The World’s First Crypto Hack Blocking System for Web3 Security

[PRESS RELEASE – Singapore, Singapore, November 15th]

Phalcon Block, the world’s first automated attack-blocking system, has been launched by BlockSec, ushering in a brand new period of combating in opposition to hackers within the Web3 world.

Phalcon Block: Revolutionizing Web3 Safety and Defending Digital Belongings

Making certain (DeFi) protocol safety includes a number of vital levels, starting with contract auditing and testing earlier than the protocol goes dwell. Nonetheless, the significance of safety measures doesn’t cease as soon as the protocol is deployed. Steady monitoring, assault blocking, and incident response are important for sustaining protocol safety after deployment.

Phalcon Block affords an built-in answer that mixes protocol monitoring, assault blocking, and incident response, making certain safe operations of protocols after they go dwell. For 2 years, BlockSec has constantly refined the product in its battles in opposition to hackers, efficiently blocking hacks tens of occasions and rescuing $14 million value of digital belongings. Lastly, BlockSec constructed an automatic attack-blocking system with unparalleled precision and full protection, making it the primary within the business to actualize such a breakthrough.

“This can be a milestone within the Web3 safety business. Phalcon Block will help protocol events block almost all exterior assaults. We have now spent two years on the event and refinement of Phalcon Block. The system is ready to revolutionize Web3 safety,” commented Yajin Zhou, the co-founder and CEO of BlockSec.

In keeping with statistics, losses brought on by hacker assaults have reached $7.3 billion, with $1.4 billion incurred in 2023 (to this point) alone. Among the many protocols which have fallen sufferer to assaults, there are famend and trusted tasks resembling Curve and rising ones like Good friend.tech. Nonetheless, the launch of Phalcon Block will flip issues round.

Who Advantages from Phalcon Block

For protocol builders, making certain the safety of TVL and DAO treasury funds turns into a precedence. Liquidity suppliers search environment friendly asset withdrawal throughout protocol assaults. Fund managers overseeing diversified token portfolios require swift liquidation choices in excessive situations. Exchanges are geared up to take speedy actions to thwart hacker escape.

Phalcon Block addresses these challenges comprehensively.

For protocol builders, the next TVL within the protocol makes it extra engaging for hackers and subsequently will increase the related dangers. Many components can result in protocol assaults, resembling upgrades within the contract’s performance or bug fixes, adjustments in exterior protocol dependencies, changes in parameter configurations, and even oversights in programming language compilers (the Curve occasion this yr is a tragic instance of this).

• The best way to precisely establish assaults whereas minimizing antagonistic results on the operation of protocols?
• The best way to intelligently reply to numerous sorts of assaults and implement automated protection measures to dam them?

That’s what Phalcon Block can do.

For liquidity suppliers, protocol safety is of paramount significance. Liquidity suppliers could also be extra involved about protocol safety than protocol suppliers. When a protocol is below assault, it could face a lower in TVL, whereas LPs could lose all of their capital as a substitute.

The Silicon Valley Financial institution occasion made individuals understand the fragility of conventional finance, whereas such occurrences occur virtually each month within the DeFi sector.

• If a consumer has deposited funds in a protocol and it’s attacked, how can he instantly turn out to be conscious and withdraw the funds?
• The best way to combine different monetary indicators and configure numerous automated response methods?

That’s what Phalcon Block can do.

Equally, with the assistance of Phalcon Block, fund managers and exchanges can even stop losses brought on by excessive occasions.

Why Conventional Alert Methods Fail and How Phalcon Block Gives a Resolution

Many establishments have established alert intelligence methods or have bought such providers. Why do these establishments nonetheless incur losses?

There are primarily two causes:

• The prevailing intelligence system has poor accuracy. After a number of false alarms, individuals are inclined to lose belief within the system. Consequently, when a real assault happens, they could be unable to find out whether or not it poses an actual menace.
• The handbook response is simply too gradual! On account of decentralized governance guidelines, many protocols require a number of signatures for key behaviors. Nonetheless, assaults might be executed inside a single block time. In such a short while, the challenge group must confirm the authenticity of intelligence, interact in multi-party discussions, after which reply manually. This leaves them with no time to defend in opposition to imminent hacker assaults.

Subsequently, many alert intelligence methods could seem helpful however fail to handle sensible points.

In distinction, Phalcon Block is designed and developed primarily based on first precept pondering, enabling it to deal with the entire means of assault monitoring, evaluation, and blocking.

Phalcon Block has three core options:

• Exact assault detection: Phalcon Block’s engine comprehensively scans pending and on-chain transactions to detect assaults. It prioritizes detection accuracy, minimizing false alarms to make sure protocols aren’t adversely affected, whereas additionally making certain no threats go unnoticed. Phalcon Block was launched lately, whereas the BlockSec group has been operating the system internally for 2 years, with its accuracy rating first on the Forta platform consecutively. Phalcon Block’s well timed alerts on social media and the Forta platform have empowered protocols, LPs, and customers to behave quick to stop potential losses.
• Automated assault blocking: The system mechanically initiates a blocking transaction even quicker than attackers can execute their hacks, making certain preemptive safety with out the necessity for handbook intervention.
• Configurable response mechanism: Because the influence of several types of assaults can range, protocol events can incorporate different monetary or operational indicators and configure triggering situations and response measures. They’ll additionally select from the really useful response templates and ideas offered by Phalcon Block.

To sum up, Phalcon Block addresses all safety issues confronted by protocols throughout operation.

The Key Components Behind BlockSec’s Success

Phalcon Block has been developed and internally operated for 2 years. Throughout this era, it has blocked over 20 assault incidents and helped protocols get well over $14 million value of digital asset losses. BlockSec is the primary and solely safety firm with attack-blocking case expertise and has efficiently blocked a number of hacking makes an attempt.

Moreover, BlockSec actively collaborates with the affected challenge events to promptly establish the foundation explanation for assaults, help with patching vulnerabilities, and even hint the hacker’s fund flows in cooperation with investigators to facilitate asset restoration.

Each struggle in opposition to hackers makes the protection system extra impenetrable, leaving no room for exploitation.

Phalcon Block’s Outreach and Engagement

Since opening the waitlist for Phalcon Block in July, the group has amassed over a thousand gross sales leads and obtained protection from a number of media shops and analysis organizations.

For many who have stuffed out the waitlist, Phalcon Block’s group will contact them from in the present day onward.

For anybody concerned about Phalcon Block, please book a demo on Phalcon Block’s official web site, and the group will present the service within the order of registration.

Read the original article on the official web site of Phalcon Block.

About BlockSec

BlockSec is a pioneering blockchain safety firm established in 2021 by a gaggle of worldwide distinguished safety specialists. The corporate is dedicated to enhancing safety and usefulness for the rising Web3 world in an effort to facilitate its mass adoption. To this finish, BlockSec supplies sensible contract and EVM chain safety auditing providers, the Phalcon platform for safety growth and blocking threats proactively, the MetaSleuth platform for fund monitoring and investigation, and MetaDock extension for web3 builders browsing effectively within the crypto world.

To this point, the corporate has served over 300 esteemed shoppers resembling MetaMask, Uniswap Basis, Compound, Forta, and PancakeSwap, and obtained tens of hundreds of thousands of US {dollars} in two rounds of financing from preeminent traders, together with Matrix Companions, Vitalbridge Capital, and Fenbushi Capital.

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

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

About Phalcon

Phalcon is a sophisticated protocol safety suite developed by BlockSec, consisting of three core modules: Explorer, Fork, and Block. These modules supply complete protection for protocol evaluation, debugging, testing, deployment, monitoring, and assault prevention.

Web site of Phalcon: www.phalcon.xyz

Twitter account of Phalcon: https://twitter.com/Phalcon_xyz