TL;DR:
- AnChain.AI is a blockchain security firm using AI and machine learning to detect suspicious behavior in blockchain transactions, such as money laundering, insider trading, and hacking.
- The company helps companies stay compliant with industry standards, identify security risks and vulnerabilities, and aid in forensic investigations.
- AnChain.AI’s technology is being used by the Financial Crimes Enforcement Network (FinCEN) and the IRS to monitor compliance and investigate white-collar crime.
- The company has already proven its ability to catch cybercriminals and is becoming faster at detecting and investigating cybercrime.
- The losses from smart contract security breaches reached $4 billion in 2022, with detection times lagging behind acceptable standards.
- AnChain.AI has developed Web3SOC, a more comprehensive framework for threat detection, resolution, mitigation, and deterrence.
- CEO Dr. Victor Fang and Crypto Compliance Officer Michael Fasanello recently participated in the Financial Action Task Force (FATF) meeting in Tokyo.
- The company is dedicated to bridging the gap between the Web3 space and traditional enterprise in security maturity and is well-positioned to tackle the growing cybersecurity threat on a global scale.
Main AI News:
The Business of Blockchain Security: AnChain.AI Leads the Charge Against Crypto Crimes
The digital landscape has been thrown into turmoil with the rise of cryptocurrency crimes to an all-time high. But with the advent of artificial intelligence, a new hero has emerged to tackle this problem on a global scale. Enter AnChain.AI, a blockchain security firm utilizing AI and machine learning to analyze blockchain transactions and detect suspicious behavior, such as money laundering, insider trading, and hacking.
AnChain.AI’s cutting-edge technology helps companies stay compliant with industry standards, identify security risks and vulnerabilities, and aid in forensic investigations. Since its launch in 2018, the company has been instrumental in high-profile cases such as the $100 million heist of U.S. crypto firm Harmony’s Horizon Bridge and the indictment of NFT scammers for a $2 million “rug pull.” The firm has even contracted with the SEC to assist in monitoring the decentralized finance industry.
The company’s technology is being used by the Financial Crimes Enforcement Network (FinCEN) to track companies that may be acting as money transmitters and should therefore comply with Bank Secrecy Act rules. The IRS’s civil and criminal divisions are also utilizing AnChain.AI’s technology to bring transparency to filers’ accounting for digital assets and investigate blockchain-enabled white-collar crime.
AnChain.AI CEO and co-founder Dr. Victor Fang spoke with FOX Business about the challenges of Web3 security. According to Dr. Fang, the attack surface is highly complex, and the average cost of a Web3 hack is around $200 million. It takes an average of seven days to detect a Web3 hack and another 32 days for organizations to remediate the problem.
However, with AnChain.AI at the forefront of blockchain security, the future looks bright. The company has already proven its ability to catch cybercriminals, and as it continues to develop its AI tools, it’s becoming faster at detecting and investigating cybercrime.
The Urgency of Web3SOC: AnChain.AI Tackles Global Cybersecurity Threats
The losses from smart contract security breaches reached a staggering $4 billion in 2022, with detection times lagging far behind acceptable cybersecurity standards. AnChain.AI, the leader in blockchain security, recognizes the urgency of this issue and has developed a solution – Web3SOC. This framework provides a more comprehensive approach to threat detection, resolution, mitigation, and deterrence.
As the company expands its reach on the global stage, CEO Dr. Victor Fang and Crypto Compliance Officer Michael Fasanello recently returned from Tokyo, where they participated in the Financial Action Task Force (FATF) Virtual Assets Consult Group (VACG) meeting. The intergovernmental organization is working towards creating an anti-money laundering standard for the digital financial ecosystem.
Dr. Fang and Fasanello met with Japan’s financial regulators to discuss the nation’s approach to regulation, compliance, and deterring threats posed by technology-savvy bad actors such as North Korea’s Lazarus Group. During their time in Tokyo, the pair experienced the magnitude of the threat firsthand, with North Korea launching another missile over Japan, causing a quasi-evacuation.
As the Web3 space continues to lag behind traditional enterprises in security maturity, AnChain.AI is dedicated to bridging this gap and unlocking the full potential of Web3 without compromising security standards. With its cutting-edge technology and collaborations with financial institutions, the company is well-positioned to tackle the growing cybersecurity threat on a global scale.
Conlcusion:
The rise of cryptocurrency crimes has led to the emergence of AnChain.AI as a leading blockchain security firm in the fight against cybercrime. Utilizing AI and machine learning, the company’s technology helps companies stay compliant with industry standards, identifies security risks and vulnerabilities, and aids in forensic investigations.
AnChain.AI’s technology is being used by several government agencies, including the Financial Crimes Enforcement Network (FinCEN) and the IRS, to monitor compliance and investigate white-collar crime. The company has already demonstrated its ability to catch cybercriminals and is becoming faster at detecting and investigating cybercrime. With its recent development of Web3SOC, a more comprehensive framework for threat detection, resolution, mitigation, and deterrence, AnChain.AI is well-positioned to tackle the growing cybersecurity threat on a global scale.
