With the recent launch of Recover+ (R+), a state-of-the-art cybersecurity platform and quick incident response programme, EOS has once again shown its dedication to leading the way in creating strong security solutions in the midst of the cryptocurrency industry’s growing hacking surge.
EOS and Recover+addressed massive crypto hack
The combined Recover+ (R+) and EOS blockchain cybersecurity teams faced a difficult cyberattack that pushed the boundaries of their skills and the blockchain’s architecture. The story started on May 6, 2023, when the PayCash project, which is a part of the EOS ecosystem, was the subject of a breach discovered by the R+ team.
The PayCash team was quickly contacted in an attempt to start a conversation, but before that could happen, the hacker moved the funds they had stolen to the EOS EVM, a domain where, at the time, there were no established tools or protocols to deal with incidents of that nature.
https://x.com/EOSNetworkFDN/status/1762529640894091580?s=20
The scenario became even more difficult due to the lack of an audit for PayCash. To address this, the R+ team, EOS EVM developers, and the PayCash team worked together for months to come up with a workable recovery plan. The breakthrough was made soon after EOS EVM v0.5.2 was released in September. This version included numerous important administrative operations that were specifically designed to solve serious security flaws.
In an effort to recover, the R+ team presented their solution on the Jungle Testnet on January 25. They also started more extensive conversations with EOS Block Producers (BPs) to establish the foundation for their future proposal, as well as solicited feedback and support from prominent EOS engineers, such as Denis Carrier of EOS Nation and Bohdan of CryptoLions.
Recover+ enhances user experience in DeFi
Recover+, which now represents 24 projects with over $34 million in TVL, is a vital component of EOS’s defence against persistent dangers in the decentralised finance (DeFi) space. The alarmingly high number of security breaches, hacks, and scams affecting DeFi initiatives led to the creation of this cybersecurity site and fast incident response programme. Its goal is simple but crucial: to protect EOS DeFi projects and their participants by facilitating quick action to recover monies that have been stolen and minimise possible damages.
The core of R+’s value proposition is its significant influence on Web3 user experience. R+ provides a strong defensive layer, functioning as an ecosystem’s immune system and giving consumers trust in their transactions and investments.
This safety net is priceless because it not only safeguards resources but also gives project owners and participants a sense of security and confidence, which promotes wider adoption and involvement with DeFi applications.
