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Is Your Web3 Project at Risk of Being Hacked? This Solution Could Save You Millions!

Thu, 03/02/2023 - 09:41
Is Your Web3 Project at Risk of Being Hacked? This Solution Could Save You Millions!
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As the use of Web3 technology expands, so too does the risk of cyber exploits. Fortunately, a crypto cybersecurity company Lossless has built a powerful solution called Aegis to mitigate this issue. Before we dive into how Aegis works, let's first look at the recent industry facts and examine why exploits are such a significant problem in the Web3 space.

According to a report by Chainalysis, cryptocurrency projects suffered losses of $3.8 billion in hacks and cyberattacks in 2022, with DeFi protocols accounting for 82.1% of all stolen cryptocurrency.

The report highlights that hackers stole a total of $3.1 billion from DeFi protocols, a significant increase from 73.3% in the previous year. These staggering statistics underscore the crucial importance of Web3 security in the crypto ecosystem.

Web3 security in the crypto ecosystem

In the Web3 industry, hacks and cyber attacks can have far-reaching consequences beyond just financial loss. When a Web3 project experiences a security incident, it can cause reputational damage that is hard to recover from.

Users may lose trust in the project, leading to decreased adoption and usage, which can significantly impact the project's revenue and sustainability. Therefore, crypto projects must prioritize Web3 security in order to protect their assets and ensure the integrity of the blockchain network.

Why are most Web3 projects vulnerable?

There are numerous reasons why many Web3 projects are susceptible to security breaches in the crypto space.

  •  First, the decentralized nature of Web3 projects makes them more challenging to secure.
  • Second, the smart contracts' complexity in Web3 projects makes them vulnerable to coding errors and vulnerabilities that attackers can exploit.
  • Third, the increasing popularity of Web3 projects have attracted the attention of hackers and cybercriminals who seek to exploit any vulnerabilities for financial gain.

Web3 projects face a significant challenge when it comes to security, with the potential for financial loss and reputational damage from hack incidents. However, the good news is that using advanced security solutions like Aegis can significantly reduce the risk of these attacks.

Preventing crypto security breaches with Aegis

Aegis is a smart contract monitoring platform designed to enhance Web3 security and prevent cryptocurrency security breaches. Aegis allows users to add smart contract addresses they want to monitor to their watchlist.

It then scans all mined transactions and uses predictive analytics to analyze transaction patterns and identify suspicious addresses engaging with contracts you monitor. This way, Aegis provides extensive threat monitoring capabilities and is able to inform you of potential threats with real-time notifications without any integration.

Overview of Aegis features

Monitoring

With its zero-configuration monitoring system, users don't need to do anything to start protecting their smart contracts apart from adding the address they wish to keep an eye on.

Analytics

Aegis employs advanced predictive analytics to identify malicious behavior patterns and anticipate potential threats to smart contracts. It has the capacity to pinpoint and flag suspicious addresses by attributing severity levels of critical, high, medium, and low danger.

Instant Alerts

It enables real-time notifications of suspicious activities through multiple communication channels: email, SMS messages, Slack, and Telegram. This allows users to promptly take necessary measures to safeguard their smart contracts and prevent security breaches from happening.

TVL tracking

Aegis has recently added a new feature - TVL tracking. It allows users to set a threshold and get notified immediately once it is crossed. It's worth noting that Aegis can identify significant security threats, similar to the $100M BNB Chain attack from last year.

Custom event tracking

This enables users to stay informed about specific events related to their smart contracts. They can select any events from the contract they are monitoring, like ownership change and others, and get notifications once a transaction with those events happens. It’s good OpSec practice always to track such events.

Backtesting

Backtesting allows users to check for any past attacks and incidents related to their smart contracts. With this feature, users can identify previous incidents or any vulnerabilities they were unaware of and take proactive measures to mitigate potential risks.

Use Aegis - don’t get hacked

Aegis is a powerful solution for Web3 projects looking to enhance their security and protect their smart contracts against cyberattacks. With its comprehensive monitoring and analysis capabilities, real-time notifications, and personalized dashboard, Aegis offers industry-leading threat monitoring and smart contract defense capabilities to ensure the safety and security of Web3 projects.

With Aegis, crypto projects can feel confident in their Web3 security and rest assured that their smart contracts are being monitored and defended against potential hacks which could cost them millions.

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Aegis

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