Lossless, a provider of Web3 security and exploit mitigation tools, has just announced that it will supply smart contract monitoring services to Harmony, the creator of Horizon bridge.
Lossless will provide Harmony with access to Aegis, its latest proactive defense tool, to help secure the latest version of the Horizon bridge.
The bridge had previously been shut down to prevent further losses since the exploit in June. Since the incident, Harmony has already identified the root cause and patched the vulnerability.
By utilizing Lossless Aegis for an additional layer of defense, Harmony is signaling that it is taking security above all else. The latest version of the Horizon bridge will be protected by proactive monitoring of unanticipated vulnerabilities.
Aegis, an automated threat monitoring system, was designed for Web3 projects that want to take preventative measures before threats turn into exploits.
It identifies malicious behavior patterns, assigns risk scores, and notifies project teams of possible threats in real-time.
With the help of predictive analytics, Aegis will introduce an additional layer of blockchain transaction security to the Horizon bridge, preventing hacks before they happen.
Aegis is the fifth product launched by Lossless. The lossless protocol has previously enabled the retrieval of 78 million $AAG tokens from the very same Horizon bridge exploit.
How does Aegis work?
Aegis scans all mined block transactions, utilizing predictive analytics to analyze transaction patterns and identify suspicious addresses.
Data on potentially malicious behavior is then pushed both on-chain and off-chain, triggering real-time alerts and user notifications.
Aegis facilitates proactive monitoring of suspicious activity without the need for integration. Any address can subscribe to the Aegis contract and receive on-chain data and metrics directly from it.
Users can query our smart contract to receive the associated risk score of an address and make informed security decisions.
Harmony will utilize Aegis to monitor all interactions with its smart contracts. If any of the transfers are identified as potentially malicious, Harmony will receive a real-time alert and will take immediate action to ensure no harm is caused to its users.
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