TON Foundation collaborates with chain analysis for blockchain security

The TON Foundation, dedicated to promoting The Open Network (TON), has partnered with Chainalysis to use their Crypto Incident Response Service, which ensures 24/7 support for quick recovery of funds in the event of a hack or exploit.

The Open Network (TON) Foundationa non-profit association of developers and enthusiasts, is committed to promoting TON, a technology designed to unite all blockchains and the Web2 internet in one open network. Chain analysis is a premium blockchain data platform that provides investigative services and support to both private and public organizations. By deploying Chainalysis’ quick-reaction container service, TON gains a robust means of combating cyber-attacks or unauthorized network intrusions, which may involve cryptocurrency theft or ransom demands.

Justin Hyun, Head of Incubation at the TON Foundation, expressed the organization’s insight into enlisting Chainalysis’s Crypto Incident Response Service, referring to it as the “industry gold standard” for providing a quick response to hacks or exploits. Hyun claims that bad actors must be rooted out, and that such a measure is crucial to ensure an optimal experience for TON’s growing user base.

“Our vision is to achieve mass adoption in Web3 technology driven by the high performance and scalability we offer. By rooting out bad actors, we can ensure an optimal experience for our growing user base,” shares Hyun.

Chainalysis offers a 24/7 hotline for proactive Crypto Incident Response customers, assigning a dedicated team to respond to incidents such as hacks, ransomware attack, code exploitation or flash loan attacks. The Chainalysis team works tirelessly, leveraging advanced investigative capabilities, to address incidents and, if necessary, liaise with law enforcement and asset recovery advisors.

Having worked on hundreds of cases involving cryptocurrency, Chain analysis investigators have helped solve some of most high-profile cybercrime cases. The Chainalysis Crypto Incident Response program streamlines the engagement process, ensuring no time is wasted regardless of the victim’s location. Fast tracking and tagging of funds in the Chainalysis platform can be crucial in preventing bad actors from withdrawing their ill-gotten gains.

The Open Network (TON) has a layer-1 architecture designed to scale up to 2 to 32 worker chains, each of which can be split into up to 2 to the power of 60 shardchains. This design enables TON to support millions of transactions per second almost instantly. By enlisting Chainalysis’s Crypto Incident Response Service, the TON Foundation hopes to provide a more secure and reliable environment for its users as it grows.

To date, Chainalysis data, software and services have helped law enforcement recover more than $11 billion in assets. The company has achieved SOC2 Type II certification for its KYT and Reactor products, which testifies to the successful implementation of controls in both the safety and accessibility criteria.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.