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

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