Sentinel Protocol announced the launch of the Interactive Cooperation Framework API (ICF API). After the successful launch of the UPPward Chrome Extension, a crypto scam protection solution, Sentinel Protocol continues by arming crypto exchanges and wallet services with its ICF API.
The new ICF API is designed to be integrated with financial software applications to proactively protect crypto assets belonging to organizations and clients from malicious threats. Before completing a transaction, the ICF API enables a financial application to query Sentinel Protocol’s Threat Reputation Database (TRDB) and check whether or not a specific crypto wallet address, URL, domain, or Telegram ID is safe. Within milliseconds, the TRDB sends a response. Depending on the type of response, a pending transaction can be immediately rejected and terminated; an alert or warning could be generated; or the transaction could be allowed if the alert level is low.
The key features of the ICF API are:
- Platform agnostic — can be used by any exchange, wallet, DApp, or application.
- Online access to collective security intelligence data held in the TRDB.
- Validated whitelists and blacklists of crypto wallet addresses, URLs, and domains related with malware, phishing, and scams.
While blockchain’s core technology has earned an excellent reputation for strong security, cryptocurrency assets continue to be stolen on a daily basis. Crypto exchanges and wallet services today have limited capabilities for preventing users from accepting or sending crypto funds to malicious addresses or for identifying malicious URLs associated with phishing and malware.
To address the above needs, the ICF API beta version will be made available to organizations by the end of October for testing and evaluation. The full production version will be deployed in early 2019.
“We are leveraging our experience and skills to assist exchanges in strengthening their cybersecurity,” said Patrick Kim, CEO and Founder of Sentinel Protocol. “It is essential to build a strong security ecosystem around each of the key stakeholders including crypto exchanges, wallets, payment providers, regulators, etc. At the moment, there is no way to stop hackers from transferring stolen funds through exchanges, either centralized or decentralized, which means stolen cryptos are irreversibly in the full possession of hackers. The ICF API will be able to block this malicious activity, restrict the flow of the stolen funds, and even help to return these crypto assets to their rightful owners.”
“Protecting the users in the crypto space is one of the most important factors that contribute to the global adoption of blockchain and crypto industries. We at Regulus have invested heavily into crypto wallet and crypto exchanges and we definitely need more solutions to help improving our security in order to protect our customers. With the help of Sentinel Protocol’s experts and the Interactive Cooperation Framework API offered by Sentinel Protocol , we strongly believe that will add a new strong layer of security shield to our investment,” said Dr. David Nguyen, Chairman of Regulus Investment and Capital Holdings.
“We are very pleased to implement the ICF API beta version to strengthen our customer protection by checking malicious addresses before crypto sending transaction. We have a strong trust on Sentinel team by their technical leadership in cyber security in crypto space and will definitely have close cooperation with them to make GDAC as one of the safest crypto currency exchange in the world,” said James Oh, CEO and co-founder of GDAC.