The TON Foundation, dedicated to the advancement of The Open Network (TON), has taken a significant step towards enhancing security by partnering with Chainalysis to utilize its Crypto Incident Response Service. This move ensures round-the-clock support for swift fund recovery in case of hacks or exploits. The TON Foundation, a non-profit association of developers and enthusiasts, aims to unite all blockchains and Web2 internet into one open network using TON technology. Through the partnership with Chainalysis, the Foundation gains 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, emphasizes the importance of enlisting Chainalysis’s Crypto Incident Response Service, which is considered the “industry gold standard” for providing a rapid response to hacks or exploits. Chainalysis, a renowned blockchain data platform, provides investigative services and support to both private and public sector organizations. Taking such a measure to root out bad actors, Hyun claims, is vital to ensuring an optimal experience for TON’s growing user base.
With TON striving for mass adoption in Web3 technology, boasting high performance and scalability, the partnership with Chainalysis becomes even more significant. The latter offers a 24/7 hotline for proactive Crypto Incident Response customers, assigning a dedicated team to respond to incidents like hacks, code exploits, or flash loan attacks. They work tirelessly, leveraging advanced investigative capabilities to address incidents and liaise with law enforcement and asset recovery counsel, if needed.
Having worked on hundreds of cases involving cryptocurrencies, Chainalysis investigators have helped solve some of the most complex ones. The Crypto Incident Response program streamlines the engagement process, ensuring no time is wasted despite the victim’s location. Quick tracing and labeling of funds on the Chainalysis platform can be crucial for preventing bad actors from cashing out their ill-gotten gains.
TON features a unique design that allows it to scale up to 2^32 workchains, each of which can be subdivided into up to 2^60 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 aims to provide a more secure and reliable environment for its users as it grows.
Chainalysis data, software, and services have played a key role in the recovery of more than $11 billion in assets by law enforcement to date. The company has achieved SOC2 Type II Certification for its KYT and Reactor products, proving the successful implementation of controls in both Security and Availability trust service criteria. The partnership between TON Foundation and Chainalysis shows promise in strengthening security measures, but it’s important to stay cautious and vigilant, as the world of cryptocurrencies continues to evolve.