Blockchain Ecosystem Security Awaits Industry Standards

A few days ago (July 4, 2018), Binance’s exchange security was exploited once again. In response, Binance took the best security actions they could have:

1. Shut down the exchange to hinder the hack.

2. Reset all customers’ API keys, immediately.

However, this security breach was not entirely Binance’s fault. In fact, the fault lies with the ecosystem arround Syscoin, which happened to be listed on Binance.

Syscoin has been hit by an unusual hack that has manipulated the coin’s total supply. The attackers then sent the fraudulently generated coins to Binance and sold them, pushing the price of 1 SYS to as high as 96 BTC. The BTC they received was then withdrawn, prompting Binance to temporarily cease trading and to reset all APIs, which are believed to have facilitated the attack.

As the most prominent use of blockchain to date, cryptocurrency is suffering from fundamental vulnerabilities inherent in blockchain infrastructure, centralized exchanges, smart contracts, and related ancillaries.

Blockchain Ecosystem Security Awaits Industry Standards.

At AnChain.AI, our mission is to secure and grow the blockchain ecosystem by helping industry partners secure and grow their businesses.

We aim to do so by leveraging our expertise in cybersecurity, big data, and artificial intelligence and bringing this domain-specific knowledge to the blockchain industry to automate labor-intensive processes in order to allow our customers the best chance possible to mitigate security concerns.

AnChain.AI is a Silicon Valley startup founded by a team with diverse industry experience in cybersecurity, big data, AI , and blockchain. We are fortunate to be backed by a network of seasoned fintech, blockchain, and cybersecurity executives on our Advisory Board.

We are launching our first suite of Blockchain Ecosystem Security products soon in Q3 :

  • (CAS) Contract Audit Sandbox - provides automated, semi-automated, and expert auditing of any Ethereum Virtual Machine based smart contract.
  • (SAP) Situational Awareness Platform - provides AI-powered threat intelligence and transaction behavior on malicious adversaries.

Our target customers are :

  • Exchanges
  • Protocols
  • DApps
  • Wallets/Custodians
  • Enterprise

If you are interested in joining our pilot customer program, contact us: info *AT* AnChain.ai

Stay tuned in for more information on our vision, product, and roadmap!

About AnChain.AI

A blockchain data analytics firm providing intelligence, indicators, and investigative resources for clients to enhance their security, risk, and compliance strategies.

Feel free to reach out to us directly at: info@anchain.ai

With extensive experience in cybersecurity, artificial intelligence, cloud computing, and big data AnChain is continuously securing top-tier crypto exchanges, protocols, investors, custodians, and enterprise with our Blockchain Ecosystem Intelligence.

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Blockchain data analytics firm providing security, risk, and compliance solutions.

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