Just a month ago Lossless launched a tool called Vault Protection and it already proved to be successful against hacks. gotEM, a crowdsourcing DeFi platform enabling private investigations, private security, and humanitarianism, applied this tool and did it just in time – Vault Protection prevented a hack on one of their wallets which would have resulted in a loss of around $55,000.
Vault Protection has a very straightforward purpose – an additional layer of protection for large key vaults and fund wallets to protect them from hacks. This is achieved through wallet whitelisting and withdrawal limiting. Wallet whitelisting allows marking wallets as those that can receive transfers from the project’s vault. Withdrawal limiting, on the other hand, creates an opportunity to set an amount per transfer in a given period of time.
Multiple projects experienced an attack from the same developer – gotEM did as well. But only they had Lossless Protocol integrated into their token which allowed them to use Vault Protection and secure their funds.
The exploiter transferred ownership of gotEm’s LPStaking and LPMining smart contracts to another address which allowed him to remove the funds and transfer them for himself. Tokens were exchanged for BNB, sent to a different account and then deposits began of 100 and 10 BNB to Tornado Cash.
Using the Vault Protection tool, gotEM with the help from Lossless enabled wallet whitelisting protection for the exploiter’s address. With it enabled the exploiter is no longer able to dump the tokens. The only thing he can do is send these tokens back to gotEM’s project owner.
This success case proves Vault Protection’s usability and potential to save multiple projects from hacks. It’s the second tool from Lossless to be launched while the main one, Core Protocol, is coming this quarter.
About Lossless
Lossless is the world’s first DeFi hack mitigation tool for token creators. Apart from our known cyber security solutions and renowned professionals, the community also plays a role. With a tangible reward system, community members are also encouraged to explore new ways to detect hacks and fraudulent transactions.
Our protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner. Our solutions to the impending problems of cyber theft within the blockchain space are thorough and applicable within many protocols.
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Source: https://beincrypto.com/lossless-vault-protection-stops-a-hack-and-saves-55000-for-gotem/