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 DeFi Hero
Ogle’s strategy relies on negotiation, which he believes is the best, and often only, solution to recovering stolen funds in DeFi. He argues that while some may condemn the practice of “making deals with hackers,” the primary goal should always be to recover the lost money. His method typically involves persuading hackers to return 90% of the stolen funds, a tactic that has proven to be highly effective.
Among his many successful operations, Ogle recovered $240 million from Euler Finance in April 2023. He also played a crucial role in negotiating the return of stolen funds to Curve Finance protocol liquidity pool and Sentiment.
The art of negotiation
Ogle’s recovery process is complex and collaborative. When a DeFi protocol is hacked, he often finds himself in war rooms with teams of security professionals brainstorming solutions. His background in commercial entrepreneurship makes him a good negotiator with elusive hackers.
Bridging the DeFi Security Gap
Many DeFi projects remain skeptical about police involvement, doubting their competence in the cryptocurrency market. This skepticism creates a void that experts like Ogle fill by proposing realistic strategies for recovering stolen assets. His approach offers a practical solution that traditional methods cannot provide.
Ogle began his career as a data recovery specialist in 2021 with the StableMagnet case, which he pursued from Hong Kong to Manchester, leading to the arrest of the culprits. This success established a credible threat for future negotiations, forcing the hackers to return the funds for fear of government retaliation.
Here is the hope you need!
Ogle’s work demonstrates that there are skilled negotiators in the DeFi market. By anticipating the hackers’ goals, he has consistently secured large sums, offering hope to compromised projects and investors. His efforts demonstrate the importance of negotiation skills in the ongoing battle to protect DeFi assets.
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