The Phases of Hacking
Last updated
Last updated
In the decentralized finance realm, hacks are an unfortunate reality. But by understanding the typical stages of a hack, platforms like LazyOtter can step in and shield user assets. Let's dive into the details:
Funding Before launching an attack, hackers need resources. They often source their funds discreetly using platforms like tornado cash.
Preparation and Testing Once equipped, hackers prepare for the attack. This phase involves creating malicious contracts and testing them to ensure effectiveness.
Exploitation This is the main event. In this phase, hackers attempt to drain funds from the target contract, capitalizing on vulnerabilities.
Money Laundry After obtaining the funds, hackers aim to make them untraceable. This is done by sending the stolen assets to mixers like tornado cash or other platforms that obscure transaction trails.
Hackers have become increasingly adept at their craft. Studies show the pattern of hacks often have the following characteristics:
Testing the Waters: 70% of hacks involve multiple transactions, indicating preliminary smaller attacks before the full-blown assault.
Swift Strikes: Half of the attacks wrap up in under an hour.
Late Realizations: A staggering 98% of victims only become aware of the breach post-execution.
While hackers have their process, LazyOtter has developed a countermeasure. Leveraging the persistent on-chain data surveillance of our Risk Monitoring feature, LazyOtter seeks out anomalies that suggest a potential hack. These critical intervention points, referred to as the 'Golden Windows', represent the stages before the completion of the hack.
Once suspicious activity is detected during these windows:
LazyOtter's Emergency Withdrawal system springs into action automatically.
It ensures the immediate withdrawal of funds, safeguarding user assets before the hack concludes.
In essence, by seamlessly integrating Risk Monitoring with the Emergency Withdrawal system, LazyOtter's goal is straightforward but powerful: withdraw user funds before a hack is completed, or at the very least, act faster than other users, ensuring maximum asset protection.
