The 2021 ETHLisbon Hackathon winner, , has been working on leveraging the overall security level in decentralized finance (DeFi). Hackless We tasked ourselves with designing a comprehensive security platform that aims to protect the DeFi world from targeted exploits, as well as safely migrate funds from individual wallets and protocols under attack. So far, our Conductor solution has helped to safely migrate nearly $691,000 from hacked DeFi protocols and individual wallets. Hackless is thrilled to introduce a tool that helps fight sandwich attacks on Ethereum and Binance Smart Chain. The solution allows making safer swaps by avoiding public mempools through directly submitting transactions to miners. DeFi Security Risks Decentralized exchanges are widely considered more secure than centralized options because they do not store user funds, yet they come with risks that every user should be aware of. While you hold full ownership of your funds, decentralized platforms are still prone to code risk. This means that if the smart code has bugs or vulnerabilities, it can be exploited and funds will be lost. Unfortunately, recent statistics prove this even more. Seven of the ten largest crypto thefts that took place between January 2021 and March 2022 involved DeFi protocols. As stated in the REKT Database, DeFi protocols have lost $6 billion in total, due to hacks and exploits of different kinds, sandwich attacks included. Sandwich Attacks Explained Between May 2020 and April 2022, a total of 457,691 sandwich attacks were detected with an average ROI above 4%, as calculated by a TarLogic’s report. Why such big numbers? To understand this, let’s dig a little deeper into the mechanics of sandwich attacks. Before we go investigating, it’s important for you to understand what a mempool is in reference to DEX. In blockchain terminology, a mempool is a waiting area for transactions that haven't been added to a block and are still unconfirmed. These transactions are placed in a mempool that are then picked up by a miner who packages them into a block. It is also in a mempool that an exploiter can ‘look’ at transactions that are to be executed soon. If we look closer, we can break down this strategy into a few well-seen steps, which are as follows: An attacker monitors the mempool to detect a high-value transaction. An attacker buys a certain amount of the same token before a user’s transaction is executed to pump the price. A user purchases the token at a higher price. An attacker sells purchased assets at a higher price, pocketing the difference. Anti-Sandwich Protection for Individual Users If you wish to protect yourself from sandwich attacks, you can use for individual users. It allows you to easily and safely swap digital assets by sending your transactions directly to miners. Anti-Sandwich by Hackless Since your transaction doesn’t reach the mempool, it never becomes visible to hackers, and as a result, has no risk of becoming a target. and works for Ethereum and BSC networks. It offers an extremely straightforward and simple interface, and a smooth experience even for beginners. During its beta version, Anti-Sandwich is completely free of charge To protect your transaction from being sandwiched, you simply need to: Connect your Metamask wallet. Select the network and token that you wish to swap. Sign the transaction. Once signed, it will automatically be submitted to private miners, avoiding public mempool. Anti-Sandwich for DeFi teams Our Anti-Sandwich solution has already proved effective for a play-to-earn project which has integrated the Hackless customized widget for their users. Here is why Anti-Sandwich brings value to DeFi projects: Improved user experience, without the user ever leaving the platform for swapping a project token. Additionally, it averts any confusion with similar tokens among a myriad of currencies on DEXes. Boosted security while averting potential sandwich attacks during swaps. Ease of integration via the as well as brand customization. NPM library 10,000 $HKLS Airdrop Pool for Beta Users If you’re joining us at the beta stage, you will get a chance to try out the tool completely free of charge. We value early adopters, that's why we’re throwing an additional airdrop activity to reward the most active folks. We’re thrilled to open up our beta version for you to try out, share impressions, spread the word and be rewarded. Join our to find out all the details! Gleam page To learn more about Hackless and how it can boost DeFi security, visit the and check out their case studies on how they helped their clients safely migrate $691,000 from hacked protocols and wallets. project’s site Also, make sure to join the Hackless community on and . Discord Telegram Photo by on Allen Rad Unsplash

Compromised Private Keys: Primary Targets and Upcoming Solutions

Secure your DeFi and make them Hack Less 

Too Long; Didn't Read

CTA: Download the FREE AI Productivity Shift report

An Anti-Sandwich Tool for Ethereum and BSC - With 10,000 $HKLS Airdrop Pool for Beta Users

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

Compromised Private Keys: Primary Targets and Upcoming Solutions

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

Compromised Private Keys: Primary Targets and Upcoming Solutions

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps