Beosin presents its KYT solution for Solana ecosystem at Solana Summit APAC

Last week, Solana's largest founder and Developer Summit was successfully held in Kuala Lumpur, Malaysia. The Solana Summit brings together the best minds in the Web3 space for a grand gathering. Beosin is proud to have been invited to participate. In Kuala Lumpur, Beosin discussed the development of the Solana ecosystem with the world's top blockchain technologists, developers and entrepreneurs.

On June 20, Beosin participated as a security representative in the summit's "Building Trust in Web3: Safeguarding Users and Builders" panel discussion, which focused on three aspects: security auditing, security practices, and protecting user assets. Beosin security experts share a series of strategies and measures to address security risks.

On June 21, Beosin hosted a Solana Program Security Workshop for developers to help developers understand the core concepts of Solana and to uncover common vulnerabilities in the development of Solana contracts by analyzing past Solana eco security incidents. In this workshop, Beosin announced the official launch of its KYT solution for the Solana ecosystem with a live demonstration.

Beosin KYT contributes to the Solana DeFi ecosystem: Addressing security and compliance challenges

With the rapid development of blockchain technology, decentralized finance (DeFi) has become one of the forefront of the fintech sector. Solana, as a new generation of high-performance blockchain, has attracted a large number of DeFi projects with its extremely high transaction throughput and low transaction costs. However, as the DeFi ecosystem expands, so do security and compliance challenges. As an advanced virtual asset anti-money laundering (AML) and compliance analysis platform, Beosin KYT provides a comprehensive transaction analysis and risk management solution for the Solana DeFi project through blockchain big data and AI technology.

The Beosin KYT platform is focused on helping virtual asset service providers (VASPs) and DeFi project parties solve complex security and compliance issues. Here are its main functions:

1. Malicious address/transaction query

Beosin KYT has a large library of blacklisted addresses and with the powerful data capability of hundreds of millions of address labels, Beosin can help DeFi project parties quickly identify suspicious high-risk addresses. These addresses are often involved in hacking, darknet transactions, money laundering and other illegal activities. When the Solana DeFi project deals with these addresses, Beosin KYT is able to provide the first warning, helping the project to quickly locate the risk addresses.

Take Slope wallet hackers address (GeEccGJ9BEzVbVor1njkBCCiqXJbXVeDHaXDCrBDbmuy) as an example, Beosin KYT has labeled the address as "Hacker" and "Slope Wallet Hacker".

2. Address Risk Score

Through in-depth analysis of transaction behavior, Beosin KYT can automatically generate a risk score for each address. The score is based on multidimensional factors such as address entity type, outbound/outbound fund flows, and on-chain transaction relationships to help DeFi project understand users' trading habits and risk levels. For example, a new address suddenly making a large number of high-value transactions, or frequent interactions with multiple known high-risk addresses, could indicate potential money laundering. In this way, the platform can help enterprises identify potential threats early and take appropriate risk management measures.

3. Suspicious transaction report (STR)

In the current global regulatory environment, the generation of suspicious transaction reports (STR) is a compliance requirement in many regions. Beosin KYT supports the automatic generation of detailed security assessment reports (SAR), which record the details of all suspicious activity, including information such as the source, destination, amount and time of the transaction. The SAR report can serve as the main information for the STR report, helping the VASP and DeFi projects meet the requirements of the regulatory authorities, but also provide strong support for internal compliance investigations, ensuring that the enterprise can respond to any potential compliance risks in a timely manner.

KYT customers can automatically Generate SAR and download it locally by selecting "Generate Report" on the results page of the address risk query.

4. Trace the source of on-chain funds

With the help of advanced big data technology, Beosin KYT is able to fully track the flow of funds in targeted accounts. By analyzing the path of money flows, the platform can reveal the complex network of transactions and money flows, helping VASP and DeFi project parties understand the final destination of funds. This is essential to uncover patterns of money laundering, fraud and other illegal activities. For example, if an account frequently interacts with multiple high-risk addresses, or if funds flow to a particular address after being washed through multiple intermediate accounts, these are potentially high-risk signals.

Take Slope Wallet hackers address (GeEccGJ9BEzVbVor1njkBCCiqXJbXVeDHaXDCrBDbmuy) as an example, Beosin KYT provide flow charts and forms to help KYT clients clearly view the inflow and outflow of venture capital from the address and trace the source of funds:

In the current DeFi field, security and compliance have become important issues that cannot be ignored. Solana's high performance and low cost make it an ideal platform for DeFi projects, but it also attracts a large number of malicious actors. With its comprehensive monitoring and analytics capabilities, Beosin KYT provides the Solana DeFi project with powerful tools and solutions to help it meet growing security and compliance challenges. In this rapidly changing industry, having an advanced AML platform like Beosin KYT is not only necessary to address today's risks, but is key to ensuring safe growth and success in the future. Through continuous innovation and optimization, Beosin KYT will continue to contribute to the prosperity and development of the Solana DeFi ecosystem.

Beosin KYT is now integrated into the Beosin API, making it easy for developers to directly access Beosin's security compliance services via GET/POST requests. The Beosin API is a REST API that uses unified endpoint resources and standard HTTP response codes, and is secured using HTTPS and TLS. Users can access the link to learn more and try out the Beosin API: https://beosin.com/service/api