The First 60 Minutes: How to Stop Hackers

Transcript

give me something good yeah yeah of course okay hi everyone thank you for being back um we are going to have six talk for this session the first one is going to be uh about how to stop hackers and the importance of the first 60 minutes with our dialogue damn Cube good evening my name is Orr I'm the co-founder and CEO of iron blocks in 2018 6 a.m I got a phone call from someone in my team my team in Bangkok

and he says that there is a someone over the telegram group over the support group that is complaining about the fact that he's trying to convert some tokens and the get an error message over the website and the arrow says 99 of slippage so I took my laptop I start digging in I made some phone calls to my team members no one knew what's going on I look on the recent transactions and I start calculating after some time I discovered that 20 million dollars were liquidated out of the pools for 72 hours there were no trades over the app no one could use it

I didn't eat I didn't sleep all of the team all of the community no one knew what's going on no one knew what would be the future of the company and the only thing that we knew is the fact that the ecosystem is not ready it's not ready to scale and is not ready to bring Mass adoption it was too early with those kinds of security measurements finally we succeed to return 10 million dollars out of the stone and amount it was like Israeli military operation and we also understood that was like lucky was lucky because of the fact that my

partner and I we succeed to save more than 300 million dollars that could be stolen out of the pools and the only reason that we succeed to do that is the fact that we responded immediately and this is why we build iron blocks and back then we also understood that if it happened to us it can happen to anyone and that something actually was missing that this is not the way to protect on webtoon it can happen to anyone because of the fact that it's actually security to the center of surround code if we're talking about

audits or formula verification or back Bounty all of that this is code but what about co-workers what about Market assumptions or private Keys compromise private skills this is not code until last year until 2022 no one did real-time Security in web twin and even someone some project want to protecting themselves like so malicious actions they had to create their own system from sketch it means that the project had to write everything a full detection system by themselves it was highly complicated there were no

tours it wasn't easy in the recent year during 2022 we saw that a lot of companies that provide detection Solutions some of them are more precise it brought a lot of confidence that was missing this ecosystem however to prevent an attack a good detection system must come together with a good prevention system and let me tell you a story about two weeks ago one of our employees she went to see a family in Colorado and while she did that she tried to book a test she tried to book

flights to this conference over in Paris and basically while she did it I got about 15 text message for MasterCard to verify my identity and what happened over there is that MasterCard they saw that there is unusual activity with our account and they basically they verified the transactions before they finally to process them with this understanding Italian blocks we Implement a similar technique it means that we verify transactions before they are getting executed in the base layer

and if we are talking about decentralization or privacy or transparency which are the building blocks of this entire ecosystem it's our job to make sure that those building blocks are kept on behalf of the end users into the new era at iron blocks we build the most exciting solution today in web3 security we built a full security network that lay down in the base layer its verify transaction before something actually happened completely decentralized transparent and private today is the most precise solution with the best user experience out of all the

existing Solutions in the market and if we are talking about the centralization we believe that it's a multiple entity game we shouldn't be the only player to take a decision whether a transaction is malicious or not if you are talking about privacy we believe that the transaction data also the user data should remain private that there is no need for that any Excel party would be able to take any advantage over the end users we also believe that protocols users communities should be able to understand what are the processes that their transactions are going to go through and choose whether they want to proceed or

not so if you build a detection system please contact us we want to make sure that this ecosystem remains safe if we build a project in webtoon think about embedded security and if you already have a project up and running use detection use it use prevention this is all important thank you thank you