The DeFi security project “Lossless” is helping Cream Finance get $ 16.7 million back from the August hack

Lossless, a secure platform for DeFi projects, has help Cream Finance has recovered 5,152.6 ethers ($ 16.7 million) that were stolen in an August exploit.

As Bitcoin magazine As previously reported, DeFi credit log Cream Finance suffered a flash loan attack in August that destroyed $ 19 million in ETH and AMP tokens.

Lossless claims that they used their extensive connections in the hacking world to restore assets from the hack. Dominykas A. van Otterlo, Business Development Manager at Lossless, commented:

“We worked hard to manually track down the hacker and get the stolen funds back to CREAM Finance. It can be described as a cyber detective job, not an easy task. Thanks to Pascal Caversaccio, one of the white hat hackers who helped us track down the hacker. “

Lossless also plans to offer a hack mitigation tool that will allow DeFi project developers to take a “hands-on” approach to preventing malicious exploits on their platforms.

According to the report, part of this will include a 24-hour lockdown on suspicious transactions to allow time for an investigation.

According to van Otterlo, Lossless leverages the project’s knowledge base that was acquired from manually tracking down hackers. Lossless plans to securely support DeFi projects in the Ethereum, Polygon and Binance Smart Chain networks and to make them available on Layer 2 protocols.

According to a report by Cream Finance on Oct. 1, Lossless and Caversaccio received a 50% error premium after successfully recovering funds.

“This is our first recall of this size,” said Lossless tweets in response to the Cream Finance announcement.

DeFi platforms continue to fall victim to hackers and those who take advantage of vulnerabilities in the smart contract code to steal funds from these projects.

In August, Poly Network fell victim to the largest DeFi hack in crypto history, which caused $ 610 million to disappear across multiple networks. The responsible body eventually returned the stolen funds, but the incident pointed to a widespread security vulnerability in the DeFi space.

DeFi projects continue to offer white hat hackers bug rewards to uncover vulnerabilities during code testing. In September, white hat programmer Alexander Schlindwein received a $ 1.05 million bug bounty from Belt Finance.

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