Sirwin
Sirwin

Taking Lossless Security to New Heights: Wrapped Tokens and the Power of Aegis

By Crypto Guys | Navid Ladani | 7 Jun 2023


According to detailed research by Chainalysis, the year 2022 was turbulent in the world of cryptocurrencies, with the sector losing a stunning $3.8 billion to constant hacks and cyberattacks. In addition to this disturbing fact, the survey revealed that 82.1% of all stolen digital assets originated within the susceptible limits of DeFi protocols.

Confronted with this terrifying truth, Lossless vowed to protect the blockchain space and developed a powerful weapon to ward against attackers. This is why the team is so pleased to introduce Aegis, a powerful and state-of-the-art smart contract monitoring tool that will stand as a fortress against attacks and wrapped tokens, used to wrap ERC-20 and BEP-20 tokens.

Aegis is a security system made especially for Web3 initiatives that place a premium on minimizing risks. Through Aegis's analysis of malicious patterns, risk scoring, and real-time notifications to project teams, problems can be dealt with as soon as they are identified. This product is designed to assist organizations and crypto users in protecting mission-critical smart contracts processing huge quantities of transactions and providing a window of opportunity to avoid loss of assets.

Businesses can quickly spot and respond to security issues through Aegis's real-time monitoring, programmable alerts, and predictive analytics. This reduces the potential for monetary losses, brand damage, and other negative outcomes in a world where security threats are always present. Aegis is a trusted security partner because it helps businesses strengthen their defenses and provide a safe environment for their stakeholders.

From Euler Finance to Ronin Bridge: The Power of Aegis in Timely Security Response

To illustrate the concept by looking at what transpired with Euler Finance, where a hacker initiated the first flash loan attack shortly after deploying a smart contract. Euler Finance would have had the opportunity to detect this malicious activity if they had utilized Aegis, which promptly identifies potential threats. By integrating Aegis, Euler Finance could have prevented the attack from occurring altogether. The subsequent attacks occurred approximately 5.5 and 7 minutes after the initial flash loan, giving the team ample time to react and address the situation manually.

Another alarming instance that underscores the need for heightened security measures in the case of Ronin Bridge. The team behind Ronin Bridge experienced the shocking realization that their system had been compromised, but the discovery only came to light after a distressing span of an entire week. This incident is a stark reminder of the critical importance of timely detection and response to potential security breaches. 

Most notably, Aegis is a vital resource for dealing with crises like the ones at Euler Finance and Ronin Bridge. Having a fast reaction time is essential in reducing hackers. With Aegis, users may receive alerts instantly through several different methods and respond accordingly. Aegis alerts users within seconds of any questionable engagement with their smart contracts, allowing them to take immediate action to prevent exploits.

Safeguarding Smart Contracts with Predictive Analytics and Real-Time Alerts

Aegis offers a range of advanced features to empower companies and users in their quest for enhanced security. Supporting six chains, including ETH, BNB, and MATIC, Aegis provides zero-configuration monitoring, enabling users to effortlessly oversee their smart contracts by adding them to their watchlist. Through predictive analytics, Aegis identifies malicious patterns, assigns severity levels, and alerts users in real time via multiple communication channels, ensuring swift action against potential security breaches.

In addition to the perks, custom event tracking allows users to monitor specific events related to their smart contracts, such as ownership changes, and receive notifications when relevant transactions occur. Backtesting enables users to review past attacks and incidents, helping them uncover overlooked vulnerabilities and proactively address potential risks. Aegis also introduces TVL tracking, which sets limits and notifies users when exceeding thresholds, including detecting substantial security hazards.

Other amazing features include weekly summary emails that provide a comprehensive transaction activity report and smart contract checks that scan for potential vulnerabilities and suggest fixes. By leveraging Aegis, users gain invaluable insights into their smart contract security, detecting suspicious addresses, identifying breach causes and timing, and effectively mitigating potential risks. Users can also confidently protect their smart contracts and prevent exploits. Remarkably, the panic button used to set up a backup wallet for one's asset and Mempool tracking in Ethereum used to monitor transactions waiting to be confirmed are both incoming features.

Lossless: Revolutionizing Web3 Security with Wrapped Tokens and Advanced Tools

Wrapping ERC-20 and BEP-20 tokens is a major advance in Lossless security, giving users better protection against the loss of stolen cash. This shift is significant because it makes Lossless security accessible to a broader segment of users, including businesses and consumers. Before now, only pre-launch tokens had access to this protocol because it necessitated the addition of the Lossless protocol to their respective smart contracts. Lossless security is now accessible to all token stages, increasing its widespread use.

Notably, Lossless is an innovative company that provides state-of-the-art resources for discovering and preventing Web3 vulnerabilities. In light of the many attacks on Web3 in recent years, Lossless, an industry leader in Web3 security design and exploit prevention, seeks to restore confidence in the network's safety. Since its founding in 2021, Lossless has released the $LSS token and some ground-breaking innovations.

Wrapping up, Lossless's suite of security tools includes the Token Minter and Vault Protection tools, which provide essential safeguards for digital tokens. The Lossless protocol stands out by leveraging community-driven threat identification methods and a unique stake-based reporting system. This enables efficient monitoring of suspicious on-chain activities, leading to the freezing of malicious transactions and the recovery of stolen funds. Additionally, Lossless has developed the Token Relaunch Toolkit, allowing attacked currencies to be relaunched securely. The latest addition to their portfolio is Aegis, a real-time notification system that alerts users to potential threats, enabling immediate action to prevent exploitations and wrapped tokens.

How do you rate this article?

4


Crypto Guys
Crypto Guys

Crypto Enthusiast


Navid Ladani
Navid Ladani

What's happening in the crypto world?

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.