The post Here’s How White Hat Hacker Saved $450 Million in DeFi Hack appeared first on Coinpedia Fintech News
This is notoriously so in DeFi where a hack is disastrous to projects or investors involved in the token so the traditional policing does not adequately suffice, and the developers equally do not have the expertise on the high-risk negotiations.
Enter Ogle, a pseudonymous white hat hacker, who has become a beacon of hope by recovering over $450 million from 40 separate hacks through his unique approach. Read further as DL news captured a white hack hacker’s inputs in his journey of recovering millions!
The Art of Negotiation
One interesting view of Ogle is that negotiation is the best and almost the only solution when it comes to the recovery of stolen funds in the DeFi. He goes further to note that while people may always in one way or another condemn the practice of ‘making deals with blackhats’, the first and overriding consideration is to get the lost money. His technique often majorly entails persuading the hackers to return a staggering 90% of the stolen money in a bid to stop the chase. This strategy has turned out to be highly efficient.
Among multiple successful operations, Ogle managed to recover $240 million from Euler Finance in April of 2023. He was also involved in the negotiation 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 the recoveries:
Even more frequently, when a DeFi protocol is hacked, Ogle gets dragged into the war rooms where multiple teams of security professionals discuss the ways to solve the problem. His working background is in business entrepreneurship, a fact that makes him well-equipped to negotiate with bendy hackers.
The reality of the DeFi hacks
Most DeFi continues to avoid the police strategies on their projects, questioning their competence and knowledge in the crypto market. This creates a big void that people like Ogle come in to help to provide that information. The approach he provides is a realistic strategy for solving the issue of tracking down stolen assets, which usual procedures cannot solve.
Ogle got into hack recovery in 2021 with the StableMagnet case, which he followed from Hong Kong to Manchester, and the culprits were arrested. This success gave a credible threat for future negotiations; thus, hackers would be forced to return the money out of 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’ objectives, his capacity to secure large sums through proficient negotiation assures a source of hope for projects or investors that have been compromised.
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