A Singapore-based IT security company offers a potential blockchain-based solution to help protect individual crypto users and block the use of stolen cryptocurrencies on crypto wallets and exchanges.
Sentinel Protocol allows security experts and organizations to collect, share and analyse comprehensive threat intelligence data on its blockchain platform. The information about hacks, scams, and fraud is stored on the decentralized Threat Reputation Database (TRDB).
As previously reported by Cointelegraph, hackers have recently stolen $30 million worth of cryptocurrencies from Bithumb, South Korea's leading cryptocurrency exchange.
Patrick Kim, the founder of Sentinel Protocol, who previously worked at F5 Networks and Palo Alto Networks, says he himself was hacked two years ago when he lost 7,218 Ethereum due to a vulnerability in the geth-mist wallet. As the company’s website states, he “investigated the attack vectors and informed the geth-mist development team, who quickly applied security patches.”
We have heard many times that thousands of millions worth of cryptocurrencies have been stolen from different exchanges and the amount couldn’t be rescued even after taking a lot of recovery measures. In this condition, exchanges have to bear huge losses. coinsecure.in is one of the victims who have lost high value of cryptocurrency and now they are compensating to the customers who have lost their cryptocurrency from coinsecure wallet.
But now crypto theft can be prevented with the help of a Singapore-based IT security company. They have brought a blockchain-based solution that can prevent the use of cryptocurrencies stolen by hackers. The security company has already moved on to partner with various crypto exchanges so that crypto hacking could be blocked as soon as possible.
Read more news here: https://cointelegraph.com/news/it-security-company-partners-with-exchanges-and-wallets-to-block-usage-of-stolen-crypto