- R+ team detects a security breach targeting PayCash on EOS.
- Breakthrough achieved post EOS EVM v0.5.2 launch.
- Successful recovery of nearly 2M EOS from hacker-controlled accounts.
In the dynamic realm of decentralized finance (DeFi), safeguarding digital assets is a critical concern. Amidst this backdrop, EOS has reiterated its leadership in fostering secure blockchain solutions with an impressive achievement from its Recover+ (R+) initiative.
Designed to fortify EOS DeFi projects and their participants, R+ recently celebrated a pivotal success by adeptly handling an incident on the EOS EVM.
EOS’s Recover+ in PayCash Incident
On May 6, 2023, the EOS ecosystem faced a significant challenge when a security breach targeted PayCash, an EOS-based project. The hackers exploited vulnerabilities to siphon off assets, transferring nearly 2 million EOS tokens to the EOS EVM—a domain that, at the time, lacked the tools for an effective incident response.
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The breach threatened the integrity of the EOS blockchain and posed a significant risk to the broader DeFi community. However, the incident acted as a catalyst, prompting an unprecedented collaboration between the R+ team, EOS EVM engineers, and the PayCash team.
How EOS Recovered the Assets
The collaboration culminated in the development of a recovery solution, which was tested with the release of EOS EVM v0.5.2 in September. This version introduced new administrative actions specifically designed to address the security vulnerabilities the hackers exploit.
The proposed solution was showcased on the Jungle Testnet on January 25th, engaging key EOS engineers and Block Producers (BPs) for feedback. Despite initial setbacks, a revised proposal was successfully executed on February 22nd, 2024, leading to the recovery of the stolen assets.
On the Flipside
- Despite several high-profile incidents, losses due to hacks were down 75% in 2023.
- In 2023, just ten incidents resulted in over 70% of hacking losses. Most were a type of spear-fishing attack, where hackers directly go after high-value targets.
Why This Matters
The EOS Network’s ability to navigate and rectify a complex security breach has significant implications for the DeFi sector. The lessons learned and the development of Recover+ will make the future of DeFi more secure.
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Read more about the trends in DeFi hacks:
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