In 2023, Web3 harbors not just aspirations for technological breakthroughs but also grapples with security challenges of unprecedented scale. The year also witnesses the transformation of Phalcon from a transaction explorer to a comprehensive security suite. Phalcon now covers the entire spectrum of protocol security, from pre-launch testing, post-launch monitoring and attack blocking, to post-incident analysis.
Through the story of Phalcon, let's explore the relentless efforts made by BlockSec to advance Web3 security in 2023.
Phalcon's Security Philosophy: Go Beyond Code Audits ๐ค๐ก
Since the very foundation of BlockSec, our standpoint has remained consistent - code audits alone are inadequate to safeguard against the ever-present security risks in the Web3 dark forest (although we do a great job at code audits). Once a project is live, proactive defenses and swift response mechanisms become critical.
Traditional attack monitoring systems alert us to threats, yet teams are often too slow or uncertain about how to respond effectively. We began to question: How could we standardize our incident response capabilities to better assist a wider range of projects? This led to the creation of BlockSec Phalcon, a system designed to automatically block attacks.
In February of this year, when the Platypus protocol was under attack, BlockSec Phalcon helped recover $2.4 million in potential losses.
We have successfully recovered the 2.4 million USDC from the attacked contract: https://t.co/lpDYQtu9bf
โ Platypus ๐บ (๐ฆ+๐ฆฆ+๐ฆซ) (@Platypusdefi) February 17, 2023
We would like to express our gratitude to @BlockSecTeam for their time and effort in helping us achieve a successful outcome. We are truly thankful for their assistance!
A month later, the system once again proved its worth by intercepting an attempt on Paraspace, saving an estimated $5 million. ๐ก๏ธ๐ฐ
November marked a milestone with the introduction of BlockSec Phalcon at the Devconnect conference in Istanbul, a testament to our two years of dedicated refinement. The system stands out as the first Web3 security product with the ability to automatically block hacks.
Our Mission: Advancing Web3 Security ๐
Time and again, we've been approached by project teams and users seeking assistance after hacks and phishing attempts, which solidified our determination to help elevate security awareness in the Web3 community.
This year, we participated in a series of events, including the DeFi Security Summit, TOKEN 2049, Devconnect, ETHBerlin, and ACM CCS. We shared insights on the susceptibility of Web3 to hacks, underscored the significance of proactive defense, discussed incident response strategies, and introduced practical security tools.
Additionally, we've initiated the ๐ BlockSec Blockchain Security Award ๐, a three-year scholarship to honor exceptional students at PolyU pursuing a Master's degree in blockchain technology. In doing so, we aim to assist the industry in cultivating a greater number of qualified security professionals and developers with robust security qualifications. ๐
As a security company, we consider it our responsibility and vision to nurture talent and advance blockchain security, contributing to the industry's robust growth.
Looking Forward
As the new year unfolds, we are dedicated to the pursuit of innovation, with a focus on developing Phalcon into a more practical and well-rounded security product. We also commit to continually sharing our insights and vision for security with the wider Web3 community.
Happy New Year in advance! ๐
May your Web3 journey in the new year be prosperous and smooth.
May the coming year bring you all health and happiness. ๐ฅณ
