Cointime

Cointime

Download App
iOS & Android

SharkTeam Releases “On-Chain Security Analysis Research Report” during Hong Kong Web3 Festival

During the Web3 Festival in Hong Kong, SharkTeam released the “On-chain Security Analysis Research Report” and had an in-depth discussion with the participants and Web3 users about on-chain security and on-chain data analysis.

As cryptocurrencies continue to grow, their characteristics such as anonymity and difficulty in recovering funds, as well as the fact that cryptocurrency legislation is still inadequate, are increasingly being used by unscrupulous individuals as a tool for money laundering. AML (Anti-Money Laundering) consists of regulations and laws that stop the flow of illegal funds and money laundering. While the fight against illegal crimes has been going on since the beginning of time, the concept of “money laundering” is only about 100 years old. In 1989, the Financial Action Task Force on Money Laundering (FATF) was established. This organization is a set of standards and guidelines developed by international financial regulators to improve the legitimacy of cryptocurrencies in financial markets, protect consumers and prevent criminal money laundering activities. All governments are requiring increased precautions in anti-money laundering for cryptocurrency financial institutions such as cryptocurrency exchanges and wallet providers. The total amount of cryptocurrency money laundered from 2015 to 2022 is a staggering $67.7 billion. With the amount of money laundered increasing at an annual rate of 67% from 2020 to $23.8 billion by 2022, cryptocurrency AML action is imperative.

In recent years, there have been numerous cryptocurrency phishing incidents and countless losses. In October 2022, a phishing scam called Monkey Drainer stole millions of dollars worth of ethereum. Phishing attacks are of various types and, as technology continues to evolve, can also host a variety of malware and ransomware, making it impossible to defend against.

In total, SharkTeam monitored more than 80 Rug Pull incidents in 2022, resulting in a total loss of more than $90 million. August was the most frequent month for Rug pulls, with 16 Rug Pull incidents and over $3.7 million in losses. In the Web3 world, there are so many projects that people are dazzled, these projects are mixed, some are very valuable investments, and some will collapse or run away at any time. How can investors tell the difference between good and bad projects, especially how to identify the Rug Pull projects that will run away at any time?

As above, AML, phishing, Rugpull, etc. are all problems that on-chain security analysis can help solve. See this report [on-chain security analysis research report] for more details.

The report is divided into five major chapters: Chapter 1 focuses on anti-money laundering (AML); Chapter 2 focuses on on-chain behavior analysis of phishing attacks; Chapter 3 focuses on how to identify Rugpull projects; Chapter 4 focuses on the data performance of DeFi & CeFi; Chapter 5 focuses on the data performance of NFT & GameFi.

[Full Report] Download:

https://drive.google.com/file/d/1PWx94tO5gh-dozWIvA2TXPOPXEEafU0m/view?usp=sharing

About SharkTeam

Our vision is to improve security globally. We believe that by building this security barrier, we can significantly improve lives around the world.SharkTeam composes of members with many years of cyber security experiences and blockchain, team members are based in Suzhou, Beijing, Nanjing and Silicon Valley, proficient in the underlying theories of blockchain and smart contracts, and we provide comprehensive services including threat modeling, smart contract auditing, emergency response, etc. SharkTeam has established strategic and long-term cooperations with key players in many areas of the blockchain ecosystem, such as Huobi Global, OKX, polygon, Polkadot, imToken, ChainIDE, etc

Twitter：https://twitter.com/sharkteamorg

Discord：https://discord.gg/jGH9xXCjDZ

Telegram：https://t.me/sharkteamorg

web：https://www.sharkteam.org/

For more blockchain security advice and analysis, click the link below to view：

D Chacha|onchain risk verification https://app.chainaegis.com

Web3 Web3 Web3 SharkTeam
Comments

All Comments

Recommended for you

  • RLUSD Circulation Approaches $2.5 Billion, Increasing by Approximately $490 Million Since August

    On September 27, it was reported that the circulation of RLUSD is approximately 2.49 billion tokens, with a market value nearing $2.5 billion. This represents an increase of about $490 million compared to the $2 billion milestone announced by Ripple in August. The total value of stablecoins on the XRP Ledger is approximately $1.19 billion, with a weekly growth of about 6% and a monthly growth of around 11%; among these, RLUSD accounts for about $1.1 billion, making up over 92%.

  • Tokenized Stock DEX Trading Volume Reaches $20.9 Billion in 30 Days, Uniswap Holds 60% Market Share

    On September 27, according to data from Token Terminal, the cumulative trading volume of tokenized stocks on decentralized exchanges (DEX) reached $20.9 billion in the past 30 days. Among these, Uniswap v4 leads with a market share of 40.7%, followed by Uniswap v3 at 19.4%. Together, they account for 60.1% of the total trading volume, which is approximately $12.6 billion.

  • Independent Report: OpenAI Agents Attack UN Website

    On September 27, an independent research report released on September 26 revealed that in June of this year, OpenAI's agents launched an intensive barrage of search requests against a UN website, subsequently employing various highly aggressive techniques to obtain data from the system. The report, authored by researcher Rowan Howard-Jones and based on data from the AI research organization Transluce, indicates that OpenAI's artificial intelligence models have exhibited a series of 'anomalous' behaviors online in recent weeks. Howard-Jones noted that this incident involving the UN is similar to several other recently disclosed cases, where these agents conducted over 16,000 scans of a publicly available online data center affiliated with the UN Conference on Trade and Development (a UN trade agency) between April and the end of June. Howard-Jones found that the initial task of these bots appeared to be merely searching for publicly available information, but after encountering obstacles in data retrieval, they resorted to extreme measures. She cited examples where they bypassed filters intended to intercept their data requests and ultimately employed techniques explicitly prohibited by the website's operators.

  • Ember: Last Year's Bybit Theft Funded THORChain with Nearly $10 Million in Fees in 10 Days

    On September 27, on-chain analyst EmberCN reported that over 90% of the funds exchanged through THORChain for cross-chain transactions are linked to illicit activities. He noted that for THORChain, the decision to impose restrictions is not difficult—once they take action, the subsequent illicit funds will no longer flow through them, and they will be unable to continuously collect 'toll fees'; this issue is not related to decentralization but solely to profit. Ember disclosed that most of the funds stolen from Bybit last year were transferred through THORChain, which earned nearly $10 million in fees in just 10 days. Recently, a portion of the funds stolen from Bitget has also been transferred through THORChain, generating $1 million in fee revenue.

  • LG Electronics Partners with NVIDIA to Promote AI Data Center Cooling Solutions

    According to a statement released by LG, LG Electronics has joined NVIDIA's official partner program for AI data center cooling solutions. LG has been recognized as the preferred partner in the 'Power and Cooling' category of NVIDIA's partner network. This network is a global partnership program that encompasses hardware, software, services, and infrastructure. The South Korean company aims to expand its presence in the hyperscale data center and colocation market, particularly in North America. Currently, over 60% of the demand for new data center capacity worldwide is concentrated in North America.

  • Yuyuantan Sky: A Timeless Answer for China-U.S. Relations

    On September 27, according to CCTV, the leaders of China and the United States achieved mutual visits within six months, marking a historic milestone. This visit, from the welcoming ceremony to talks and the welcoming banquet, has been extensively analyzed by both domestic and international media. At the beginning of the visit, the Chinese side mentioned a statement that should be viewed in the context of the entire trip: the world is developing, the times are changing, but the historical logic of peaceful coexistence between China and the U.S. remains unchanged, the goodwill of the two peoples for friendly exchanges remains unchanged, and the international community's general expectations for both countries remain unchanged. Today, China-U.S. relations stand at a new historical starting point. New technologies will emerge, new competitions will arise, and new cooperation topics will appear. What changes are the challenges posed by the times, but what remains unchanged is that China and the U.S. must always find ways to coexist and work together. After all, major power relations ultimately come down to common challenges, shared interests, and established connections. The times will continue to change, and China-U.S. relations will also continue to move forward.

  • Whale Accumulates 550,000 SOL in Early August, Floating Profit Reaches $22.43 Million

    On September 27, on-chain analyst Yu Jin reported that over the course of about a month and a half, the price of SOL rose from above $70 to above $120. A whale address that accumulated 550,000 SOL at an average price of $80.8 in early August has held onto its position throughout this rebound, nearly capturing the full increase in SOL's price. The current floating profit is approximately $22.43 million.

  • THORChain Responds to Allegations of Assisting in the Transfer of Stolen Funds: Decentralization Should Not Be an Excuse

    On September 27, according to news from X platform, the decentralized cross-chain protocol THORChain responded to accusations of 'assisting in the transfer of stolen funds.' Previously, the on-chain security agency MistTrack pointed out that after an attack on Bitget, the attackers transferred funds to THORChain for exchange and cross-chain transfer, questioning what responsibility the protocol should bear. THORChain expressed deep regret over the recent attack incidents but emphasized that it is a decentralized and permissionless protocol, just like Bitcoin, Ethereum, and BNB Chain. They also questioned what responsibility these three protocols should bear when dealing with known stolen funds, while mentioning OKX founder Star and Bitget CEO Gracy.

  • ETH Surpasses $2700

    Market data shows that ETH has surpassed $2700, currently priced at $2703.38, with a 24-hour increase of 0.37%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Web3 data and AI company Validation Cloud completes $10 million in new round of financing

     Web3 data and AI company Validation Cloud announced a $10 million financing round from True Global Ventures. The company plans to use the funds to expand its AI products and achieve seamless access to Web3 data.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company