BlockSec Launches Phalcon Block: The World's First Crypto Hack Blocking System for Web3 Security

Singapore, Singapore, November 15th, 2023, Chainwire

Phalcon Block, the world's first automated attack-blocking system, has been launched by BlockSec, ushering in a new era of fighting against hackers in the Web3 world.

Phalcon Block: Revolutionizing Web3 Security and Protecting Digital Assets

Ensuring (DeFi) protocol security involves several critical stages, beginning with contract auditing and testing before the protocol goes live. However, the importance of security measures does not stop once the protocol is deployed. Continuous monitoring, attack blocking, and incident response are essential for maintaining protocol security after deployment.

Phalcon Block offers an integrated solution that combines protocol monitoring, attack blocking, and incident response, ensuring secure operations of protocols after they go live. For two years, BlockSec has continuously refined the product in its battles against hackers, successfully blocking hacks tens of times and rescuing $14 million worth of digital assets. Finally, BlockSec built an automated attack-blocking system with unparalleled precision and complete coverage, making it the first in the industry to actualize such a breakthrough.

"This is a milestone in the Web3 security industry. Phalcon Block can help protocol parties block nearly all external attacks. We have spent two years on the development and refinement of Phalcon Block. The system is set to revolutionize Web3 security," commented Yajin Zhou, the co-founder and CEO of BlockSec.

According to statistics, losses caused by hacker attacks have reached $7.3 billion, with $1.4 billion incurred in 2023 (so far) alone. Among the protocols that have fallen victim to attacks, there are renowned and trusted projects such as Curve and emerging ones like Friend.tech. Nevertheless, the launch of Phalcon Block will turn things around.

Who Benefits from Phalcon Block

For protocol developers, ensuring the security of TVL and DAO treasury funds becomes a priority. Liquidity providers seek efficient asset withdrawal during protocol attacks. Fund managers overseeing diversified token portfolios require swift liquidation options in extreme scenarios. Exchanges are equipped to take immediate actions to thwart hacker escape.

Phalcon Block addresses these challenges comprehensively.

For protocol developers, a higher TVL in the protocol makes it more enticing for hackers and subsequently increases the associated risks. Many factors can lead to protocol attacks, such as upgrades in the contract's functionality or bug fixes, changes in external protocol dependencies, adjustments in parameter configurations, and even oversights in programming language compilers (the Curve event this year is a tragic example of this).

• How to accurately identify attacks while minimizing adverse effects on the operation of protocols?
• How to intelligently respond to various kinds of attacks and implement automated defense measures to block them?

That is what Phalcon Block can do.

For liquidity providers, protocol security is of paramount importance. Liquidity providers may be more concerned about protocol security than protocol providers. When a protocol is under attack, it may face a decrease in TVL, while LPs may lose all of their capital instead.

The Silicon Valley Bank event made people realize the fragility of traditional finance, whereas such occurrences happen almost every month in the DeFi sector.

• If a user has deposited funds in a protocol and it is attacked, how can he immediately become aware and withdraw the funds?
• How to integrate other financial indicators and configure diverse automated response strategies? 

That is what Phalcon Block can do.

Similarly, with the help of Phalcon Block, fund managers and exchanges can also prevent losses caused by extreme events.

Why Traditional Alert Systems Fail and How Phalcon Block Provides a Solution

Many institutions have established alert intelligence systems or have purchased such services. Why do these institutions still incur losses?

There are mainly two reasons:

• The existing intelligence system has poor accuracy. After several false alarms, people tend to lose trust in the system. Consequently, when a genuine attack occurs, they may be unable to determine whether it poses a real threat.
• The manual response is too slow! Due to decentralized governance rules, many protocols require multiple signatures for key behaviors. However, attacks can be executed within a single block time. In such a short time, the project team needs to verify the authenticity of intelligence, engage in multi-party discussions, and then respond manually. This leaves them with no time to defend against imminent hacker attacks.

Therefore, many alert intelligence systems may seem useful but fail to address practical issues. 

In contrast, Phalcon Block is designed and developed based on first principle thinking, enabling it to handle the complete process of attack monitoring, assessment, and blocking. 

Phalcon Block has three core features:

• Precise attack detection: Phalcon Block's engine comprehensively scans pending and on-chain transactions to detect attacks. It prioritizes detection accuracy, minimizing false alarms to ensure protocols aren't adversely affected, while also ensuring no threats go unnoticed. Phalcon Block was launched recently, while the BlockSec team has been running the system internally for two years, with its accuracy ranking first on the Forta platform consecutively. Phalcon Block's timely alerts on social media and the Forta platform have empowered protocols, LPs, and users to act fast to prevent potential losses.
• Automatic attack blocking: The system automatically initiates a blocking transaction even faster than attackers can execute their hacks, ensuring preemptive protection without the need for manual intervention.
• Configurable response mechanism: As the impact of different types of attacks can vary, protocol parties can incorporate other financial or operational indicators and configure triggering conditions and response measures. They can also choose from the recommended response templates and suggestions provided by Phalcon Block.

To sum up, Phalcon Block addresses all security concerns faced by protocols during operation.

The Key Factors Behind BlockSec's Success

Phalcon Block has been developed and internally operated for two years. During this period, it has blocked over 20 attack incidents and helped protocols recover over $14 million worth of digital asset losses. BlockSec is the first and only security company with attack-blocking case experience and has successfully blocked multiple hacking attempts.

Furthermore, BlockSec actively collaborates with the affected project parties to promptly identify the root cause of attacks, assist with patching vulnerabilities, and even trace the hacker's fund flows in cooperation with investigators to facilitate asset recovery.

Every fight against hackers makes the defense system more impenetrable, leaving no room for exploitation. 

Phalcon Block's Outreach and Engagement

Since opening the waitlist for Phalcon Block in July, the team has accumulated over a thousand sales leads and received coverage from multiple media outlets and research organizations.

For those who have filled out the waitlist, Phalcon Block's team will contact them from today onward.

For anyone interested in Phalcon Block, please book a demo on Phalcon Block's official website, and the team will provide the service in the order of registration.

Read the original article on the official website of Phalcon Block.

About BlockSec

BlockSec is a pioneering blockchain security company established in 2021 by a group of globally distinguished security experts. 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 Phalcon platform for security development and blocking threats proactively, the MetaSleuth platform for fund tracking and investigation, and MetaDock extension for web3 builders surfing efficiently in the crypto world.

To date, the company has served over 300 esteemed clients such as MetaMask, 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 

About Phalcon

Phalcon is an advanced protocol security suite developed by BlockSec, consisting of three core modules: Explorer, Fork, and Block. These modules offer comprehensive coverage for protocol analysis, debugging, testing, deployment, monitoring, and attack prevention.

Website of Phalcon: www.phalcon.xyz

Twitter account of Phalcon: https://twitter.com/Phalcon_xyz

Contact

Roxy Xu
BlockSec
contact@blocksec.com