TON Foundation Enlists Chainalysis For Blockchain Security

TON Foundation Enlists Chainalysis For Blockchain Security

The TON Foundation, dedicated to the advancement of The Open Network (TON), has enlisted Chainalysis, utilizing its Crypto Incident Response Service, ensuring round-the-clock support for swift fund recovery in case of hacks or exploits.

The Open Network (TON) Foundation, a non-profit association of developers and enthusiasts, is committed to advancing TON, a technology designed to unite all blockchains and Web2 internet into one open network. Chainalysis is a prime blockchain data platform that provides investigative services and support to both private and public sector organizations. By deploying Chainalysis's rapid response retainer service, TON gains a robust means to combat cyber-attacks or unauthorized network intrusions, which may involve cryptocurrency theft or ransom demands.

Justin Hyun, Head of Incubation at TON Foundation, expressed the organization's insights on enlisting Chainalysis's Crypto Incident Response Service, referring to it as the "industry gold standard" for providing a rapid response to hacks or exploits. Hyun claims that bad actors must be rooted out, and that such a measure is vital to ensuring an optimal experience for TON's growing user base.

"Our vision is to achieve mass adoption in Web3 technology powered by the high performance and scalability that we offer. By rooting out bad actors we can ensure an optimal experience for our growing user base,” shares Hyun.

Chainalysis offers a 24/7 hotline for proactive Crypto Incident Response customers, assigning a dedicated team to respond to incidents such as hacks, ransomware attacks, code exploits, or flash loan attacks. The Chainalysis team works tirelessly, leveraging advanced investigative capabilities, to address incidents and, if needed, liaise with law enforcement and asset recovery counsel.

Having worked on hundreds of cases involving cryptocurrency, Chainalysis investigators have helped solve some of the most high-profile cyber-criminal cases. The Chainalysis Crypto Incident Response program streamlines the engagement process, ensuring no time is wasted regardless of the victim's location. Quick tracing and labeling of funds in the Chainalysis platform can be crucial in preventing bad actors from cashing out their ill-gotten gains.

The Open Network (TON) features a layer-1 architecture designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. This design enables TON to support millions of transactions per second near-instantly. By enlisting Chainalysis's Crypto Incident Response Service, the TON Foundation hopes to provide a more secure and reliable environment for its users as it grows.

To date, Chainalysis data, software, and services have aided law enforcement in the recovery of more than $11 billion in assets. The company has achieved SOC2 Type II Certification for its KYT and Reactor products, which attests to the successful implementation of controls in both the Security and Availability trust service criteria.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Erratum: A previous version of this article mentioned a partnership between TON Foundation and Chainalysis. A spokesperson from the foundation has reached out to CryptoDaily to correct this detail, saying that the matter entails an enlistment, not a partnership.

Investment Disclaimer
Related Topics: 

You may like