The End of Crypto Hacks? MonitorChain Launches to Secure Exchanges
Victoria, BC, Canada – August, 1st 2018
Zenchain Inc., a recently founded Canadian based blockchain company announces launch of flagship product in cryptocurrency security: MonitorChain.com. This innovative platform brings first of its kind instant fraud notifications directly to the cryptocurrency exchanges and token creators (ICOs) who need it most. Utilizing real time blockchain analytics, MonitorChain detects the signs of theft, hacks, and suspicious activities among over 500 cryptocurrency tokens on the Ethereum network. Built specifically for use as a smart contract oracle, MonitorChain enables exchanges and tokens to take preventative action before stolen and counterfeit tokens are laundered on exchanges.
Inspired by such major Ethereum hacks as the batchOverflow smart contract exploit that created infinite counterfeit tokens, “MonitorChain was built out necessity, we began creation of this security platform months ago to protect our own decentralized applications from being the dumping ground of hacked or fake tokens.” says CEO and co-founder of Zenchain, Seth Hornby. “It pains us to see the endless headlines of multi million dollar hacks which could have been prevented so easily. Our goal is to stem the tide of these catastrophic losses and bring trust and confidence to the blockchain’s ‘Wild West’ reputation.”
Cryptocurrency fraud is a major problem, with over a billion dollars USD equivalent worth of digital coins stolen thus far in 2018 alone, along with tens of thousands of Ethereum smart contracts being detected as vulnerable to exploit. The nature of smart contracts and the blockchain make the already serious problem of digital security even harder because smart contracts cannot be edited once deployed – blockchain transactions are irreversible, leaving few options for recourse following fraud.
Once a major theft or hack occurs, there is often delayed awareness, miscommunication, and inadequate internal security oversight by cryptocurrency exchanges and by the token creators themselves. MonitorChain steps in by instantly alerting all subscribers with detailed, actionable data notifications the moment an incident takes place. Protective measures such as freezing a token contract or suspension of trading on exchanges can be done before thieves have a chance to launder their ill-gotten digital goods.
To learn more about how MonitorChain protects exchanges, token creators, and traders; or to book a live demonstration, contact Seth Hornby by email at contact@zenchain.com or visit the website at https://monitorchain.com.