Lossless Protocol is excited to announce our collaboration with Script Network in their token relaunch. This partnership emerges in the wake of a sophisticated attack on Script Network, which highlighted the need for reinforced security measures.
Background of the Attack
On December 28th, 2023, Script Network was targeted by a state-level cyber attack, compromising one of their core development computers. The attackers successfully circumvented advanced security systems, altering ownership addresses and extracting a substantial amount of coins. In response, Script Network undertook a comprehensive investigation with the support of Binance Security and Lossless Protocol, which confirmed the complexity and sophistication of the attack.
Immediate Response by Script Network
In the wake of this breach, Script Network swiftly implemented measures to minimize the damage:
- They secured their treasury and managed liquidity withdrawals from exchanges.
- They requested that exchanges halt all deposits, withdrawals, and trading of SCPT tokens.
- An extensive internal team audit was conducted, alongside significant upgrades to their monitoring systems.
Integrating Lossless Protocol
Taking a proactive stance, Script Network has rolled out a new contract utilizing the Lossless Token Relaunch Toolkit. This means $SCPT now incorporates the Lossless Protocol, giving the ability to freeze transactions and recover funds.
The collaboration between Lossless Protocol and Script Network is a big leap forward in our mission to enhance blockchain security. This relaunch isn’t just about restoring Script Network’s integrity; it’s about positively shaping the security protocols within the industry. We are deeply committed to supporting Script Network’s mission and are focused on creating a secure environment for all users.
In this industry, where security and reliability are paramount, the ability to quickly recover tokens following cyber attacks is essential. Such rapid and effective responses, like those demonstrated in the aftermath of the attack on Script Network, are critical for protecting user investments and bolstering the resilience of blockchain against complex threats. The integration of Lossless Protocol signifies our commitment to proactive security measures, playing a key role in maintaining user confidence and ensuring the enduring success of cryptocurrencies in the global financial landscape.
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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