Introducing Phalcon Block: The First Crypto Hack Prevention System by BlockSec for Web3 Security

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[PRESS RELEASE – Singapore, Singapore, November 15th]

Revolutionizing Web3 Security and Protecting Digital Assets

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. 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.

Addressing Security Concerns for Different Stakeholders

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.

Who Benefits from Phalcon Block

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 are renowned and trusted projects such as Curve and emerging ones like Friend.tech. Nevertheless, the launch of Phalcon Block will turn things around.

Ensuring Protocol Security

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.

Preventing Losses Caused by Extreme Events

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?

Precise Attack Detection

Phalcon Block’s engine comprehensively scans pending and on-chain transactions to detect attacks.

Automatic Attack Blocking

The system automatically initiates a blocking transaction even faster than attackers can execute their hacks.

Configurable Response Mechanism

The impact of different types of attacks can vary; therefore, protocol parties can incorporate other financial or operational indicators and configure triggering conditions and response measures.

The Key Factors Behind BlockSec’s Success

Phalcon Block has been developed and internally operated for two years.

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.