Lossless Protocol Recovers 24 Million $RING Tokens Locked in the Multichain Bridge Exploit

Following our recent success in recovering 119,000 PYR tokens for Vulcan Forged, we are proud to announce another significant achievement: the recovery of approximately 25% of the total RING tokens in circulation from the Multichain bridge exploit.

This operation was initiated in response to the devastating Multichain bridge hack, which led to over $130 million in losses across its user base. This accomplishment marks a pivotal moment for OneRing, a project native to the Fantom blockchain, which was launched in 2022 with Lossless protocol integrated. It also highlights the effectiveness of our protocol in combating crypto-related frauds and hacks.

Key takeaways:

Approximately 24 Million $RING tokens were recovered by Lossless Protocol

OneRing’s protocol remained uncompromised and secure. This is a testament to its robust architecture and Lossless’ integrated protection.

OneRing becomes the first Fantom protocol to reclaim funds from Multichain, establishing a groundbreaking precedent for the entire ecosystem.

This operation showcases the effectiveness of Lossless Protocol in recovering funds lost to third-party breaches, solidifying its role as a vital security partner for blockchain projects.

Following the Multichain hack, which locked RING tokens within inaccessible contracts, OneRing reached out to Lossless seeking a solution. We analyzed the situation and deployed our specialized recovery capabilities, bringing back tokens once considered permanently lost due the discontinuation of the bridge service and the inaccessibility of their CEO.

“Adamant with the Multichain setback, OneRing compensated affected individuals through protocol and team tokens. However, this move drastically strained the protocol’s operations and affected our runway. In averting such a situation, Lossless’ intervention enabled us to retrieve tokens that were previously inaccessible. This recovery will allow us to enhance our POL, generate more revenue, and expand our partnerships.” — OneRing team.

The Lossless Protocol is a vital tool for securing tokens from exploits affecting third-party services, offering a specialized solution in the realm of security. While Aegis provides proactive security measures, Lossless Protocol excels in the critical area of token recovery.

This capability is particularly crucial in instances where third-party services, such as bridges or wallets, are compromised. The protocol’s ability to swiftly and effectively recover tokens mitigates the potentially devastating impact of such breaches.

About Lossless

Lossless is a trendsetter in Web3 security architecture. Our solutions empower projects to protect their communities from smart contract exploits and the associated financial loss.

The Lossless protocol wraps ERC-20 standard tokens in an additional layer of transactional security, providing project creators with a fail-safe against malicious exploits. Transactions flagged as malicious are frozen and can be reverted subject to an investigation.

Aegis, our latest flagship product, also offers automated threat monitoring and firewall-like features. Project teams can utilize its real-time alerts and zero-integration monitoring capabilities to identify possible threats before they turn into exploits.

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