😞The Problem

Source: Chainalysis

Crypto hacks are rising year after years. According to Chainanalysis, 2022 Biggest Year Ever For Crypto Hacking with $3.8 Billion Stolen, Primarily from DeFi Protocols and by North Korea-linked Attackers.

Web3 industry empowers users to take control of their data by removing any middlemen, even government regulations. This enabled hackers to take full advantage of the decentralisation and do all the bad things they can, causing tremendous financial losses to the web3 businesses and users.

There is neither government regulations nor efficient crypto forensic services which crack down bad actors. This put the assets of the users or investors at the risk.

Anonymity of the blockchain industry also attracted the activities like money laundering, terrorism financing and other anti-social activities.

So, there is a screaming pain in the industry in regards to the safety of the web3 projects and investors.