Home ยป CertiK and OKLink are streamlining theft reporting and asset freeze standards for simplicity.

CertiK and OKLink are streamlining theft reporting and asset freeze standards for simplicity.

CertiK and OKLink are working together to introduce the FAR standard, improving Web3 security and benefiting the crypto community.

by V. Sinclair
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CertiK, a renowned security-focused platform specializing in analyzing and monitoring blockchain protocols and decentralized finance (DeFi) projects, has announced a collaboration with OKLink to pioneer the Freeze Asset Request (FAR) technical standard. OKLink, an influential technology platform operating under OKG Technology Holdings, provides insights on cryptocurrencies and other Web3 assets.

The primary objective of this partnership is to streamline the process of reporting incidents and expedite the freezing of unlawfully obtained assets. Both CertiK and OKLink will concentrate on areas such as risk management and data compliance, while also exploring initiatives like establishing labeling standards and standardizing information exchange processes.

The joint effort between CertiK and OKLink is dedicated to enhancing data precision and coverage, ultimately advancing the secure evolution of the Web3 industry. CertiK has long been recognized as a leading authority in DeFi security, and this collaboration announcement signifies another significant milestone for the platform.

The introduction of the FAR standard is expected to benefit the crypto community, given the rising number of fraudulent activities and security breaches in the sector. Experts anticipate that this standardization will bolster security within the blockchain ecosystem, a crucial factor for widespread adoption of the technology.

Jeffrey Ren, Chairman and CEO of OKG Tech, acknowledged the frequent security incidents in the Web3 space, where bad actors often attempt to transfer compromised assets to exchanges. He emphasized the need for a consistent approach to freezing these stolen funds and highlighted the varying technical requirements and documentation expectations among exchanges. This often leads to lengthy communication between victims and exchanges, with a limited window to recover funds.

To address these challenges, the Web3 community, including exchanges and security firms, aims to establish a standardized framework for freezing funds, benefiting both victims and exchanges. Leveraging OKLink’s blockchain analysis expertise and CertiK’s security leadership, this collaboration is expected to drive positive changes in the industry.

The recent initiative seeks to standardize fund-freezing procedures and invites more firms to participate. Standardization will improve communication between victims and exchanges during crises. Additionally, CertiK and OKLink are collaborating on a universal transaction label system to unify investigation labels from various data providers.

CertiK boasts a substantial track record in security, having detected over 1,100 security incidents since 2022, resulting in $4.8 billion in losses. Their suite of SaaS security products monitors over two billion wallets and smart contract addresses, providing real-time assessments for nearly 12,000 projects.

Considering these aspects, experts are optimistic about the strategic partnership between CertiK and OKLink, expecting it to yield significant advantages for the wider Web3 segment.

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