Beware of cybercriminals: the AI ​​is after you

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Crypto and Web3 have unrealized potential, but lack of regulation over the years has led to speculative bubbles and Ponzi schemes, says Joe Lonsdale.

Cryptocurrency crime hit an all-time high last year as the popularity of digital tokens with criminals hit an all-time high, but the meteoric rise of artificial intelligence means there’s a new sheriff in town and its reach is global.

Blockchain security firm AnChain.AI uses AI and machine learning to analyze blockchain transactions and identify suspicious behavior, including money laundering, insider trading, and hacking. Its technology identifies security risks and vulnerabilities, assists in forensic investigations, and helps businesses stay compliant with industry standards.

AnChain.AI is a blockchain security company that uses artificial intelligence to detect suspicious activity such as money laundering and hacking. (AnChain.AI)

AnChain.AI was launched in 2018, focusing specifically on blockchain, Web3, and smart contract security, helping businesses and government eliminate malicious online actors.

The tech company has been involved in several high-profile investigations, including the $100 million heist of US crypto firm Harmony’s Horizon Bridge last year and the $2 million ‘rug pull’ that led to the first ever indictment of NFT scammers. It has also contracted with the Securities and Exchange Commission (SEC) to help oversee the decentralized finance (DeFi) industry.

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AnChain.AI technology is used by the Financial Crimes Enforcement Network (FinCEN) to determine whether companies use blockchain to act as a money transmitter and therefore must comply with the rules of the Bank Secrecy Act. It is also used by the civil and criminal divisions of the IRS to bring transparency to filers’ accounting for digital assets and to investigate blockchain-enabled white-collar crimes.

Cryptocurrency crimes like hacking hit an all-time high in 2022, but new technologies using AI are cracking down on bad actors online. (Jakub Porzycki/NurPhoto via Getty Images/Getty Images)

The company has already shown that it can catch cybercriminals. And as it develops its AI tools, it becomes faster in detection and investigation.

AnChain.AI CEO and co-founder Dr. Victor Fang told FOX Business that Web3 security is a huge issue because the attack surface is so complicated and the hacking heists are so complicated. expensive, averaging around $200 million.

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He said the average time it takes to detect a Web3 hack is seven days, and it typically takes organizations an additional 32 days to resolve the issue.

The year “2022 saw over $4 billion lost to smart contract security breaches, with an alarming average detection time of over 7 days – well below acceptable cybersecurity standards,” it said. Fang said. “The Web3 space lags far behind traditional enterprises in security maturity. We are committed to closing this gap by providing cutting-edge technology and working with financial institutions to unlock the full potential of Web3 without compromising standards. of security.”

Victor Fang, co-founder and CEO of AnChain.AI

AnChain.AI came up with a more systematic and efficient framework called Web3SOC, which provides a more holistic approach to threat detection, threat remediation mitigation, and deterrence. And it couldn’t have come at a better time.

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The company is extending its Silicon Valley technology further onto the world stage. Fang and AnChain.AI Crypto Compliance Officer Michael Fasanello has just returned from Tokyo after a meeting of the Financial Action Task Force (FATF) Virtual Assets Consultation Group (VACG), as the intergovernmental organization strives to put put in place an anti-money laundering standard for the global digital financial ecosystem.

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The couple met with Japan’s financial regulators to discuss the best way for the country to not only address regulation and compliance, but also deter the threats posed by the use of technology by bad actors such as the North Korea and its state-sponsored hacker collective, Lazarus Group, which steals crypto, launders it on the blockchain, and uses it to buy weapons and facilitate proliferation finance.

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While Fang and Fasanello were in the Japanese capital, they experienced firsthand the magnitude of the threat.

“Indeed, North Korea launched another missile over Japan, essentially causing a near evacuation,” Fasanello recalled to FOX Business. “It was shocking to the people there. … Unlike Israel in the Middle East, it’s a culture that’s not used to living in a continuous war zone environment.”

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