Problem

The Rise of Crypto Attacks

Since the innovation of cryptocurrencies and the blockchain, the word 'crypto' and 'theft' have become virtually synonymous with one another. The reason for this is that transactions made on the blockchain are irreversible, each individual is their own bank. Since their innovation came about back in 2009, the rise of digital currencies quickly turned into a million, then a billion, and nowadays a trillion-dollar market playing a considerable part of the global economy.

However, wherever there is money, there are malicious actors circling around to join the frenzy, seeking out an opportunity to take from others. A bit over 10 years after the idea, the crypto market saw people across the globe reporting $3.8 billion stolen by cyber criminals in a single year during 2022. Compared to the prior year where $3.3 billion was reported stolen, a 15% increase was observed (Chainalysis Team), and to clarify, these figures were reported. One can only assume that these figures are significantly higher as reports of theft in the space are not a common occurrence and retrieving stolen funds is a rarity. (we need to place a link here to this info).

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The Billion-Dollar Question

In a space where you are your own bank with rampant theft on the rise, malicious attacks becoming more sophisticated with each passing day, one would be surprised to learn that security hasn't evolved very much and the concept of millions stolen daily has become normalized. This led us to asking ourselves a question: What can we do to make a difference? What can we do to solve the problem?