ALEXGO and zeroShadow Collaborate to Create Security & Recovery Solutions for Stacks

Singapore, Aug. 01, 2024 (GLOBE NEWSWIRE) -- ALEXGO, the company providing technology to ALEX, the largest Bitcoin DEX, and zeroShadow, a Web3 security and incident response expert, partnered to enhance security and incident response within the Stacks ecosystem through advanced on-chain tracking and monitoring for Bitcoin Layer 2 solutions.

Currently, existing solutions that provide on-chain transaction tracking and potential risks do not support Bitcoin L2s. In response to recent security challenges, ALEXGO and zeroShadow are addressing this gap by developing a solution specifically designed for the Stacks ecosystem. With the Stacks Nakamoto upgrade scheduled for the end of August, this joint venture is poised to significantly strengthen the Bitcoin ecosystem by enhancing its security infrastructure.

zeroShadow and ALEXGO are partnering to lead the development of the security and response infrastructure from both a technological and services perspective. ALEXGO’s tracing and visualization tools will be leveraged to support zeroShadow's response and recovery services.

The next step for this partnership is to improve security before incidents happen. This will be done by bringing in key technology and service providers to protect all areas of the projects and users in the Stacks ecosystem.

Benefits of this initiative on Stacks include:

Enhanced Security: By monitoring and analyzing on-chain transactions, protocols can identify and mitigate potential threats before they impact the network. This proactive approach reduces the risk of hacks and exploits.
Fraud Detection: Advanced algorithms can detect patterns of fraudulent activities, enabling protocols to act swiftly against malicious actors and protect user assets.
User Confidence: With enhanced security measures in place, users will have greater confidence in participating in DeFi activities on Stacks, leading to increased adoption and network growth.
Efficient Recovery: In case of security breaches, zeroShadow’s expertise in tracing stolen funds and engaging with law enforcement can expedite the recovery process, minimizing losses and restoring normal operations quickly.

zeroShadow will assist the ALEX Lab Foundation in its recovery efforts, offering strategic advice on engaging law enforcement agencies and recovering funds from centralized exchanges (CEXs) and other Web3 partners. This support will ensure swift and effective responses to security breaches.

ALEXGO and zeroShadow are committed to setting new standards for security and protection in the DeFi space. By leveraging advanced chain analysis techniques and innovative technology, this partnership will provide users with enhanced protection and greater confidence in the safety of their assets.

About zeroShadow
zeroShadow is the world leader in Web3 security solutions, covering everything from prevention to recovery. Acting as an extension of its clients' security teams, zeroShadow enhances policies and maintains technical solutions. Its 24/7 International Security Operations Center (SOC) is ready to handle alerts and incidents, collaborating closely with client teams to manage critical situations and initiate on-chain tracing, investigation, and recovery. For more information, visit their website: www.zeroshadow.io

About ALEXGO
ALEXGO is the technology provider behind the ALEX DeFi protocol, a pioneering platform for decentralized finance on the Stacks blockchain.

ALEX offers a comprehensive suite of DeFi services, including a decentralized exchange (DEX), launchpad, liquidity mining, and yield farming. Their platform leverages the unique capabilities of the Stacks blockchain to harness the potential of Bitcoin for decentralized finance, providing secure and efficient financial solutions. For more information, visit https://alexgo.io/

CONTACT: Yury Molodtsov
PR Partner
MA Family
yury(at)ma.family

First published on Thu, Aug 1, 2024

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Tags:

Crypto CurrencyBitcoin Stacks DeFi Security Incident Response zeroShadow ALEXGO ALEX Blockchain

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