In Brief:
- Lossless helped Cream Finance to recover 5,152.5E stolen on August 31st.
- The company exploits their team with Pascal Caversaccio, a white hat.
- Lossless will soon launch a Lossless(LSS) hack-mitigation tool
The first DeFi mitigation tool Lossless helped Cream Finance to recover 5,152.5E stolen ($16.7 million) on August 31st.
To help, the Cream Finance Lossless team introduced them to Pascal Caversaccio, a white hat within their network. As a Defi security firm, lossless has large connections within hacker circles as advisors.
Lossless also plans to launch the Lossless(LSS) hack-mitigation tool. This new tool will allow token developers to take a hands-on approach to prevent malicious exploits on their platforms.
According to the report, such as this one, 24 hours freeze on doubtful transactions until a closer investigation can be concluded on them.
Cream Finance explained on Oct 1, Lossless and Pascal Caversaccio, who have earned the 50% bounty. “This is our first recovery of such scale!” Lossless tweeted.
In August, an anonymous attacker stole $612 million in bitcoin from Poly Network cross-chain DeFi protocol. In the same month, the stolen assets have successfully recovered.
