CertiK and OKLink Collaborate to Introduce Freeze Asset Request (FAR) Standardization for Enhanced Fund Security

Singapore, Sept. 12, 2023 (GLOBE NEWSWIRE) —  OKLink, a leading Web 3.0 on-chain data provider under OKG Technology Holdings Limited (1499.HK), and CertiK, the frontrunner in blockchain security, today announced a collaboration pioneering the Freeze Asset Request (FAR) technical standard. This initiative seeks to simplify incident reporting pathways and expedite the freezing of stolen assets.

The two parties will deepen their ongoing collaboration in risk control, and data compliance areas, including but not limited to exploring data labeling standards and standardizing information interaction processes. CertiK and OKLink are committed to enhancing data accuracy and coverage, advancing the secure development of the Web 3.0 industry.

During the summit, CertiK hosted a panel discussion titled “How the Community Improves Security for Web 3.0 Users.” This panel featured experts including Professor Kang Li of CertiK, Jeffrey Ren, Chairman and CEO of OKG Tech, and Professor Yang Liu of Nanyang Technological University. They explored collaborative measures by which the industry can bolster user asset protection.

Jeffrey Ren noted that security incidents in Web 3.0 are all too frequent, with bad actors often attempting to transfer compromised assets to exchanges. In response, affected parties request the exchange to freeze these stolen funds. Historically, each exchange has independently developed its own procedures for processing such fund-locking requests, resulting in a diverse set of technical requirements and documentation expectations. In this case, the communication between victims and exchanges is often lengthy, while the window of time to retrieve funds is very short. There is a pressing need for the Web 3.0 community, including exchanges and security enterprises, to formulate a consistent fund-freezing blueprint, to the benefit of both victims and exchanges. Given OKLink’s expertise in blockchain analysis, partnering with security leaders like CertiK is a catalyst for positive shifts in the Web 3.0 sphere.

Professor Kang Li, Chief Security Officer of CertiK, introduced CertiK’s ongoing collaboration with OKLink and other exchanges to champion the FAR initiative. This initiative is directed at standardizing fund-freezing procedures, and CertiK invites more firms to join this movement. By doing so, victims can be better directed on liaising with exchanges during crises. In addition to standardizing fund-freezing procedures, CertiK and OKLink are also working collaboratively to establish a universal transaction label taxonomy, which will unify investigation labels from various data providers. Since 2022, CertiK has detected over 1,100 security incidents involving a total loss of $4.8 billion. Leveraging CertiK’s extensive database resources, the company’s suite of SaaS security products have been actively monitoring and tracking over two billion wallets and smart contract addresses, providing real-time comprehensive assessments of security trends for nearly 12,000 projects. To date, CertiK has audited over 4,100 Web 3.0 projects, identified nearly 70,000 vulnerabilities in blockchain code, and safeguarded digital assets valued at nearly $370 billion. CertiK is poised to lead the industry towards enhanced security standardization and collaboration.

This is the latest step in OKLink and CertiK’s strong professional association. Both firms share the vision of raising the standards of security and transparency in Web 3.0. This strategic partnership is a significant milestone in their combined mission, and comes with major benefits for the broader Web 3.0 industry.

About CertiK
CertiK is a pioneer in blockchain security, combining expert manual review with best-in-class AI technology to protect and monitor blockchain protocols and smart contracts. Founded in 2018 by professors from Yale University and Columbia University, CertiK’s mission is to secure the web3 world. CertiK applies cutting-edge innovations from academia to enterprise, enabling mission-critical applications to scale with safety and correctness.

One of the fastest-growing and most trusted companies in blockchain security, CertiK is a true market leader. Our clients include leading projects such as Aptos, Ripple, Sandbox, Polygon, BNB Chain, and TON.

CertiK is backed by InsightPartners, Sequoia, Tiger Global, Coatue Management, Lightspeed, Advent International, SoftBank, Hillhouse Capital, Goldman Sachs, Coinbase Ventures, Binance, Shunwei Capital, IDG Capital, Wing, Legend Star, Danhua Capital and other investors.

About OKLink
OKLink is a subsidiary of OKG Technology Holdings Limited (“OKG Tech,” 1499.HK), a leading global provider of Web3 on-chain data and compliance solutions. By focusing on the development of applications based on blockchain, big data, and AI, the Group’s Web 3 comprehensive data analysis platform, oklink.com, currently offers a range of products, which includes blockchain explorer (“Explorer”), on-chain anti-money laundering solution (“Onchain AML”), all-in-one investigative and traceability platform (“Chaintelligence”) for regulators, and robust OpenAPI service to support the positive development of the industry.

Furthermore, OKLink covers more than 170 different blockchain networks, aggregates over 1,000TB of on-chain data, processes up to 30 billion on-chain data transactions, and boasts over 3.4 billion address tags, nearly 70 million of which have been flagged as potentially high-risk addresses.

Media Contact: 
Hari Govindarajan
PR Specialist, Luna PR
hari@lunapr.io

GlobeNewswire Distribution ID 1000839087

scroll to top