CertiK & OKLink Simplifying Theft Reporting and Asset Freeze Standards

CertiK, a leading security-focused platform that analyzes and monitors blockchain protocols and decentralized finance (DeFi) projects, announced on Tuesday that it is collaborating with OKLink to pioneer the Freeze Asset Request (FAR) technical standard. OKLink is a prominent technology platform, operating under OKG Technology Holdings, that provides insights on cryptos and other Web3 assets.

CertiK & OKLink’s Commitment To Security

The partnership aims to streamline the process of reporting incidents and accelerate the freezing of unlawfully obtained assets. Both parties will focus on their ongoing effort in areas like risk management and data compliance. It also includes several initiatives like exploring labeling standards, standardizing information exchange processes, and others.

Both parties are dedicated to enhancing data precision and coverage, ultimately advancing the secure evolution of the Web3 industry. CertiK has been the long arbiter of security in the DeFi space, and the latest collaboration announcement marks another milestone for it.

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How Will It Benefit The Crypto Community?

Given the increasing number of fraudulent and security breaches in the crypto sector, several experts anticipate that this standard will be beneficial for users and exchanges. The collaborative effort could bolster security within the blockchain ecosystem, a pivotal factor for the technology’s widespread adoption.

Meanwhile, the Chairman and CEO of OKG Tech, Jeffrey Ren addressed the frequent security incidents in the Web3 space. He noted that the bad actors often attempt to transfer compromised assets to exchanges while emphasizing the requirements for a consistent approach to freeze these stolen funds.

He added that exchanges have developed their procedures for handling such incidents, leading to varying technical requirements and documentation expectations. The result is often lengthy communication between victims and exchanges, with a narrow window to recover funds.

To address this, the Web3 community, including exchanges and security firms, aims to establish a standardized fund-freezing framework for the benefit of both victims and exchanges. OKLink’s blockchain analysis expertise, combined with CertiK’s security leadership, is expected to drive positive changes in the industry.

The recent initiative aims to standardize fund-freezing procedures and invite more firms to join. Standardization will improve victim-exchange communication during crises. Additionally, CertiK and OKLink are collaborating on a universal transaction label system to unify investigation labels from various data providers.

Notably, CertiK claimed to have a substantial track record in security, with over 1,100 security incidents detected since 2022, totaling $4.8 billion in losses. Their suite of SaaS security products monitors over two billion wallets and smart contract addresses, providing real-time assessments for nearly 12,000 projects.

Considering all these aspects, the experts are optimistic about this strategic partnership and expect it to yield significant advantages for the wider Web3 segment.

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