DeFi protection solution, Hackless, is pioneering a new security tool which has so far saved funds worth just under $500,000 from hacked addresses.
LONDON, August 10, 2022 (Newswire.com) - ETHLisbon Hackathon winners Hackless has designed a comprehensive security platform which aims to protect the decentralized finance (DeFi) world from targeted exploits, as well as safely migrate funds from individual wallets and protocols under attack.
Hackless works at the infrastructure level of EVM-compatible blockchains, uniting several elements from the blockchain ecosystem in order to strengthen a DeFi protocol's security from the lowest levels of its ecosystem.
The platform has three core services which it uses to help defend against exploits and recover funds:
- Watchdog - A mempool monitoring tool which tracks suspicious transactions.
- SafeMigrate (B2B) - The first-to-market service which ensures that funds can be successfully migrated from a paused DeFi protocol that is being attacked.
- Conductor (B2C) - A private mining provider that ensures the safe and undetectable migration of user's funds from compromised wallets.
The Hackless team believes this type of active protection is critical to the future innovation in the DeFi space given the substantial increase in the value of assets being locked up in DeFi applications.
Serhii Androsiuk, co-founder and CEO of Hackless, commented:
"The daunting thing about DeFi right now is that the rising tide of recent security exploits seems to out-speed the adoption and development of DeFi as such. Seven of the ten largest crypto thefts from January 2021 to March 2022 involved DeFi protocols. Frequent brutal exploits of flash loan protocols, cross-chain bridges and individual crypto wallets stress the need for a powerful security tool which is capable of boosting industry's security level right away. We envision Hackless as a comprehensive platform that offers solutions both for DeFi protocols and individual investors. When used by all types of DeFi players it will enhance the overall protection giving a boost to industry's growth."
Hackless In Action
Earlier this year, A.I. and blockchain-powered virtual assistant services platform VAIOT was subject to a brutal exploit. Attackers tried and succeeded to take ownership of several of the platform's operational wallets, containing its native currency VAI, which are critical for the functioning of its services. This resulted in the theft and freezing of several million VAI and tens of thousands worth of ETH and BNB, belonging to both their users and VAIOT itself.
The Hackless team integrated with VAIOT, contributing their expertise to the effort to safely migrate the frozen assets from the contract owned by the attacker. Using a variety of techniques and tools utilized in the Hackless product itself, the team were able to successfully help VAIOT recover $400,000 in frozen assets, whilst ensuring both the techniques and their employment remained undetected to the attacker.
This successful case study was followed in quick succession by other examples of Hackless in action. The first involved a user who had their private keys stolen (a theft all too common in the crypto space) following a phishing attack. The attacker then monitored the wallet, draining all funds as soon as they appeared, leaving the user unable to access their NFTs worth ~$4,000. In this case, Hackless was able to deploy two key features of its product, the Conductor and SafeMigrate. The team were able to retrieve all the user's NFTs to an uncompromised wallet without the attacker being aware.
The second was a similar case, only the amount stolen was significantly higher at $87,000. Deploying the same features, Hackless was able to recover this amount quickly, proving again not only that there is demand for this service, but that their tools work. Consequently, both the Conductor and SafeMigrate form part of Hackless' core offering, which is now available to the public.
Securing the Future of DeFi with Hackless
Hackless has demonstrated its DeFi security pedigree in the wild. Its mission to provide a robust security layer between Ethereum and its many DeFi protocols, is inspired and facilitated by the experience of its Ukraine-based team. Co-Founders Serhii Androsiuk and Pavel Radchuk have extensive experience in the blockchain space, with both having worked with various DeFi and NFT projects since 2017. Androsiuk is also a veteran of the banking sector, lending his expertise in growing projects to scale to the Hackless team.
This year has seen the beginning of the architectural design for its modular platform, as well as production-ready services. The roadmap this year still has a number of exciting developments to come, including its 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 deliver a much needed security solution for the DeFi space.
To read more about Hackless and its pioneering solution to protect DeFi assets, visit their website here.
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HACKLESS is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.