DeFi
Here’s How a White Hat Hacker Saved $450 Million in a DeFi Hack
This is especially true in the DeFi space, where a hack is disastrous for the projects or investors involved in the token, so traditional oversight is not sufficient enough and developers also do not have the expertise needed for high-risk transactions.
Enter Ogle, a pseudonymous white hat hacker who has become a beacon of hope by recovering over $450 million from 40 different hacks through his unique approach. DL News captured the contributions of a white hat hacker in his journey to recover millions!
The art of negotiation
Ogle believes that negotiation is the best, if not the only, solution to recovering stolen funds in the DeFi sector. He goes further to point out that while people can always, in one way or another, condemn the practice of “making deals with hackers,” the first and foremost concern is to recover the lost money. His technique often involves persuading hackers to return 90% of the stolen money in an attempt to stop the pursuit. This strategy has proven to be very effective.
Among several successful operations, Ogle managed to recover $240 million from Euler Finance in April 2023. He was also involved in the trading process of the stolen funds that belonged to the Curve Finance protocol liquidity pool and Sentiment.
In this area, it is important to know the process behind recoveries:
Even more frequently, when a DeFi protocol is hacked, Ogle is dragged into the war rooms where multiple teams of security professionals discuss ways to solve the problem. His professional background is in entrepreneurship, a fact that makes him well-equipped to negotiate with devious hackers.
The Reality of DeFi Hacks
Most DeFi players continue to shy away from policing strategies on their projects, questioning their skills and knowledge of the cryptocurrency market. This creates a big void in which people like Ogle step in to help provide this information. The approach he proposes is a realistic strategy to solve the problem of tracking down stolen assets, which usual procedures cannot solve.
Ogle got into data recovery after hacks in 2021 with the StableMagnet case, which he followed from Hong Kong to Manchester, and whose culprits were arrested. This success provided a credible threat for future negotiations; that the hackers would be forced to return the money for fear of feeling the “weight” of the government on their backs.
Ogle’s work also proves that there are people with good negotiation skills in the DeFi market. By anticipating the hackers’ goals, his ability to secure large sums of money through effective negotiation provides a source of hope for compromised projects or investors.
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