (Q3 2022) and V1 SafeMigrate (Q4 2022).
Combined with partnerships with leading DeFi projects such as Blaize and Zokyo, Hackless is well positioned to provide much-needed security solutions in the DeFi space.
To learn more about Hackless and its pioneering solutions to secure your DeFi assets, visit Hackless’s website. here.
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