Coinone announced on the 23rd that it has developed and built its own virtual asset monitoring system. It can detect and respond in real-time to security issues occurring in the projects it supports, as well as issues mentioned on social media.
According to Coinone, the virtual asset monitoring system can detect in real-time the actions of the authority, such as unauthorized issuance of tokens, suspension of transfers, and freezing of assets, in the token contract of the Ethereum Virtual Machine (EVM) and the token program of Solana-based tokens (SPL). It can quickly identify security issues that have occurred in the project by monitoring keywords on major social media such as Telegram. When an issue is detected, an alarm message is transmitted in real-time to the in-house monitoring channel, allowing the personnel to respond quickly.
According to the 'Q1 2024 Web3 Security Report' by the web3 security company Certik, many on-chain security issues are caused by the theft of wallet private keys, which leads to the loss of authority. Once the stolen volume is spread within the ecosystem, it becomes difficult to track and respond, so it is most important to respond quickly before the attacker takes further action.
Coinone has developed its own monitoring system to directly detect issues, instead of the previous method of collecting issues through various internal and external channels. After a 6-month pilot operation period since its initial introduction in April, the system has been continuously upgraded.
Coinone's Chief Information Security Officer (CISO) Kyung-geun Lee said, "Through the establishment of this monitoring system, Coinone has become able to proactively detect and respond in real-time to security issues of virtual assets traded on Coinone." He added, "We will continue to upgrade the system to gradually expand the detection targets and scope, in order to provide a safe trading environment."
