Uppsala Security introduces the MCIS (Managed Crypto Incident-response Service) to Klaytn, for consumer assets protection
Singapore, July 22nd 2021 — Uppsala Security, a state-of-the-art provider of award-winning security tools and services for Crypto AML, Transaction Risk Management, Regulatory Compliance, and Cyber Security announced on July 22nd the signing of the MCIS (Managed Crypto Incident-response Service) contract with Ground X to protect user assets of Klaytn, a public blockchain platform developed by Ground X, Kakao’s blockchain technology affiliate.
‘MCIS’ is a ‘Consumer protection service for virtual asset operators’ that Uppsala Security launched in March 2021 for traditional financial institutions and companies that entered the virtual asset business and blockchain industry. Companies that adopt the MCIS will be able to comply quickly and at reasonable costs with regulations and effectively respond to the consumer needs related to virtual asset damage by outsourcing a ‘Virtual asset security services’ from Uppsala Security, without having to recruit specialists and add a dedicated Anti-Money Laundering department.
Uppsala Security operates a separate ‘Virtual Asset Damage Response Center’ team for Klaytn and serves as a comprehensive virtual asset consumer damage control portal by supporting consultation, tracking, analysis and a real-time monitoring dashboard for the cryptocurrency.
Uppsala Security will share the results of the virtual asset tracking to users who have been affected by fraud and hacking, provide them with ‘Virtual asset transaction tracking reports’ to be submitted as evidence when reporting the incident to law enforcement agencies, and cooperate with the law enforcement agencies if necessary.
The cooperation also links and integrates Uppsala Security’s Threat Reputation Database (TRDB) with Klaytn to establish the ability to pre-filter whether the counterparty’s wallet address is associated with any malicious activity (scam, malware, Dark Web, etc.), crime-related transactions (gambling, pornography, drugs, etc.) and/or Money Laundering.
The key-principle is to compare/check whether the recipient wallet address entered matches any of the blacklisted wallet addressed within the crowdsourced Threat Reputation Database (TRDB) developed by Uppsala Security. If the recipient’s wallet address has been used for any fraud or crime, the user can be warned of the relevant facts before proceeding with the money transfer, in order to prevent any potential damage.
According to Uppsala Security, the total number of reports received and processed by the CIRC (Crypto Incident Response Center) until June 2021 reached about 700, with the total cost of the damage sitting at the 180 Billion Korean won mark (approximately $16 Million USD). Uppsala Security has also completed a successful case through a cooperation with the Bithumb Exchange in May 2021 that concluded with the arrest of the malicious actor and the recovery of the lost funds.
“We will support Klaytn by combining our virtual asset damage control experience and know-how and we will do our best to ensure the stability of various transactions based on the Klaytn Mainnet by conducting DB analysis, data indexing and machine learning.” said Patrick Kim, Founder & CEO of Uppsala Security.
“We have introduced Uppsala Security’s threat-tracking solution and damage control portal capabilities to further strengthen the Regulatory Compliance and user asset protection of virtual asset transactions. We will focus on the further activation of Klaytn by providing reliable user asset protection services.” said a Klaytn official.
About Klaytn
Klaytn is a public blockchain platform developed by Ground X, a blockchain technology affiliate of Kakao, South Korea’s largest mobile platform. Klaytn aims to contribute to the popularization of blockchain technology by proving value and adoption-ready solutions. To this end, Klaytn wants to improve the limitations of the user experience (UX) of existing blockchain platforms and create an intuitive and effortless development environment for users to easily access blockchain technology. It has also been developed as a platform with outstanding performance so that a variety of blockchain technology-based services targeting Millions of users can be brought to market.
About Uppsala Security
Uppsala Security provides a suite of proven, multi-award-winning software tools and services called Sentinel Protocol powered by A.I, Machine Learning, and Blockchain technology, that organizations can deploy for enabling: Cryptocurrency AML/CTF, Regulation Compliance Analytics, Risk Intelligence Analytics, Transaction Monitoring/Tracking, and Cybersecurity protecting cryptocurrencies and other digital assets from malicious attacks, scams and fraud.
