sponsored
As winners of the ETH hackathon in 2021, the Hackless team is now releasing the beta version of Anti-Sandwich – a gateway to safe and efficient swapping of crypto assets, avoiding public mempools and consequently, getting ‘sandwiched’. The solution has already proved effective for a play-to-earn platform and is now open to a wider audience.
The risks of DeFi
Financial freedom is simultaneously the biggest groundbreaker and risk of DeFi. Transition to decentralised exchanges puts users in control of their assets, but it also makes them solely responsible for ensuring the security of their funds. Given that the industry is still developing, so is its security level, resulting in quite a limited market offering. Hackless is a DeFi security provider of advanced solutions to protect projects and individual users from hacks, exploits and attacks of different kinds, as well as helps migrate funds from already hacked protocols and wallets.
A sandwich attack is a relatively new but increasingly frequent and an already well-known type of front and back running attack. According to a report published by TarLogic, between May 2020 and April 2022, there were a total of 457,691 sandwich attacks detected with an average ROI above 4%. The most profitable attack ever was spotted in May 2021 having taken 56 ETH worth of $200,000 at that time. It was achieved in just two transactions executed within the second.
Sandwich attacks explained
Sandwich attacks include both front-running and back-running tactics applied over buy transactions sent to DEX. To do this, attackers watch a mempool – for suitable transactions and once an opportunity arises, they buy the same token first and sell it after the transaction has been executed.
When breaking down a sandwich attack, three clear stages are seen:
An attacker detects a high-value transaction in the mempool and puts a buy transaction to pump the asset price.
A user buys coins at a higher price.
The attacker sells coins pocketing the difference in price.
Choose the best Anti-Sandwich protection for you
Hackless enables each and every DeFi user to swap assets, avoiding public mempools. This means that you send your transactions directly to miners, making them invisible to exploiters.
The service is available on the Hackless website via an intuitive and easy to use widget. All you need to do is to connect your Metamask, select the network and token and sign the transaction, which will be submitted to private miners automatically.
Anti-Sandwich for business
According to the REKT Database, DeFi protocols have lost $6 billion in total, due to scams, hacks, and exploits of different kinds, sandwich attacks included. Hackless is now introducing a solution for those DeFi companies that wish to offer extra protection, as well as a better product experience, to their users.
Anti-Sandwich by Hackless is the best fit for blockchain projects in need of a fast and secure swapping widget. The solution is now available on Ethereum and Binance Smart Chain networks with further expansion to other chains.
With the Anti-Sandwich widget on the client’s website, users can easily swap project tokens without ever leaving the website. This makes the user experience smoother and also safer, while averting potential sandwich attacks and confusion with any other tokens. The widget is easily pluggable to any website via the NPM library, as well as customizable to brand design and feel.
10,000 $HKLS airdrop pool for early adopters
While the best perk is actually avoiding getting ‘sandwiched’ and losing your money, Hackless also encourages the most security conscious teams and folks by airdropping 10,000 HKLS tokens, giving referral bonuses and more.
Early adopters are the luckiest for sure – not only do they have a chance to try out the service free of charge, but also participate in the dedicated airdrop activity via Gleam.
To learn more about Hackless and how it can boost DeFi security, visit the project’s site, and make sure to join the community on Discord and Telegram.
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
Media
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular News
In Case You Missed It
Source: https://news.bitcoin.com/hackless-offers-sandwich-attack-protection-for-bsc-and-ethereum-networks/
