SlowMist and OKX have recently announced a strategic partnership to focus on “enhancing digital asset ecosystem security, digital asset anti-money laundering (AML), and conducting security technology research.”
Both parties will collaborate “to develop comprehensive and innovative security services to address the growing demand for secure digital asset management.”
As a blockchain security company, SlowMist has not only been “involved in resolving multiple security incidents with its technical expertise but also developed and open-sourced a range of security solutions.”
OKX, which claims to be the world’s second-largest cryptocurrency exchange platform and a Web3 ecosystem player, is reportedly known “for offering the fastest and most reliable cryptocurrency trading applications to over 50 million global users.”
The collaboration between SlowMist and OKX will aim to “result in deep integration solutions for blockchain ecosystem security, continually setting industry security standards and contributing to the safe and progressive development of the entire sector.”
Leveraging expertise in blockchain ecosystem security, SlowMist claims it has “amassed a diverse range of security solutions, including security audits, threat intelligence (BTI), defense deployment, cryptocurrency anti-money laundering (AML), cryptocurrency tracking (MistTrack), false deposit vulnerability scanning, vulnerability monitoring (Vulpush), hacked archives (SlowMist Hacked), and smart contract firewalls (FireWall.X).”
These solutions are delivered as SaaS security products.
Via this partnership, SlowMist will “provide OKX with an ‘integrated security solution tailored to threat discovery and defense,’ offering continuous and comprehensive security protection for OKX’s various operations while jointly exploring additional comprehensive security standards and solutions.”
With influence through numerous vulnerability discoveries and analyses, SlowMist’s security audits are “more in-depth and detailed than other penetration testing services.”
These audits will “help identify potential vulnerabilities and provide OKX with solutions, recommendations, and best security practices to prevent future security risks.”
Additionally, security audits will “provide a more comprehensive basis for building OKX’s corporate security system.”
SlowMist’s security services “have covered hundreds of top industry platforms, including centralized and decentralized platforms.”
Meanwhile, the SlowMist team has “audited over 1,500 well-known smart contracts covering Ethereum, EVM-based, EOS, Fabric, Solana, Klaytn, and Aptos public chain platforms.”
In these audits, they have “discovered hundreds of high-risk and medium-risk vulnerabilities.”
The team believes “that SlowMist’s extensive experience and continuous exploration will help OKX enhance its security and stability more effectively.”
In order to bolster defenses against cyber attacks and safeguard users’ digital assets, SlowMist will “provide AML/CFT compliance solutions via two key products: MistTrack for on-chain tracking and our malicious address database. MistTrack emphasizes ‘Address Labeling,’ ‘Monitoring Associated Addresses,’ ‘Hacker Profiling,’ and ‘Investigation Freezing.'”
By integrating multi-dimensional malicious address data and comprehensive address label data, it “enables a timely and effective detection of on-chain assets (KYT) for OKX, thereby thwarting on-chain money laundering activities. Presently, MistTrack supports eight blockchain networks — Bitcoin, Ethereum, Binance Smart Chain, Avalanche, Tron, Polygon, IoTeX, and Arbitrum, having served over 90 clients and recovered in excess of $1 billion in assets.”
Additionally, the malicious address database “employs open-source data, blockchain honeypots, artificial intelligence, and information contributed by clients and partners to generate reliable, real-time anti-money laundering data.”
This reportedly “includes information pertaining to ransomware, cryptocurrency theft, Ponzi schemes, phishing scams, dark web markets, and sanctioned entities. Tailored to OKX’s specific needs, this solution can be applied to various contexts such as trading platforms, wallets, or other asset management platforms.”
By effectively blocking money laundering activities during asset transfers, “it assists OKX in verifying asset sources, combating fraud, and ensuring asset security and compliance.”
As global blockchain security regulations continue to evolve, “they not only generate substantial security and compliance requirements but also create new opportunities for the advancement of blockchain security technology.”
As a “trailblazer” in the blockchain security domain, SlowMist consistently “concentrates on security technology innovation and market developments within the blockchain arena.”
Throughout this collaboration, SlowMist will capitalize “on its profound understanding of diverse sectors and OKX’s distinctive insights as a top-tier trading platform to jointly investigate and uncover deeply integrated solutions for blockchain ecosystem security.”
By doing so, they will “achieve mutual business success, broaden market opportunities, and reinvigorate the blockchain industry with a renewed sense of prosperity.”