Coinone Builds Virtual Asset Monitoring System

Response to Unauthorized Token Issuance and Transfer Suspension

Domestic virtual asset exchange Coinone announced on the 23rd that it has independently developed and established a virtual asset monitoring system. This system can detect and respond in real time to security issues arising from projects supported for trading as well as issues mentioned on social media.

Coinone's virtual asset monitoring system detects in real time unauthorized actions by authorities such as ‘unauthorized token issuance’, ‘transfer suspension’, and ‘asset freezing’ in token contracts of EVM (Ethereum Virtual Machine) and token programs of SPL (Solana Program Library). In addition, it quickly identifies security issues occurring in projects through keyword monitoring on major social media platforms such as Telegram. When an issue is detected, an alert message is immediately sent to the internal monitoring channel so that the responsible personnel can respond promptly.

According to the ‘2024 Q1 Web3 Security Report’ by Web3 security company Certik, many on-chain security issues arise from the theft of authority such as wallet private key leaks. Once stolen assets spread within the ecosystem, tracking and responding become extremely difficult, making rapid response before further attacker actions crucial.

Accordingly, Coinone upgraded its previous monitoring method, which collected issues through various internal and external channels, to directly detect issues using the self-developed monitoring system. After its initial introduction in April, the system has been continuously enhanced during a six-month pilot operation period.

Lee Kyung-geun, Coinone CISO, stated, “Through the establishment of this monitoring system, we can more proactively detect and respond in real time to security issues of virtual assets supported for trading on Coinone. We will continue to enhance the system to gradually expand the scope and targets of detection, providing a safer trading environment.”