A New Era of Hack Prevention and Protocol Security Begins

[PRESS RELEASE – Singapore, Singapore, November 20th, 2024]

BlockSec Phalcon, the world’s first crypto hack monitoring and blocking system, has launched its 2.0 model, ushering in a brand new period of combating in opposition to hackers within the Web3 world.

Protocol Safety Goes Past Code Auditing

In keeping with the staff, in the present day, code auditing has turn into an business customary, with the overwhelming majority of protocols present process audits earlier than going dwell. But, hackers nonetheless ceaselessly succeed, stealing billions of {dollars} annually.

In keeping with the Security Incidents Dashboard, from January 2023 to the current, there have been 146 main assault incidents, leading to asset losses exceeding one billion {dollars} in whole. Notably, the vast majority of these protocols had efficiently handed code audits carried out by well-known corporations.

Even when a protocol has handed audits and glued identified vulnerabilities, it could nonetheless face safety dangers: It might nonetheless have zero-day vulnerabilities; throughout the bug-fixing, small-scale upgrades, or parameter changes, the protocol staff might inadvertently introduce new assault vectors; exterior dependencies can pose new dangers; and even oversights associated to compilers can result in assaults.

Furthermore, the open-source nature, anonymity, and flashloan mechanisms of blockchain make it simpler for hackers to take advantage of vulnerabilities, and the possibility for earnings provides them sturdy motivation. Since protocols are clear and attackers keep hidden, defending in opposition to these evolving threats may be very difficult. Some venture groups might compensate customers after assaults to scale back the injury, whereas monetary losses could be recovered, rebuilding belief is way more durable as soon as it’s misplaced.

Sadly, protocols have lengthy centered primarily on code audits to make sure safety, typically overlooking an equally necessary space—safety monitoring and automatic responses after launch. BlockSec Phalcon is designed to fill this hole.

What’s BlockSec Phalcon?

BlockSec Phalcon is a safety monitoring and blocking system designed for protocols, masking main threats resembling assault, operational, interplay, and monetary dangers.

In keeping with the staff, some protocols might have constructed or bought monitoring programs, however they nonetheless endure losses when going through assaults. The explanations are twofold:

• First, the venture staff won’t find out about an assault in time or might waste priceless time verifying the accuracy of alerts resulting from frequent false positives. In the meantime, hackers might already full a number of assault transactions.
• Second, even when the venture staff shortly detects the assault and takes motion, they typically can not reply as quick because the hackers. Many protocols depend on multi-sig wallets, and the necessity for a number of approvals makes guide responses even slower.

BlockSec Phalcon delivers sensible and battle-tested options to deal with these two crucial challenges.

• Exact Detection: BlockSec Phalcon makes use of over 200 clearly outlined assault traits to determine whether or not a transaction is an assault, guaranteeing no assaults go undetected whereas nearly eliminating false positives and avoiding disruptions to the staff.
• Assault-Blocking Functionality: BlockSec Phalcon constantly screens transactions early on the mempool stage. Upon detecting an assault transaction, the system instantly alerts customers, routinely initiates a response transaction, and employs a gas-bidding technique to make sure these system-generated transactions are processed earlier than the assault. This successfully blocks hacker assaults, attaining zero loss. What’s extra, the platform helps each EOA and multi-sig wallets, enabling tasks utilizing Protected{Pockets} to routinely counteract assaults.

BlockSec Phalcon 2.0: Tailor-made Safety Options for Protocols

This attack-blocking system launched by BlockSec had been operating internally for 2 years earlier than its launch, efficiently blocking over twenty assaults via whitehat rescues, serving to venture groups get better over $20 million in potential losses. It’s the first and solely safety product with confirmed data of assault blocking and has efficiently blocked a number of hacking makes an attempt.

“Typically, we detected assaults however couldn’t attain the venture staff promptly. This led us to assume, why not empower venture groups instantly with the flexibility to routinely stop assaults? This was the very motivation for the creation of BlockSec Phalcon,” stated Andy Zhou, the CEO of BlockSec.

“On this main improve, we redesigned the complete system to deal with the assaults, operational, interplay, and monetary dangers confronted by protocols, and now it covers the overwhelming majority of safety dangers protocols might encounter after going dwell. Moreover, now we have additional optimized the comfort and adaptability of our system configurations. Now customers solely must import addresses to finish monitoring configurations with one click on, making it very handy, and so they can customise monitoring guidelines for advanced eventualities,” Andy Zhou added.

David Zong, Head of Danger at Bybit, said, “We’re large followers of BlockSec and have been deeply concerned from the inception of BlockSec to the usage of every of its merchandise. BlockSec Phalcon is an excellent safety software, to assist Bybit obtain on-chain monitoring and web3 contract safety monitoring. We could have extra cooperation with BlockSec sooner or later.”

Accessing BlockSec Phalcon

BlockSec Phalcon is an invitation-only SaaS platform, accessible solely to invited customers.

customers can schedule a demo to be taught extra concerning the product’s options, and have the chance to talk instantly with safety specialists to debate custom-made safety options.

Customers Can Ebook Demo: https://calendly.com/blocksec/phalcon-demo

Customers Can Be taught Extra: https://blocksec.com/phalcon

About BlockSec

BlockSec is a full-stack Web3 safety service supplier. The corporate is dedicated to enhancing safety and value for the rising Web3 world with a view to facilitate its mass adoption. To this finish, BlockSec offers sensible contract and EVM chain safety auditing providers, the BlockSec Phalcon platform for safety monitoring and assault blocking, the MetaSleuth platform for fund monitoring and investigation, and MetaSuites extension for web3 builders browsing effectively within the crypto world.

So far, the corporate has served over 300 purchasers resembling Uniswap Basis, Compound, Forta, and PancakeSwap, and obtained tens of thousands and thousands of US {dollars} in two rounds of financing from preeminent buyers, together with Matrix Companions, Vitalbridge Capital, and Fenbushi Capital.

Official web site: https://blocksec.com/

Official Twitter account: https://twitter.com/BlockSecTeam