Recover+ Team Successfully Recovers 2 Million EOS on EOS EVM
The EOS ecosystem has emerged as a beacon of resilience and innovation with the recovery of 2 million EOS on EOS EVM. This feat would not have been possible without the help of Recover+ (R+) team, a groundbreaking cybersecurity initiative. According to a blog post, their role was vital in the recovery of nearly 2 million EOS, currently worth $1.65M, in the wake of a cyber-attack on the PayCash project. This operation showed the EOS community's commitment to safeguarding digital assets and demonstrated the seamless collaboration between various entities within the EOS ecosystem.
The entities of EOS security and ecosystem
Recover+: a cybersecurity portal and rapid response program designed to protect EOS projects and their users by swiftly addressing security breaches and recovering stolen funds.
EOS Network: a third-generation blockchain platform known for its high performance and near feeless transactions, serving as the foundation for a multitude of Web3 applications and the EOS EVM.
EOS EVM: an emulation of the Ethereum Virtual Machine (EVM) within EOS, allowing for the deployment of Solidity-based dApps with unparalleled speed and efficiency.
EOS Network Foundation (ENF): an organization dedicated to fostering the growth and development of the EOS ecosystem through community engagement, funding, and the promotion of open-source technology.
PayCash breach and recovery operation
The journey to recover the stolen assets began on May 6, 2023, when the R+ team detected unauthorized access to the PayCash project. Despite the lack of established protocols for such incidents within the EOS EVM domain, the R+ team, in collaboration with EOS EVM engineers and the PayCash team, put in effort to develop a viable recovery solution. These activities culminated in the successful recovery of the stolen funds in February 2024, following the implementation of a revised proposal that overcame the initial technical setbacks.
The PayCash breach presented a formidable challenge because of the hacker's swift movement of the stolen funds to the EOS EVM and the absence of an audit for PayCash. The situation requested an innovative approach, leading to months of collaboration and the eventual development of a solution. The proposed recovery solution was showcased on January 25 on the Jungle Testnet which saw input from established figures from the EOS team and community, followed by a briefing with EOS Block Producers (BPs) on February 19. A revised proposal on February 22 successfully navigated the technical challenges, resulting in the recovery of the assets.
Open letter from PayCash development team
In an open letter published on February 26, the PayCash Development Team expressed profound gratitude towards the Recover+ team for their support and expertise. The letter emphasized the EOS ecosystem's reliability and advanced capabilities. As a token of appreciation, the PayCash team pledged to donate 5% of all recovered funds to support the further development of the Recover+ project.
Recover+ has proven to be a cornerstone of the EOS ecosystem's defense against the threats in the DeFi landscape. Their swift lead to a fast recovery of stolen funds and mitigated potential losses, Recover+ significantly improves the user experience within the Web3 space, and its expansion to include EOS EVM projects sets a new standard for DeFi security across different blockchain ecosystems. As the EOS ecosystem continues to evolve, initiatives like Recover+ will remain crucial in safeguarding the future of the EOS ecosystem and decentralized finance in general.