Lossless Protocol, a pioneering Web3 security protocol, has made a notable achievement by recovering $800,000 in funds stolen from users of the Vulcan Forged gaming platform. This recovery followed an exploit targeting the platform's outdated third-party wallet integration. The Vulcan Forged team swiftly contacted Lossless after detecting the theft of LAVA tokens, which were exchanged for the platform's native PYR tokens. Due to Lossless Protocol's protection mechanisms, malicious transactions involving PYR tokens were frozen, enabling the recovery of 119,000 PYR tokens.
The incident with Vulcan Forged is not an isolated success for Lossless Protocol. The protocol has played a crucial role in recovering significant amounts from major Web3 exploits in recent years. Notably, Lossless retrieved $1.2 million worth of AAG tokens following a $100 million attack on Harmony’s Horizon Bridge in 2022, and assisted in recovering $16.7 million from Cream Finance exploiters.
Lossless Protocol's innovative approach to Web3 security extends beyond post-exploit recovery. The protocol has recently introduced Aegis, an AI-powered smart contract monitoring system. Aegis operates without the need for configuration, scanning mined block transactions using predictive analytics to identify potential threats. This proactive security tool can detect suspicious transaction patterns and addresses, alerting project teams before exploits occur.
Aegis adds an extra layer of security, continuously monitoring activities across Web3. It employs both manual and automatic community-driven methods to check for suspicious activities, instantly freezing flagged transactions until a thorough investigation is carried out. This preventive mechanism significantly enhances the safety of transactions, offering a robust defense against Web3 exploits.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
