In the aftermath of the recent $43 million hack at BingX, the cryptocurrency community is urgently seeking more robust security solutions. As exchanges scramble to reinforce their defenses, an innovative partnership between EasyMM, a leading market maker, and ARGOS, an AI-powered identity verification platform, is emerging as a potential game-changer in the fight against cyber threats.
The BingX Incident: A Wake-Up Call for the Industry
On September 21, 2024, Singapore-based crypto exchange BingX fell victim to a sophisticated attack that drained $43 million from its hot wallet. This incident, following closely on the heels of breaches at Indodax and WazirX, has highlighted the critical need for multi-layered security approaches in the crypto space.
EasyMM: Stabilizing Markets in Times of Crisis
While EasyMM is renowned for its role in stabilizing markets during crises, the company’s commitment to security extends far beyond traditional market making.
“Our approach is proactive and multifaceted,” explains Daniil Kozin, Head of Sales at EasyMM. “We not only provide liquidity and market stability but also leverage our expertise to help clients identify and mitigate potential security risks before they escalate.”
EasyMM’s comprehensive security strategy includes:
- Advanced market making algorithms to maintain liquidity and prevent panic-induced price crashes
- On-chain data analysis to detect suspicious activities
- Rapid assessment of potential impacts on clients’ assets
- Providing timely insights and recommendations for protective actions
“We analyze on-chain data in real-time, checking if our clients’ assets have been affected by any suspicious activities,” Kozin elaborates. “This allows us to provide quick, actionable insights to our clients, helping them stay ahead of potential threats.”
EasyMM’s proactive approach has proven invaluable in numerous instances. By helping clients identify issues early and act preemptively, EasyMM has often been able to mitigate potential losses before they occur.
“Our team is constantly adapting our strategies to stay ahead of emerging threats,” Kozin adds. “Our goal is to not just react to security breaches, but to prevent them whenever possible.”
EasyMM’s advanced analytics detects unusual trading patterns that could suggest a potential attack is imminent. By alerting the client and recommending immediate protective measures, EasyMM helps prevent substantial losses of funds.
ARGOS: Revolutionizing Identity Verification
Complementing EasyMM’s market-making expertise, ARGOS brings to the table their cutting-edge identity verification technology that serves as a crucial first line of defense against unauthorized access and fraud.
“Our AI-powered solution can verify over 2300 forms of ID from more than 220 countries with 99.996% accuracy,” states a spokesperson from ARGOS. “This level of precision is critical in preventing identity-related vulnerabilities that hackers often exploit.”
Key features of ARGOS’s identity verification system include:
- Global coverage with instant response times
- Highly scalable and flexible infrastructure
- Integration of anti-counterfeiting and AML technologies
- No-code approach for easy implementation and management
- Comprehensive support for eKYC and KYB processes
Differentiating partnerships from existing ones
What makes the partnership between ARGOS and EasyMM different is that it not only goes beyond traditional market making and identity verification, but also integrates the two technologies to form a multi-layered approach. EasyMM not only provides liquidity, but also has the ability to detect and warn potential threats in advance by analyzing trading patterns in real time. On the other hand, ARGOS blocks hacking threats through AI-based identity verification technology that boasts high accuracy and provides a more efficient and scalable solution than existing systems.
A Synergistic Approach to Crypto Security
The partnership between EasyMM and ARGOS represents a holistic approach to cryptocurrency exchange security. While EasyMM focuses on maintaining market stability, providing liquidity, and offering proactive on-chain analysis, ARGOS ensures that only verified users can access the platform, creating multiple layers of protection.
“By combining our market making expertise and on-chain analysis capabilities with ARGOS’s advanced identity verification, we’re addressing security from multiple angles,” Kozin explains. “This comprehensive approach is what the cryptocurrency industry needs to mature and gain wider trust.”
Recently, EasyMM announced this strategic partnership, emphasizing ARGOS Identity’s state-of-the-art KYC, AML, and KYB risk assessment tools. The collaboration aims to keep EasyMM at the forefront of both technology and compliance, ensuring their services remain innovative while meeting regulatory requirements.
The recent string of hacks serves as a reminder that in the world of digital assets, security is an ongoing process rather than a fixed state. The synergy between market makers like EasyMM and identity verification experts like ARGOS may well be the key to long-term stability and growth. As cryptocurrency exchanges continue to evolve their security strategies, such partnerships will be crucial in shaping a safer, more resilient digital asset future.
Specific benefits of partnership
The partnership between ARGOS and EasyMM provides numerous benefits to both companies. ARGOS can leverage EasyMM’s market making, data analytics, and rapid insights to further refine its identity verification services. EasyMM can further strengthen corporate security and regulatory compliance through ARGOS’ KYC (Know Your Customer) and KYB (Know Your Business) technologies. This partnership can make an important contribution to providing a more secure environment for the cryptocurrency market, allowing customers to trade assets with greater confidence.
Long-term goals and future plans
Through their partnership, ARGOS and EasyMM aim to go beyond focusing on short-term security issues and increase reliability and stability to flexibly respond to changes in the cryptocurrency market in the long term. In the future, both companies plan to continue technological innovation and develop better security systems. It will contribute to helping the cryptocurrency industry gain the trust of the wider public.