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Category: Security

  • [BEOSIN] ANALYSIS OF THE BITFOREX INCIDENT

    [BEOSIN] ANALYSIS OF THE BITFOREX INCIDENT

    Wei Xiang

    On February 23, 2024, ZachXBT reported an outflow of approximately $56.5 million from BitForex’s hot wallets. The platform subsequently suspended withdrawal services, and its CEO had resigned a month earlier, leaving the platform with ineffective leadership and lack of updates. On March 4, the Hong Kong Securities and Futures Commission issued a warning stating that… Read more

  • [Blockchain Security Alliance] 2024 Q3 GLOBAL WEB3 SECURITY REPORT, AML ANALYSIS & Crypto Regulatory Landscape

    [Blockchain Security Alliance] 2024 Q3 GLOBAL WEB3 SECURITY REPORT, AML ANALYSIS & Crypto Regulatory Landscape

    Wei Xiang

    Read more

  • [iosco] Investor Education on Crypto-Assets

    [iosco] Investor Education on Crypto-Assets

    Wei Xiang

    Since 2020, the crypto-asset space has continued to evolve and, despite volatility in the market, which experienced a major downturn during the 2022 “crypto winter,” retail investors, in both advanced economies and emerging market jurisdictions, continue to invest in the crypto-asset market. It has been observed that, in many cases, these investors tend to be… Read more

  • [MAS etc.] INTER-MINISTERIAL COMMITTEE ON ANTI-MONEY LAUNDERING

    [MAS etc.] INTER-MINISTERIAL COMMITTEE ON ANTI-MONEY LAUNDERING

    Wei Xiang

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    The IMC is strengthening the three key pillars of Singapore’s AML framework: Prevent, Detect, Enforce. PROACTIVE PREVENTION Strengthen AML standards for gatekeepers Further support gatekeepers to enhance capabilities to combat money laundering Engage non-regulated sectors to enhance their understanding of ML risks Strengthen mechanisms to deter misuse of companies TIMELY DETECTION Strengthen sensemaking and information-sharing… Read more

  • [Failsafe X LDU] The Guide To BLOCKCHAIN SECURITY AND COMPLIANCE

    [Failsafe X LDU] The Guide To BLOCKCHAIN SECURITY AND COMPLIANCE

    Wei Xiang

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    Key MAS Requirements for SPIL/MPIL Licensees: 1. Technology Risk Management 2. Critical System Identification and Data Protection 3. Cyber Hygiene and IT Security 4. Incident Response and Reporting Practical Steps and Best Practices: 1. Developing a Technology Risk Management Strategy 2. Cybersecurity Best Practices for Digital Asset Companies 3. Preparing for MAS Audits and Inspections… Read more

  • Immunefi: Crypto Hackers Nabbed $409M in Q3

    Immunefi: Crypto Hackers Nabbed $409M in Q3

    Wei Xiang

    https://www.coindesk.com/business/2024/09/26/crypto-hackers-nabbed-409m-in-q3-immunefi Read more

  • [HSBC] Asset tokenisation in the Quantum Age: Future-proofing gold tokens with post-quantum security

    [HSBC] Asset tokenisation in the Quantum Age: Future-proofing gold tokens with post-quantum security

    Wei Xiang

    Despite the robust security offered by distributed ledgers and blockchain through encryption and decentralised consensus mechanisms, the rapid advancement of the quantum computing cyber threats necessitates a proactive approach to future-proofing these systems. It is crucial to not only maintain but also continue to enhance the security measures surrounding distributed ledgers, ensuring that they remain… Read more

  • [LDU] Navigating Web3: A Legal Handbook for Innovators

    [LDU] Navigating Web3: A Legal Handbook for Innovators

    Wei Xiang

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    The goal of this eBook is to equip Web3 innovators, startups, and entrepreneurs with practical legal guidance specific to decentralized ecosystems. We aim to help you understand the key regulatory frameworks, avoid common legal pitfalls, and make informed decisions about compliance, fundraising, and offshore structuring. Regulations such as AML (Anti-Money Laundering) and KYC (Know Your… Read more

  • [MAS] Singapore National Asset Recovery Strategy

    [MAS] Singapore National Asset Recovery Strategy

    Wei Xiang

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    💸 Money Laundering Risk in Singapore: As an international financial centre, criminals will take advantage of Singapore’s economic openness to launder illicit funds in its ecosystem. 🎯 Objectives of Asset Recovery in Singapore:1. 🚫 Depriving criminals of their illegal gains2. 🛡️ Reduce criminal harms caused to society3. ⚖️ Provide recourse to victims of crime 📊… Read more

  • [ZachXBT] How did the Lazarus Group launder $200 million

    [ZachXBT] How did the Lazarus Group launder $200 million

    Wei Xiang

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    The Lazarus Group (linked to North Korea) laundered $200 million into fiat currency from more than 25 cryptocurrency hacks between 2020 and 2023. Early on, the threat group gained notoriety for cyberattacks such as the 2014 “SONY Pictures hack,” and in recent years has turned to the cryptocurrency industry. TRM and Chinalysis (Blockchain Data Analysis… Read more