Recover+, an ultra-modern cybersecurity portal and rapid response program developed by EOS, is implemented to safeguard EOS DeFi projects and connected users. Furthermore, it will contribute to preserving the security dimensions associated with the blockchain.
The EOS Recover+ (R+) team faced a difficult security incident that tested both their capabilities and the blockchain’s architecture. The escapade commenced on May 6, 2023, when the R+ team identified a security breach that specifically targeted PayCash, an application functioning within the EOS ecosystem. The team was not prepared for this at that moment. In addition, PayCash was devoid of an audit. The resolution was implemented through the release of EOS EVM v0.5.2. The solution was relocated to the Jungle Testnet. Following this, the team proposed a multi-signature solution to the PayCash breach, which ultimately proved to be unsuccessful.
A modified suggestion subsequently assisted in the recovery of approximately 2 million EOS that had been transferred to eos.recover. This exemplary success story of the EOS ecosystem exemplifies the R+ program’s capacity to redeem assets on the EOS EVM. PayCash expressed its gratitude in response via letter.
Francis Sangkuan, the Project Lead at Recover+, asserts that this incident serves as a paradigmatic illustration of the EOS EVM and the forthcoming BTCL2. They intend to refine their system further and elevate the situation to an unprecedented degree.
At this time, Recover+ is managing 24 initiatives totaling over $34 million in TVL funding. A critical need arose to implement the rapid response program in order to avert security threats, hacks, and frauds associated with Defi initiatives. They are now reasonably equipped to confront comparable circumstances. However, what truly stands out is the user exposure and subsequent improvement in the Web3 domain.
The integration of R+ into the EOS EVM has expanded its capabilities, which were originally designed for EOS Native. This represents a novel phase of evolution in response capabilities pertaining to initiatives focused on Ethereum. The fact that the program’s participation limit is set at $1 million demonstrates its commitment to protecting investments in the ecosystem.
R+ surpasses all other blockchain ecosystems in terms of security and user protection in the wake of the PayCash event.
The EOS Network is an innovative blockchain platform that is powered by the EOS EVM, a highly efficient, extensible WebAssembly engine with low latency that facilitates nearly feeless transactions.
The EOS EVM is a replica of the Ethereum EVM included in an EOS smart contract. It offers feature equivalence to numerous EVMs, but with significantly enhanced adaptability and acceleration.
The EOS Network Foundation, founded in 2021, is a leading open-source platform featuring a variety of well-balanced tools, libraries, and architectures for blockchain positioning.