EOS’s Recover+ Recovers Nearly $2 Million In Stolen DeFi Assets

  cryptonews.net 23 h

In the dynamic field of decentralized finance (DeFi), protecting digital assets is a critical issue. Against this backdrop, EOS has reaffirmed its leadership in promoting secure blockchain solutions with impressive success through its Recover+ (R+) initiative. Built to support EOS DeFi projects and their participants, R+ recently celebrated a crucial success by resolving an incident on the EOS EVM.

On May 6, 2023, the EOS ecosystem faced a major challenge when a security breach targeted PayCash, an EOS-based project. Hackers took advantage of the vulnerabilities to siphon off assets, transferring nearly 2 mln tokens to the EOS EVM, a domain that at the time lacked the tools to effectively respond to incidents. The breach compromised the integrity of the EOS blockchain and created significant risk to the broader DeFi community. However, this incident acted as a catalyst, sparking collaboration between the R+ team, EOS EVM engineers, and the PayCash team.

The collaboration resulted in a recovery solution that was tested with the release of EOS EVM v0.5.2 in September. This version introduces new administrative actions specifically designed to address security vulnerabilities exploited by hackers. The proposed solution was demonstrated on the Jungle testnet on January 25 with the participation of key EOS engineers and block producers. Despite initial setbacks, the revised proposal was successfully implemented on February 22, 2024, resulting in the recovery of the stolen assets.

Image: CoinNewsSpan

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