u.today
Amid the accelerated number of hacks in crypto, EOS has once again demonstrated its commitment to pioneering robust security solutions with the latest achievement of Recover+ (R+), a cutting-edge cybersecurity portal and rapid incident response program.
EOS and Recover+addressed massive crypto hack
The joint team of EOS blockchain and Recover+ (R+) cybersecurity team confronted a challenging tech breach that tested the limits of their capabilities and the blockchain’s infrastructure. The saga began on May 6, 2023, when the R+ team detected a hack targeting PayCash, a project operating within the EOS ecosystem.
2 million $EOS tokens from the PayCash DeFi exploit were recovered on EOS EVM! 🚀
— EOS Network Foundation (@EOSNetworkFDN) February 27, 2024
Recover+ now extends its reach from native #EOS to the #EOSEVM, bringing sophisticated incident response capabilities to Ethereum-based projects. #OPOE
👉 Read More: https://t.co/OrsikhO6RR pic.twitter.com/ApvRjXxG37
Efforts to establish communication with the PayCash team were immediately set into motion, but before contact was established, the situation escalated as the hacker shifted the stolen funds to the EOS EVM, a domain where — at that time — no established tools or protocols existed to handle such incidents.
The absence of an audit for PayCash compounded the complexity of the situation, prompting months of collaboration between the R+ team, EOS EVM engineers and the PayCash team to devise a viable recovery solution. The breakthrough came shortly after the release of EOS EVM v0.5.2 in September, which introduced several key administrative actions tailored to address critical security vulnerabilities.
In preparation for recovery, on Jan. 25, the R+ team showcased their proposed solution on the Jungle Testnet, seeking input and support from key EOS engineers, including Denis Carrier of EOS Nation and Bohdan of CryptoLions, and initiating broader discussions with EOS Block Producers (BPs) to lay the groundwork for the forthcoming proposal.
Recover+ enhances user experience in DeFi
Currently representing 24 projects with over $34 million in TVL, Recover+ stands as a cornerstone in EOS’s arsenal against ever-present threats on the decentralized finance (DeFi) landscape. This cybersecurity portal and rapid incident response program was conceived out of necessity, addressing the alarming frequency of security breaches, hacks and scams plaguing DeFi projects. Its mission is straightforward yet critical: to safeguard EOS DeFi projects and their users by enabling swift action to recover stolen funds and mitigate potential losses.
At the heart of R+’s value proposition is its profound impact on the user experience within the Web3 space. By offering a robust layer of protection, R+ acts as a kind of immune system for the ecosystem, empowering users with confidence in their transactions and investments.
This security net is invaluable, as it not only protects assets but also fosters a sense of safety and trust among project owners and participants, encouraging broader adoption and engagement with DeFi applications.