Cryptocurrency
BlockSec Phalcon 2.0 Unleashed: 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 version, ushering in a new era of fighting against hackers in the Web3 world.
Protocol Security Goes Beyond Code Auditing
According to the team, today, code auditing has become an industry standard, with the vast majority of protocols undergoing audits before going live. Yet, hackers still frequently succeed, stealing billions of dollars each year.
According to the Security Incidents Dashboard, from January 2023 to the present, there have been 146 major attack incidents, resulting in asset losses exceeding one billion dollars in total. Notably, the majority of these protocols had successfully passed code audits conducted by well-known firms.
Even if a protocol has passed audits and fixed known vulnerabilities, it may still face security risks: It may still have zero-day vulnerabilities; during the bug-fixing, small-scale upgrades, or parameter adjustments, the protocol team may inadvertently introduce new attack vectors; external dependencies can pose new risks; and even oversights related to compilers can lead to attacks.
Moreover, the open-source nature, anonymity, and flashloan mechanisms of blockchain make it easier for hackers to exploit vulnerabilities, and the chance for earnings gives them strong motivation. Since protocols are transparent and attackers stay hidden, defending against these evolving threats is very challenging. Some project teams may compensate users after attacks to reduce the damage, while financial losses can be recovered, rebuilding trust is much harder once it is lost.
Unfortunately, protocols have long focused mainly on code audits to ensure security, often overlooking an equally important area—security monitoring and automated responses after launch. BlockSec Phalcon is designed to fill this gap.
What is BlockSec Phalcon?
BlockSec Phalcon is a security monitoring and blocking system designed for protocols, covering major threats such as attack, operational, interaction, and financial risks.
According to the team, some protocols may have built or purchased monitoring systems, but they still suffer losses when facing attacks. The reasons are twofold:
- First, the project team might not learn about an attack in time or could waste valuable time verifying the accuracy of alerts due to frequent false positives. Meanwhile, hackers could already complete multiple attack transactions.
- Second, even if the project team quickly detects the attack and takes action, they often cannot respond as fast as the hackers. Many protocols rely on multi-sig wallets, and the need for multiple approvals makes manual responses even slower.
BlockSec Phalcon delivers practical and battle-tested solutions to address these two critical challenges.
- Precise Detection: BlockSec Phalcon uses over 200 clearly defined attack characteristics to identify whether a transaction is an attack, ensuring no attacks go undetected while almost eliminating false positives and avoiding disruptions to the team.
- Attack-Blocking Capability: BlockSec Phalcon continuously monitors transactions early at the mempool stage. Upon detecting an attack transaction, the system immediately alerts users, automatically initiates a response transaction, and employs a gas-bidding strategy to ensure these system-generated transactions are processed before the attack. This effectively blocks hacker attacks, achieving zero loss. What’s more, the platform supports both EOA and multi-sig wallets, enabling projects using Safe{Wallet} to automatically counteract attacks.
BlockSec Phalcon 2.0: Tailored Security Solutions for Protocols
This attack-blocking system launched by BlockSec had been running internally for two years before its release, successfully blocking over twenty attacks through whitehat rescues, helping project teams recover over $20 million in potential losses. It’s the first and only security product with proven records of attack blocking and has successfully blocked multiple hacking attempts.
“Often, we detected attacks but couldn’t reach the project team promptly. This led us to think, why not empower project teams directly with the ability to automatically prevent attacks? This was the very motivation for the creation of BlockSec Phalcon,” said Andy Zhou, the CEO of BlockSec.
“In this major upgrade, we redesigned the entire system to address the attacks, operational, interaction, and financial risks faced by protocols, and now it covers the vast majority of security risks protocols may encounter after going live. Additionally, we have further optimized the convenience and flexibility of our system configurations. Now users only need to import addresses to complete monitoring configurations with one click, making it very convenient, and they can customize monitoring rules for complex scenarios,” Andy Zhou added.
David Zong, Head of Risk at Bybit, stated, “We are big fans of BlockSec and have been deeply involved from the inception of BlockSec to the use of each of its products. BlockSec Phalcon is a very good security tool, to help Bybit achieve on-chain tracking and web3 contract security monitoring. We will have more cooperation with BlockSec in the future.”
Accessing BlockSec Phalcon
BlockSec Phalcon is an invitation-only SaaS platform, accessible only to invited users.
Interested users can schedule a demo to learn more about the product’s features, and have the opportunity to speak directly with security experts to discuss customized security solutions.
Users Can Book Demo: https://calendly.com/blocksec/phalcon-demo
Users Can Learn More: https://blocksec.com/phalcon
About BlockSec
BlockSec is a full-stack Web3 security service provider. The company is committed to enhancing security and usability for the emerging Web3 world in order to facilitate its mass adoption. To this end, BlockSec provides smart contract and EVM chain security auditing services, the BlockSec Phalcon platform for security monitoring and attack blocking, the MetaSleuth platform for fund tracking and investigation, and MetaSuites extension for web3 builders surfing efficiently in the crypto world.
To date, the company has served over 300 clients such as Uniswap Foundation, Compound, Forta, and PancakeSwap, and received tens of millions of US dollars in two rounds of financing from preeminent investors, including Matrix Partners, Vitalbridge Capital, and Fenbushi Capital.
Official website: https://blocksec.com/
Official Twitter account: https://twitter.com/BlockSecTeam
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TL;DR
- Analysts and traders anticipate a significant price surge for ADA, citing specific favorable technical patterns.
- Some optimists think the asset may soon hit a new ATH of as high as $7.
‘Grand Bull Market’ Incoming?
The cryptocurrency market has been on a tear in the past several hours, with some leading digital assets reaching unseen levels. Bitcoin (BTC), for instance, tapped an all-time high of over $109,000 earlier today (January 20).
Cardano’s ADA has also recorded a solid performance in the past several days despite not hitting a new peak. Its price is up over 15% on a weekly scale, currently trading at approximately $1.09 (per CoinGecko’s data).
Numerous industry participants think the recent rally could be just the ignition of a massive surge for Cardano’s native token. The veteran trader Peter Brandt believes the altseason is incoming, with ADA poised for a “grand bull market.”
X user Ssebi also touched upon the matter, claiming that the token’s price has touched the 20-day Moving Average (MA) and “bounced off it.”
“I think we are about to see an explosion for ADA in the next few days. The liquidity from TRUMP has got to flow somewhere,” they assumed.
Other market observers outlining price predictions lately include Dan Gambardello and Altcoin Daily. The former thinks ADA has “one of the most bullish weekly pattern setups in crypto,” envisioning a potential price explosion to as high as $7. Altcoin Daily forecasted that the valuation might hit $6.45 sometime in 2025.
The Potential Success in the Following Months
Trump’s incoming presidency is considered good news by the crypto community in general due to his positive stance toward the industry outlined in the past several months. Cardano’s ADA is among the digital assets that may experience a substantial rally due to his return to the White House, considering Hoskinson’s disclosure in November last year.
Back then, Cardano’s founder revealed his intentions to work alongside Trump’s cabinet to create a comprehensive and possibly more favorable regulatory environment for the crypto industry.
In addition, Cardano’s ecosystem is set to undergo some essential developments this year, and that possible progress might trigger a positive effect on the price of the native token. Some of the improvements involve the Hydra scaling solution. Those curious to explore what else is on the agenda, please take a look at our dedicated video below:
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It has been nothing short of a spectacular start to the new trading week as bitcoin’s price dumped below $100,000 only to skyrocket from there to a new all-time high above $109,000.
The altcoins are also in the green now on a daily scale, even though they plunged during the Monday morning Asian trading session.
BTC’s New Peak
The past seven days showcased what bitcoin and the crypto markets are capable of. Recall that the largest digital asset plunged beneath $90,000 for the first time since November last Monday after a massive daily drop of more than seven grand.
However, it reacted well to this crash and started to recover some value almost immediately. It kept climbing by the end of the trading week and saw its price cruise above $100,000 after the more favorable CPI data that came out on Wednesday.
Although all eyes were on Trump’s meme coin during the weekend, BTC maintained its position and even spiked to $106,000 on Sunday. That’s when real volatility transpired, as the cryptocurrency plummeted once again by several grand amounts to under $100,000.
As the market was preparing for another price slip ahead of Trump’s inauguration today, bitcoin reversed its trajectory and skyrocketed to over $109,000 to mark a new all-time high.
As of now, it stands at just over $108,000. Its market cap has soared to $2.140 trillion, while its dominance over the alts is at 55.4%.
LINK on the Move
Most altcoins went through similar volatility on Monday morning but have turned green on a daily scale. Ethereum has tapped $3,400 after a 5.5% surge since yesterday. ADA has jumped to $1.1 after a similar increase. XRP, BNB, DOGE, XLM, TRX, and AVAX are also in the green.
LINK has stolen the show today with a massive 15% surge. As a result, Chainlink’s token now sits above $26.
The two newest and most controversial meme coins – TRUMP and MELANIA – faced massive price volatility and is expected to continue as the day progresses.
The total crypto market cap has added over $100 billion since yesterday and is above $3.86 trillion on CG.
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Cryptocurrency charts by TradingView.
[PRESS RELEASE – Charlestown, Saint Kitts and Nevis, January 20th, 2025]
WeFi, a next-generation financial platform merging DeFi and TradFi, has achieved another tier-1 exchange listing. The WFI token is now listed on BingX, one of the fastest-growing centralized exchanges with over 5.3 million monthly visitors and nearly $500 million daily transaction volume. Starting January 20, BingX users will be able to access the WFI/USDT pair on the exchange.
WFI is the native token of the WeFi ecosystem. It serves as the utility backbone for various use cases, from staking and transaction fees to liquidity management and access to advanced decentralized applications.
WeFi token’s previous launch on Bitmart created a strong foundation for growth. The listing on BingX builds on this progress by offering greater liquidity and accessibility to a broader user base. BingX’s established reputation and global presence make it a fitting choice for this expansion.
“This listing on BingX is an exciting step in our mission to bring financial tools to everyone, regardless of where they are. We’re committed to building a system where users have real control over their assets while connecting to next-gen financial solutions,” said Maksym Sakharov, Co-Founder and Group CEO at WeFi. “BingX’s platform offers the reach and reliability we need to make WFI more accessible and practical for a global audience.”
The BingX listing is an important step toward making financial tools more accessible. WeFi is using a decentralized and community-focused approach to connect traditional banking with blockchain. The WFI token plays a key role in this process, supporting activities like remittances, Neobank services, and AI-powered financial tools.
According to the team, they will continue to prioritize ecosystem growth. Following the listing on BingX, efforts will focus on expanding partnerships, achieving more tier-1 listings, and improving the utility of WFI. Upcoming developments include the transition to WeChain, the launch of additional dApps, deeper integration of AI technologies, and ongoing improvements to the non-custodial financial services WeFi offers.
The BingX listing reflects WeFi’s commitment to creating a financial ecosystem that is inclusive, transparent, and built for the future. The collaboration with BingX marks another chapter in WeFi’s journey to redefine how people interact with financial tools.
About WeFi
WeFi is a pioneering global blockchain ecosystem and intelligent data platform dedicated to transforming finance through the integration of AI and blockchain technology. Focused on building a more inclusive and accessible financial system, WeFi leverages AI-driven nodes to analyze transactional patterns, proactively prevent financial crime, and deliver transparency, interoperability, and real-time insights to the global finance and fintech sectors.
Through its Initial Technology Offering (ITO), WeFi invites early adopters to participate in the ecosystem, earning rewards while contributing to its mission of democratizing finance and setting new regulatory standards worldwide.
For more information, users can visit wechain.ai or follow them on X (formerly Twitter) for updates on $WFI and the WeFi ecosystem.
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