{"id":21984,"date":"2022-08-10T17:00:49","date_gmt":"2022-08-10T16:00:49","guid":{"rendered":"https:\/\/bitcoinprbuzz.com\/?p=21984"},"modified":"2022-12-30T17:54:31","modified_gmt":"2022-12-30T17:54:31","slug":"hackless-pioneers-b2b-b2c-security-tool-for-defi-saving-nearly-500000-for-clients","status":"publish","type":"post","link":"https:\/\/wire.bitcoinprbuzz.com\/hackless-pioneers-b2b-b2c-security-tool-for-defi-saving-nearly-500000-for-clients\/","title":{"rendered":"Hackless Pioneers B2B &#038; B2C Security Tool for DeFi, Saving Nearly $500,000 for Clients"},"content":{"rendered":"<p><b><i>Press Release:<\/i><\/b><i><span style=\"font-weight: 400;\"> DeFi protection solution, Hackless, is pioneering a new security tool which has so far saved funds worth just under $500,000 from hacked addresses.\u00a0\u00a0<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<p><b>August 10th, London, United Kingdom \u2013<\/b><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/hackless.io\/#top\"><span style=\"font-weight: 400;\">Hackless<\/span><\/a><span style=\"font-weight: 400;\"> works at the infrastructure level of EVM-compatible blockchains, uniting several elements from the blockchain ecosystem in order to strengthen a DeFi protocol\u2019s security from the lowest levels of its ecosystem.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The platform has three core services which it uses to help defend against exploits and recover funds:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Watchdog<\/b><span style=\"font-weight: 400;\"> \u2013 A mempool monitoring tool which tracks suspicious transactions.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>SafeMigrate (B2B)<\/b><span style=\"font-weight: 400;\"> \u2013 The first-to-market service which ensures that funds can be successfully migrated from a paused DeFi protocol that is being attacked.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Conductor (B2C)<\/b><span style=\"font-weight: 400;\"> \u2013 A private mining provider that ensures the safe and undetectable migration of user&#8217;s funds from compromised wallets.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/hackless.io\/#top\"><span style=\"font-weight: 400;\">Hackless<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Serhii Androsiuk, co-founder and CEO<\/b><span style=\"font-weight: 400;\"> of Hackless, commented:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cThe 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\u2019s 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\u2019s growth.\u201d<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<p><b>Hackless In Action<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Earlier this year, A.I. and blockchain-powered <\/span><span style=\"font-weight: 400;\">virtual assistant<\/span> <span style=\"font-weight: 400;\">services platform VAIOT was subject to a <\/span><a href=\"https:\/\/medium.com\/hackless\/case-study-hackless-private-mining-provider-migrates-funds-from-a-smart-contract-under-attack-865c7e031f17\"><span style=\"font-weight: 400;\">brutal exploit<\/span><\/a><span style=\"font-weight: 400;\">. Attackers tried and succeeded to take ownership of several of the platform&#8217;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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This successful case study was followed in quick succession by other examples of Hackless in action. The first involved a user who <\/span><a href=\"https:\/\/medium.com\/hackless\/case-study-hackless-migrates-4-000-in-crypto-from-a-hacked-user-wallet-41d9d8c23bb1\"><span style=\"font-weight: 400;\">had their private keys stolen<\/span><\/a><span style=\"font-weight: 400;\"> (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\u2019s NFTs to an uncompromised wallet without the attacker being aware.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The second was a similar <\/span><a href=\"https:\/\/medium.com\/hackless\/case-study-3-hackless-saves-87-000-from-a-compromised-user-wallet-302be049683a\"><span style=\"font-weight: 400;\">case<\/span><\/a><span style=\"font-weight: 400;\">, 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\u2019 core offering, which is now available to the public.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Securing the Future of DeFi with Hackless<\/b><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">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).\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400;\">To read more about Hackless and its pioneering solution to protect DeFi assets, visit their website <\/span><\/i><a href=\"https:\/\/hackless.io\/#top\"><i><span style=\"font-weight: 400;\">here<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Follow Hackless on <\/span><a href=\"https:\/\/twitter.com\/hackless_io\"><b>Twitter<\/b><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Join the Hackless community on <\/span><a href=\"https:\/\/t.me\/hackless_io\"><b>Telegram\u00a0<\/b><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Connect with Hackless on <\/span><a href=\"https:\/\/www.linkedin.com\/company\/hacklessio\/\"><b>LinkedIn<\/b><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Read the Hackless blog on<\/span> <a href=\"https:\/\/medium.com\/@hackless\"><b>Medium<\/b><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><b>Media Contact Details<\/b><\/p>\n<p><b>Contact Name:<\/b> <span style=\"font-weight: 400;\">Nataliia Maslennykova<\/span><\/p>\n<p><b>Contact Email: <\/b><a href=\"mailto:contact@hackless.io\"><b>contact@hackless.io<\/b><\/a><b>\u00a0<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><b>HACKLESS <\/b><i><span style=\"font-weight: 400;\">is the source of this content. This Press Release is for informational purposes only. <\/span><\/i><i><span style=\"font-weight: 400;\">The information does not constitute investment advice or an offer to invest.\u00a0<\/span><\/i><\/p>\n\n\n","protected":false},"excerpt":{"rendered":"<p>Press Release: DeFi protection solution, Hackless, is pioneering a new security tool which has so far saved funds worth just under $500,000 from hacked addresses.\u00a0\u00a0 &nbsp; August 10th, London, United Kingdom \u2013 ETHLisbon Hackathon winners Hackless has designed a comprehensive security platform which aims to protect the decentralized finance (DeFi) world from targeted exploits, as [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":21985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_jf_save_progress":"","_jet_sm_ready_style":"","_jet_sm_style":"","_jet_sm_controls_values":"","_jet_sm_fonts_collection":"","_jet_sm_fonts_links":""},"categories":[3],"tags":[1638,1955],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hackless Pioneers B2B &amp; 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