Hacken, a blockchain security auditor, is introducing a new tool called the “Extractor” to assist web3 businesses in automating security and compliance processes, particularly in light of upcoming regulations like Europe’s MiCA and DORA rules. The Extractor aims to address the growing need for proactive monitoring and compliance within the crypto industry. By providing a compliance monitoring framework, it helps web3 projects adhere to regulatory standards such as MiCA, DORA, and ADGM.
One of the key features of Hacken’s solution is its comprehensive approach to compliance, which includes AML/CFT monitoring, transaction tracking, total value locked analysis, and circulating supply detection. Additionally, the Extractor offers real-time threat detection, automated safeguards, and post-incident reporting to ensure continual protection and operational resilience for web3 businesses. This integrated approach sets Hacken’s tool apart from other available solutions on the market, making it a valuable asset for companies looking to navigate complex regulatory landscapes.
According to Valentyna Kondratenko, legal counsel at Hacken, beginning Jan. 17, 2025, DORA’s requirements will be enforceable, with potential penalties for non-compliance including fines of up to 2% of the total annual worldwide turnover or 1% of the average daily global turnover. The Extractor’s compatibility with various blockchain networks, including Ethereum and BNB Chain, further enhances its utility for a wide range of web3 projects.
The introduction of MiCA regulations has presented challenges for crypto companies seeking to operate in the European market. For example, Coinbase had to discontinue USDC rewards for EU clients due to MiCA, and later removed Tether (USDT) from its European platform. The Extractor from Hacken offers a solution to help businesses navigate these regulatory obstacles, ensuring they remain compliant and secure in a rapidly evolving industry environment.
In conclusion, Hacken’s new tool, the “Extractor,” is a significant advancement in the realm of blockchain security and compliance. By providing web3 businesses with a comprehensive and automated solution for regulatory adherence, it enables companies to navigate complex regulations like MiCA and DORA with greater ease. As the crypto industry continues to evolve and face new challenges, tools like the Extractor will play a crucial role in helping businesses stay ahead of the curve and maintain operational resilience in a rapidly changing landscape.
