SINGAPORE, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Cobo, a global leader in digital asset custody solutions, has announced a strategic partnership with BlockSec, a renowned blockchain security company. This collaboration marks a significant step forward in the decentralized finance (DeFi) community as two industry leaders team up to pioneer the development of a groundbreaking solution: advanced “Security Frontrun Bots”. These bots are designed for institutional DeFi investors to secure their funds in the event of emergent DeFi security attacks by front-running malicious attacks to withdraw their funds into safety.
DeFi, a paradigm shift in the financial ecosystem, has empowered users with unprecedented control over their assets and investments. However, the DeFi revolution has also brought forth complex security challenges. The “Security Frontrun Bots” will proactively tackle these challenges by utilizing advanced on-chain transaction monitoring and simulation technologies along with sophisticated analysis algorithms to identify and thwart malicious attacks.
This collaboration will amalgamate Cobo’s innovative capability in DeFi investment automation, built on top of its smart contract-based access control framework, with BlockSec’s leading attack detection technologies. By harnessing real-time security data collection, the pioneering “Security Frontrun Bots” are able to identify and front-run attackers’ transactions to withdraw user funds to avoid losses. This capability is made possible by Cobo Argus – Cobo’s pioneering institutional-grade smart contract-based DeFi management platform. Built atop Safe{Wallet}, Cobo Argus is embedded with Safe’s multi-signature security while offering on-chain role-based access controls, granular permissions at both function and parameter levels, and intelligent automation bots for auto-harvesting, leverage adjustments, and withdrawals based on triggering events pre-defined by the user. By enabling pre-authorized access control rules, Cobo Argus allows automated withdrawals to be performed without going through lengthy multi-signature operations.
“Our partnership with BlockSec underscores our unwavering commitment to setting new security benchmarks for the DeFi community. Cobo Argus is the fruit of Cobo’s wealth of experience in digital asset custody and DeFi investment. Since its introduction, Cobo Argus has received a very strong reception among institutional DeFi users. By joining forces with BlockSec, we aim to combine our strengths to further propel DeFi security to new heights, empowering our users to unlock the potential of DeFi while skillfully managing the associated risks,” said Changhao Jiang, co-founder and CTO of Cobo.
Zhou Yajin, founder of BlockSec, highlighted the importance of swift response capabilities to DeFi security risks, “The DeFi realm is plagued by hacks and exploits that have resulted in substantial losses for investors. As a blockchain security pioneer, BlockSec is committed to redefining security standards within DeFi. We have already successfully recovered over $14 million in digital assets across multiple incidents. We are thrilled to partner up with an industry leader like Cobo to empower DeFi players to stay ahead of emerging threats.”
About Cobo
Cobo is a globally trusted leader in digital asset custody solutions. As the world’s first omni-custody platform, Cobo offers the complete spectrum of solutions from custodial to non-custodial services including MPC and smart contract-based custody, as well as wallet-as-a-service, a DeFi management platform (Argus), and an off-exchange settlement network (SuperLoop). Trusted by over 500 institutions with billions in assets under custody, Cobo inspires confidence in digital asset ownership by enabling safe and efficient management of digital assets and interactions with Web 3.0. Cobo is SOC2 Type 1 and Type 2-compliance-certified and licensed in 5 jurisdictions.
For more information, please visit: www.cobo.com
About BlockSec
BlockSec is a pioneering blockchain security company established in 2021 by a group of globally distinguished security experts. The company is committed to enhancing security and usability for the emerging Web3 world in order to facilitate its mass adoption. To this end, BlockSec provides smart contract and EVM chain security auditing services, the Phalcon platform for security development and blocking threats proactively, the MetaSleuth platform for fund tracking and investigation, and MetaDock extension for web3 builders surfing efficiently in the crypto world.
To date, the company has served nearly 300 esteemed clients such as MetaMask, Compound, Forta, and PancakeSwap, and secured over tens of millions of US dollars in two rounds of financing from preeminent investors including Matrix Partners, Vitalbridge Capital, and Fenbushi Capital.
Our official website: https://blocksec.com/
