This Web3 security protocol recovered $800K in user funds after Vulcan Forged exploit

cointelegraph.com:

As Web3 gets bigger, it struggles to keep up with the malicious actors targeting users’ funds across different blockchains and networks. This security protocol takes a preventive approach against hacks and exploits, freezing assets before they get stolen.

Web3 benefits from being a digital-first ecosystem for innovation and growth. However, it also opens up the appetite of malicious actors, including hackers and exploiters, in the digital realm. The bigger crypto and Web3 get, the more they become vulnerable to hacks and exploits — victimizing users and causing the loss of billions.

From decentralized finance (DeFi) platforms to nonfungible token (NFT) marketplaces, no one can claim full invulnerability against attacks targeting investors, traders and funds stored across the Web3 industry. DeFi exploits also move the related crypto market in a negative direction, as seen when decentralized exchange (DEX) KyperSwap saw its total value locked tanking after a $46 million exploit.

A report by blockchain security firm CertiK unveiled that the DeFi landscape suffered a $1 billion loss in malicious attacks, including hacks, exploits and scams, in the first eight months of 2023 alone. Massive breaches like the one that occurred on Multichain’s Ethereum bridge, resulting in more than $100 million in losses, are now common in the space.

Despite the promise of better security measures, centralized platforms are not hack-proof, either. Crypto exchanges like HTX and Poloniex also got their share of trouble when they were hacked for $30 million and $100 million, respectively. All in all, the Web3 ecosystem needs better protection as it continues to grow rapidly.

When it comes to the prevention of Web3 exploits, Lossless Protocol has an