Protocol’s Second Success Case: gotEM’s Tokens Returned to the Owner
In short, On January 11th the developer account’s private key got compromised. This account was the owner of quite a few LP Mining and Staking contracts. Multiple projects were exploited but only gotEM had Lossless security measures implemented.
gotEM’s project owner with the help of the Lossless team enabled Vault Protection for the exploiter’s address. With it enabled exploiter was no longer able to dump the tokens he stole — 8,320,881 tokens to be exact. The only thing he could’ve done was to send these tokens back to the gotEM project owner.
Until today. With the help of Core Protocol, we were able to initiate a hack report, confirm it and retrieve the stolen funds back to gotEM. Tokens have been successfully extracted from the exploiter’s wallet and returned to the owner.
This is the second successful case since the protocol’s launch. The first proof of concept was us returning misplaced 123,000 $AAG tokens back to our partners AAG Ventures.
The first successful cases of many. Follow our journey, and try out our tools.
Lossless is the world’s first DeFi hack mitigation tool for token creators. Apart from Lossless’ known cyber security solutions and renowned professionals, the community also plays a role. With a tangible reward system, community members are also encouraged to explore new ways to detect hacks and fraudulent transactions.
Lossless protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner. Its solutions to the impending problems of cyber theft within the blockchain space are thorough and applicable within many protocols.