Beating the Hack: How Clearstar Saved Thousands Using Onchain Automation
Clearstar, a Switzerland-based manager with a focus on quantitative DeFi strategies, is leveraging capabilities offered through a partnership between Hypernative and Fordefi, an industry-leading MPC wallet purpose-built for DeFi.
Since smart contract risk is inherent to any onchain exposure, it is vital to be able to monitor and respond to onchain threats in seconds. We wouldn’t be comfortable securing our assets onchain if it weren’t for the services provided by both Fordefi and Hypernative. We are more than satisfied with the security they provide to protect our assets!
Clearstar Labs, a multistrategy crypto portfolio manager, successfully exited a position in a hacked DeFi protocol using Hypernative’s real-time monitoring and pre-recorded transactions with Fordefi CARE.
Shortly after lunch on Sept. 24, Clearstar Labs received a Telegram notification that an automated exit strategy they had set up less than a week prior had completed successfully. After a quick review, the team realized that a DeFi protocol, where Clearstar was providing liquidity, was hacked. Thankfully, they were able to automatically unwind the position in time to save their funds.
Clearstar, a Switzerland-based manager with a focus on quantitative DeFi strategies, is leveraging capabilities offered through a partnership between Hypernative and Fordefi, an industry-leading MPC wallet purpose-built for DeFi. The integration enables automatic execution of pre-recorded transactions based on onchain triggers, empowering fund and treasury managers to rapidly respond to both threats and opportunities.
Thanks to the Hypernative and Fordefi partnership, Clearstar was able to setup an automated workflow that protected their funds in just a few steps:
- Pre-record their protocol exit transaction with Fordefi;
- Approve their pre-recorded transaction according to their organization’s pre-configured Fordefi policies;
- Subscribe to alerts on the Hypernative Platform, which employs a wide range of detection techniques and continuously monitors a broad spectrum of risks on over 40 chains;
- Connect the Hypernative alerts to Fordefi’s actions on the Hypernative Platform.
Our integration with Hypernative is a prime example of how we’re enabling clients to protect against real-time threats and hacks.
As a wallet provider leading the industry with this cutting-edge technology, we’re proud to offer features like Fordefi CARE that keep users ahead of vulnerabilities and safeguard their assets in the fast-evolving DeFi space.
CTO & co-founder at Fordefi.
This integration combines Hypernative’s detection of a wide variety of onchain triggers, including protocol hacks, asset depegging, phishing, economic risks, financial risks, and market disruptions, with automated transactions and signing on Fordefi’s MPC wallet platform.
The result is a powerful tool for proactive onchain asset management that is already being leveraged by institutional players like Clearstar, Ouroboros Capital, and others. Fordefi built CARE (Continuous Automated Response Engine) to provide unmatched proactive risk protection for on-chain positions, making it the first institutional wallet to help clients unwind complex positions during events like pool hacks or asset depegging.
Read more: Fordefi and Hypernative Partner on an Integrated Wallet and Real-Time Security Offering
Automating your onchain defenses is the best way to beat hackers at their game and our partnership with Fordefi is a major step toward that future.
The high accuracy of AI-powered risk detection is what makes automated response so effective. These tools are already here and Clearstar’s experience is a testament to their power.
Co-founder at Hypernative.
Hypernative uses battle-tested, sophisticated machine learning models, heuristics, simulations, and graph-based detections to identify threats with high accuracy and give customers precious minutes to respond before exploits can do damage. The system monitors security, technical, financial, governance and other risks. Hypernative detected 99.5% of hacks last year with less than 0.001% false positive rate and saved more than $300M of funds to date.
Over 150 Web3 projects already rely on Hypernative’s real-time enterprise-grade platform that monitors over $37B worth of digital assets across more than 40 chains. The list includes Balancer, Blockdaemon, Chainalysis, Chainlink, Circle, Consensys, Ethena, Etherfi, Galaxy, Linea, Quantstamp, Solana, Starknet, and Uniswap.
Reach out to find out how you can leverage the Hypernative and Fordefi integration and secure everything you build, run, and own in Web3.
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