Sign in

UPDATE: On December 6th, we received reply from the Crex24 team “Our current policy is to act according to coin/token dev requests. As they have their own (and, we hope, the best) vision of coin/token promotion/development.” Crex24 will not disable trading despite being fully aware of the situation. It is now our opinion that Crex24 are knowingly profiting from fraud and are complicit in this scam.

On November 28th, 2018, MonitorChain detected the latest incident in a seemingly endless stream of ICO token fraud. RusGas, an ICO that claims to have raised over $2.2m USD from investors in Spring 2018…

Ethereum is a very popular crypto currency platform which allows developers to create decentralized applications — DApps. It has two basic functions. One of them is a blockchain that can record transactions. The other one is a virtual machine which can produce smart contracts.

Smart contracts are the most widely used tokens on the Ethereum blockchain. These tokens represent digital assets which have some values attached to them. There are several different tokens which may be used in conjunction with Ethereum. These aren’t the same as Ether, which represents the main currency of the Ethereum blockchain.

They all follow the…

Victoria, BC, Canada — August, 1st 2018

Zenchain Inc., a recently founded Canadian based blockchain company announces launch of flagship product in cryptocurrency security: 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.

On April 22nd a well known Ethereum smart contract exploit was discovered. The exploit, termed batchOverflow allowed hackers to generate an infinite amount of ERC20 tokens and send them to their wallets. These tokens were later dumped on major exchanges on unsuspecting traders and investors to be laundered for other ERC20 tokens and later changed into fiat currency.
The unusual transfer amounts for several tokens were noticed and investigation began, however at the time there was no security response mechanism to take proper action in case of a smart contract breach or token laundering. …

Smart contracts are used to control billions of dollars’ worth of digital assets and execute a vast array of agreements including electoral voting, ICOs and supply chain management among others. Considering that Ethereum and other blockchain platforms allow developers to access their services at a reasonable cost, further growth in the size and significance of smart contracts is investable.
Nonetheless, just like all other emerging technologies, smart contracts have their own share of challenges. In a smart contract your funds are the mercy of the code. Since there are no undo buttons or central authority to ensure everything is fair and…

It’s no secret that cryptocurrencies have become ‘big business.’ As lucrative as they can be, not only do they attract investors but also draw attention from online thieves and hackers. Since the dawn of crypto, many companies have fallen victim to online attacks: leading to losses of billions of dollars worth of digital assets and even the closure of some exchanges.

In this post, we shall explore top causes, and illustrate with examples of notable hacks that shook the crypto-world to its very core:

Social engineering or phishing hacks typically revolve around psychological manipulation. “Con artists” devise ingenious methods for…

Before discussing oracles, it is essential to first define what smart contracts are.

Simply put, smart contracts are effective computer programs stored in the Blockchain to execute certain operations automatically. They enable people to exchange goods and services for a particular value, once the predefined conditions are met.

But what are smart contract oracles?

In traditional society, an “Oracle” was a person/intermediary through which the deity would speak. The term would also be used to refer to people known to give wise decisions or authoritative opinions.

In crypto world, oracles are codes that link Blockchain with the actual world. They are an agent that collects and…

In this article, we take a look at a number of the highest profile hacks that have occurred on the Ethereum blockchain, casting a retrospective view of what happened, and whether theses crises would have been prevented, or at least have their impact lessened, if the exchanges and smart contract creators involved had been using MonitorChain. Hindsight is always 20/20, but we would like to think MonitorChain would have helped — a lot.

batch / proxyOverflow Exploit

What Happened:

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…

MonitorChain is an on-chain Ethereum smart contract subscription feed tied to security alert detecting block explorer node, designed for use as an oracle by cryptocurrency exchanges and token smart contracts. Ethereum blockchain activity is recorded and analyzed in real time by a combination of encoded rules and heuristics to detect suspicious activity that indicates the presence of potential fraud. …

We need your help once more. Our previous vote to select a logo for, our upcoming token security alert product, ended in a tie. Both logos are great, but there can only be one, so we’re having a final vote between the top two to choose and we want to hear from the community which one we should go with. The two logos, along with the poll, are directly below. We will be running this vote for a few days or until one option takes a substantial lead. We are very excited to unveil MonitorChain in the coming weeks, so stay tuned for more updates to come.


Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store