Chainalysis has announced the launch of Hexagate’s Wallet Compromise Detection Kit as part of its commitment to provide intelligence-driven security to Web3.
Considering that Web3 attackers have advanced their tactics and the number of hacks negatively affecting exchanges and other financial institutions is on the rise, Chainalysis intends to mitigate these issues through Hexagate’s Wallet Compromise Detection Kit, a proactive, behaviour-based Web3 security defence tool that embeds into wallet flows to identify and react to signs of wallet-level takeovers from external and internal attackers before they get the chance to drain wallets.
Even if existing security solutions can safeguard private keys, they cannot detect if a transaction is malicious or not; only if it is valid based on a set of rules. Hexagate aims to ensure that keys are not leveraged against the user through real-time behavioural monitoring and pre-signing transaction simulation.
The launch comes almost a year after Chainalysis acquired Hexagate, seeking to enable the latter to provide a comprehensive risk solution, including prevention, compliance, and remediation.
Keeping Web3 secure
By employing customisable monitors, Hexagate’s Wallet Compromise Detection Kit can pinpoint how wallets behave over time and adjust based on this data. At the same time, machine learning (ML) models improve this through anomaly detection, identifying risk before it can become a loss for the user. Hexagate automatically takes action to safeguard assets when an alert happens.
Furthermore, the Wallet Compromise Detection Kit is set to provide CISOs, SecOps teams, and asset managers with the tools they require to uncover suspicious behaviour, implement protective measures, and stay ahead of bad actors. Web3 security technologies, including this one from Hexagate, can support exchanges in spotting and automatically reacting to attacks. The solution was developed to prevent several types of attacks, such as heist via social engineering and heist through third-party API compromise, among others.
