Someone just made a massive withdrawal, several market prices have crashed, your support and social media are in panic…
By the time stolen and hacked crypto reach your exchange, it’s already too late!
When hackers steal or counterfeit tokens, the first thing they do is send them to exchanges and dump them to launder their heist. Stolen assets are moved, laundered and lost in seconds – not minutes or hours. MonitorChain is the first ever on-chain Ethereum based alert protocol for use as an Oracle in Smart Contracts specifically designed for securing exchanges. Read on to learn more, or…
Security and Peace of Mind for Your Users & Investors
Totally Bespoke; Fully Customized Integrations
24/7 Monitoring; 24/7 Support; Fully Automated Actions
Instant security alerts to provide piece of mind for your users
Instant security alerts to provide piece of mind for your users
MonitorChain provides instant alerts the second fraud occurs, protecting your exchange from being the dumping ground for hackers and thieves to launder their ill-gotten coins. Combining expert defined alert conditions with heuristic triggers, the moment a potential hack or theft occurs, MonitorChain sends an on-chain notification to subscribers over the Ethereum network. These alerts can be directly integrated with your smart contracts or exchange management platforms to take protective action such as halting trading of specific markets, notifying key personnel, or disabling deposits and withdrawals of effected tokens without impacting the rest of your exchange. Easy to use and integrate, MonitorChain is an essential security component for any centralized or decentralized cryptocurrency exchange.
Book Free Demo
Sign up for a live demo or view a prerecorded historic hack recreation to see how MonitorChain can help your exchange.
Select Your Plan
Select from a self-serve or custom enterprise level subscription plan. Affordably priced with annual discounts
Connect your smart contracts or dashboard with our easy to use integration libraries, or have our team build a custom solution for your business.
Protect Your Exchange
Receive instant, actionable alerts the next time a major hack occurs, allowing you to take automated protective steps before it’s too late.
Robust Monitoring and Alert Features
Features below included in all plans*
*more coming soon!
• Supply Change and Minting Rules
Alerts when a token supply increases in violation of defined minting limitations
• Oracle-Ready Ethereum Feed
Alerts sent over Ethereum for easy smart contract integration as an Oracle
• Large Transfer Alerts
Alerts if a significant portion of a token’s supply is transferred within a short period of time
• Transaction Tracer
Tracks and flags addresses as hacked/stolen funds moved for accurate isolation and blocking
• Smart Contract Rule Violations
Transfers from high value and key smart contracts in violation of their encoded terms
• Pay in Ethereum
Supporting crypto adoption. MonitorChain plans are both priced and paid for in Ethereum.
Remember these Multimillion Dollar Hacks? We Do!
With MonitorChain Your Exchange Will be Protected Against the Next…
April, 2018 – A previously undiscovered critical vulnerability in some ERC20 tokens allows hackers to mint trillions of counterfeit tokens of over a dozen cryptocurrencies, most notably Beauty Coin and SmartMesh. Chaos ensues as these newly minted tokens are dumped on exchanges, buying out the entire order book. Undetected for hours after each successive hack, exchanges – scrambling to prevent damages and unaware which tokens are vulnerable, are forced to suspect trading of all ERC tokens for days. Millions of dollars worth of counterfeit tokens are successfully laundered and exchanged for BTC, ETH and XMR which is then withdrawn, leaving traders, exchanges, and the token creators holding the bag.
The creation of trillions of counterfeit tokens by hackers would immediately set off the highest levels off both the Minting Rule and Large Transfer alerts on MonitorChain. Exchanges would receive critical warnings within seconds of the hacks occurring, long before the fake tokens reach their order books. Automated trading suspensions prevent any token dumping and no traders lose their ETH/BTC. Exchanges also benefit in opportunity costs, as they are able to disable only the impacted ERC tokens and are not forced to disable all of them, saving valuable trading fees that would otherwise be lost.
Monero Gold Exit Scam
February, 2018 – The creators of a suspicious $4m ICO execute the final step of their exit scam, exploiting a backdoor hidden in the token contract’s burn function to create an infinite number of new tokens, which they promptly sent to CoinExchange.io and dumped onto unsuspecting traders, tanking the price to zero. The Monero Gold website was replaced with a ‘friendly’ message, and the exchange used their own funds to repurchase from spurned traders as a ‘buy wall,’ which did not fully cover the losses and left token holders to suffer considerable losses, along with badly damaging the exchange’s reputation with substantial bad press.
The moment the rogue developers executed their backdoor, MonitorChain’s Minting Rule alert would send a critical alert to CoinExchange.io enabling them to freeze trading before a single trade was made. The fraudulent ICO would still have occurred, but at least the exchange would no longer be caught up in the aftermath. A negative situation could be spun into a positive through quick action to mitigate losses, which in turn builds trust in an exchange leading to more users, more volume, and most importantly more trading fee revenue.
Titanium Blockchain Infrastructure Service Dev Reserve Hack
February, 2018 – 18.7 million BAR tokens are stolen from the Titanium Blockchain Infrastructure Service internal reserve wallets. Despite being held in multisig wallets, these tokens are moved en masse. The company attempts to downplay fears with a series of announcements. Several days later, many stolen find their way to exchanges, where they are dumped, dropping the price by 90% in hours. The company later hard fork their token contract and attempt to move forward, but issues continue, with confusion as some exchanges continue listing the old token. The founder of TBIS is later arrested by the SEC on charges related to its ICO. A situation this hack certainly did not help.
Millions of tokens moving from a secure multisig wallet of the largest holding address for the entire token immediately sets off MonitorChain’s Smart Control Rule Violations and Large Transfer Alerts, providing substantial technical details to allow exchanges to make informed decisions on whether to suspend trading rather than trusting the false assurances of the developers. Exchanges shut off trading promptly and avoid the embarrassment of having stolen tokens dumped on their users four days after a theft. TBIS’s problems stay in house, sparing exchanges and traders from collateral damage losses.
The DAO Hack
June 2016 – The first major smart contract hack, and still the most well-known; programmers in a race against time after a vulnerability is exposed are unable to outwit a hacker who manages to siphon over 3.6m ETH – over 15% of all Ether in circulation. The price drops by 30% in the immediate aftermath. Numerous mitigation and soft fork proposals fail to find a solution leading to the most drastic event in Ethereum’s history, a hard fork which divides the community and leaves Ethereum Classic as a separate chain.
The nature of the DAO’s child funds provided exchanges protection in that funds were locked for 28 days, preventing dumping on exchange. The ensuing hard fork mitigated the situation before such an event could occur. Given how much Ethereum has grown since this incident, it is unlikely exchanges will be so lucky should a similar hack occur. MonitorChain would have detected the incident as a Smart Contract Rule Violation, and along with the Transaction Tracer, allowed exchanges to blacklist the stolen funds and prevent market dumping.
The Next Big Hack…
Internal security can only go so far. Crypto has brought out the best and brightest thieves across the globe. Security is an ever evolving cat and mouse game where hackers have a major advantage – they only need to win once. This problem is amplified further by the immutable nature of the blockchain and the permanent uneditable nature of smart contracts. By detecting the signs of hacks and theft rather than just trying to prevent it, MonitorChain provides an essential last line of defense that no exchange should be without.
Straightforward Pricing. Personal Account Management.
24/7 Protection and Security for Your Exchange and Users.
BUSINESSUnlimited Monitorgin of All Supported Tokens
- All ERC Tokens Monitored
- Alerts copied to up to 3 Accounts
- Priority Support
- Best for DEXs and Small Exchanges
ENTERPRISEAll Monitoring Plus Custom Features
- Integration with Existing Smart Contracts
- Dedicated Account manager and 24/7 Support
- Best for Large Exchanges and Institutions
MonitorChain DemoChoose from Live or Prerecorded Demo
- Feature & Value Breakdown
- Witness Historical Hack
- Recreation and Prevention
- Dedicated On-boarding Agent