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Lead in: Phalcon's Hack Blocking Saga

April 23, 2024

Since BlockSec's debut in 2021, we have long maintained that code auditing alone cannot solve all Web3 security issues. Therefore, we have been investing in exploring new paradigms for Web3 security. Thus we created Phalcon, the world's first crypto hack-blocking system.

Before the launch of Phalcon, the system had been running internally for 2 years, successfully blocking over 20 hacks, and rescuing more than 20 million USD worth of assets, including $3.8M for Saddle Finance, $2.4M for Platypus, $5M for ParaSpace, and more.

In this series of articles, we will present representative stories of our system Phalcon. In sharing these cases, we aim to do more than validate the effectiveness of our system. We also want to demonstrate the transformative effect of proactive defense measures.

In the face of threats, we are not powerless. Together, we can usher in a new era of Web3 security.

Breaking Down: A Comprehensive Overview

About Phalcon

Phalcon is a security platform developed by BlockSec to monitor and block hacks. The system detects suspicious transactions, instantly alerts users, and takes automated actions in response.

Use cases of Phalcon
Use cases of Phalcon

Phalcon is a SaaS platform where users can directly log in through our official website to view different pricing plans and features, and subscribe immediately (supporting both credit card and crypto payments). For any questions, feel free to book a demo with our security experts who will address your concerns.

Support Tool: Phalcon Explorer

Phalcon Explorer is a support tool for the Phalcon platform. This powerful transaction explorer is designed for the DeFi community. It provides comprehensive data on call flows, balance changes, and transaction fund flows, as well as supports transaction simulation. This helps developers, security researchers, and traders to more intuitively understand transactions.

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Weekly Web3 Security Incident Roundup | Apr 6 – Apr 12, 2026
Security Insights

Weekly Web3 Security Incident Roundup | Apr 6 – Apr 12, 2026

This BlockSec weekly security report covers four DeFi attack incidents detected between April 6 and April 12, 2026, across Linea, BNB Chain, Arbitrum, Optimism, Avalanche, and Base, with total estimated losses of approximately $928.6K. Notable incidents include a $517K approval-related exploit where a user mistakenly approved a permissionless SquidMulticall contract enabling arbitrary external calls, a $193K business logic flaw in the HB token's reward-settlement logic that allowed direct AMM reserve manipulation, a $165.6K exploit in Denaria's perpetual DEX caused by a rounding asymmetry compounded with an unsafe cast, and a $53K access control issue in XBITVault caused by an initialization-dependent check that failed open. The report provides detailed vulnerability analysis and attack transaction breakdowns for each incident.

Weekly Web3 Security Incident Roundup | Mar 30 – Apr 5, 2026
Security Insights

Weekly Web3 Security Incident Roundup | Mar 30 – Apr 5, 2026

This BlockSec weekly security report covers nine DeFi attack incidents detected between March 30 and April 5, 2026, across Solana, BNB Chain, Arbitrum, and Polygon, with total estimated losses of approximately $287M. The week was dominated by the $285.3M Drift Protocol exploit on Solana, where attackers combined multisig signer social engineering with Solana's durable nonce mechanism to bypass a zero-timelock 2-of-5 Security Council, alongside notable incidents including a $950K flash loan TWAP manipulation against the LML staking protocol, a $359K Silo Finance vault inflation via an external `wstUSR` market donation exploiting a depegged-asset oracle and `totalAssets()` accounting flaw, and an EIP-7702 delegated-code access control failure. The report provides detailed vulnerability analysis and attack transaction breakdowns for each incident, covering flawed business logic, access control, price manipulation, phishing, and misconfiguration attack types.

Tracing $1.6B in TRON USDT: Inside the VerilyHK Ponzi Infrastructure
Case Studies

Tracing $1.6B in TRON USDT: Inside the VerilyHK Ponzi Infrastructure

An on-chain investigation into VerilyHK, a fraudulent platform that moved $1.6B in TRON USDT through a multi-layered fund-routing infrastructure of rotating wallets, paired payout channels, and exchange exit funnels, with traced connections to the FinCEN-sanctioned Huione Group.