IT Security Company Partners With Exchanges and Wallets to Block Usage of Stolen Crypto

A Singapore-based IT security company offers a potential blockchain-based solution to help protect individual crypto users and block the use of stolen cryptocurrencies on crypto wallets and exchanges.

Sentinel Protocol allows security experts and organizations to collect, share and analyse comprehensive threat intelligence data on its blockchain platform.

As the company's website states, he "Investigated the attack vectors and informed the geth-mist development team, who quickly applied security patches."

Building a security allianceThe company says that the TRDB data is provided to crypto exchanges, wallets and payment services to allow their users to transact safely without unintentionally aiding criminal activity.

Any address or sub-address associated with attackers could be automatically identified and flagged, helping exchanges and wallets block the movement of stolen cryptocurrencies.

According to Sentinel Protocol, the more exchanges, wallets and payment services join the partner alliance, the more difficult it would be to spend stolen cryptocurrencies.

The company has already announced a partnership with Bibox, a centralized exchange, as well as several new collaborations with decentralized exchanges including IDEX, DDEX, and DEx.top.

"On top of preventing the sale of stolen cryptocurrencies anywhere and thus disincentivizing malicious behavior, properly setting up proactive security measures is equally important," said Sentinel Protocol's Chief Evangelist John Kirch.

Three aspects of safetyAccording to the company, Sentinel Protocol's platform hinges on three key aspects - a Sentinel Portal, a go-to-place for crypto community to report hackings and get the needed help from the security experts; a S-wallet powered by a machine learning that assesses future threats; and a distributed malware analysis sandbox that verifies unknown threats in an virtual environment.

On June 25 the company announced that Sentinel Portal will be pre-released to previously selected Pre-Sentinels Cybersecurity Experts on June 27, 2018.