UAE based Match Systems, a cyber security company specializing in AML (Anti Money Laundering) services, blockchain investigations, implementation of compliance procedures for cryptocurrency projects around the world has recovered $68 million of stolen Bitcoin crypto assets from Cryptex.

The incident occurred on May 3rd 2024, when a “dust” attack on cryptex exchange targeted a crypo whales resulting in the theft of 1,155.28 Bitcoins worth $68 million.

The stolen tokens were received by an unknown scammer to the address  0xd9A1C3788D81257612E2581A6ea0aDa244853a91, from which the funds were moved to the address 0xfB5bcA56A3824E58A2c77217fb667AE67000b7A6. After which the stolen funds began to be distributed in parts to several scammer’s addresses.

The victim immediately sought assistance from Match Systems. As a result of promptly conducted work, the assets were found and returned to the crypto whale in full in just a week.

As per the press release, this incident perfectly demonstrates that promptly contacting specialists in case of theft of crypto assets significantly increases the chances of the crypto fraud victim to get them back. Moreover, the earlier the victim seeks help, the higher the probability of getting the stolen funds back in full.

According to Match Systems the company provides unique information about cryptocurrency addresses involved in illegal activities, enabling them to protect participants of crypto market from blockages and losses.

In addition the company offers Compliance  & AML, Blockchain investigations (digital assets recovery), due Diligence, forensics/assets tracing (crypto and fiat), multi-account abuse detection and education.

In the past Match Systems had completed 23 cases retrieving $15 million. Examples of some of these cases, include Revil where damages amounted to $100 million and retrieved asset were $0.7 million, Hydra where damages amounted to $1.3 billion and retrieved assets found $3.2 million.

In the UAE, Match Systems works with UAE government including criminal investigation department, and digital forensics department.

Dubai based cyber security firm, FearsOff has partnered with HTX crypto exchange and Poloniex crypto exchange to secure and protect those crypto exchanges.

This partnership aims to improve HTX and Poloniex’s existing security infrastructure with asset and data protection by integrating FearsOff’s specialized expertise while ensuring the safety of user assets and data by addressing specific security challenges collaboratively.

According to the recent Kucoin Survey , The Cryptoverse, Understanding Crypto Users in the UAE, which revealed insights into the UAE’s role as a crypto hub, it was found that 48 percent of UAE crypto users are concerned about lack of trust in crypto exchanges, with 63 percent of them prioritizing security

The Chief Operating Officer at FearsOff, Marwan Hachem, commented “We’re thrilled to partner with HTX and Poloniex, and commend their leadership for taking proactive measures to be one step ahead of future threats. Often, the best defense is a good offense; this collaboration enables us to identify and neutralize potential vulnerabilities before malicious hackers can exploit them, thereby preventing future breaches.”

Prior to its official Dubai debut in 2022, the FearsOff core team of veteran ethical hackers collaborated for over 15 years on hundreds of projects. One key to FearsOff’s success is integrating deep research into innovative, proprietary tools and software, enhancing assessment capabilities.

This comes as more and more exchanges in the UAE are receiving regulatory licenses.

Moroccan BDO advisory has partnered with Naoris Consulting to integrate Naoris’s solutions including their blockchain based security protocol into their service offerings.

According to the announcement the integration is specifically designed to meet the unique challenges of the French-speaking African market.

The synergy between BDO Advisory and Naoris will make it possible to develop tailor-made digital transformation strategies, with a particular emphasis on cybersecurity. The objective is to use Naoris’ advanced technology to strengthen the resilience and competitiveness of African organizations and businesses, explains BDO Advisory.

On LinkedIn, Zakaria Fahim Managing Partner of BDO Morocco, stated, “We are excited to promote our strategic partnership for advancing decentralized cybersecurity using blockchain technology. This collaboration is key to providing innovative, secure solutions for Morocco and Africa.”

He added, “Our shared goal is to develop advanced cybersecurity systems leveraging blockchain’ s decentralization and transparency. This partnership will enable us to offer robust solutions tailored to the unique challenges faced by our enterprises in Africa and globally.”

Naoris Consulting on LinkedIN noted, “We are excited to share a pivotal chapter in our story. We’re embarking on a strategic partnership with BDO Morocco, a union of vision and expertise to revolutionize digital transformation with cybersecurity as a backbone in Francophone Africa. Envision a landscape where every organization in Francophone Africa is empowered to thrive digitally, bolstered by unyielding cybersecurity. This partnership is our stride towards turning that collective dream into a tangible reality, ensuring a safer and more innovative future for all.”

More and more Blockchain companies are moving to Morocco to serve the African region, including entities such as The Hashgraph Association, IR4Labs and others.

The UAE Ministry of Economy in partnership with the Minister of State for Government Development and the future has commenced application for the top 100 future enterprises including blockchain startups.

The initiative which was launched in December 2022 aims to accelerate the growth of promising UAE ‘Future Economy’ SMEs, encourage investment in ‘Future Economy’ companies in the UAE, strengthen UAE’s position as the start-up and scale-up nation and support the continued sustainable growth of the ‘Future Economy’ ecosystem.

100 startups based out of the UAE and utilizing technologies such as Blockchain, AI, Web3, robotics, IoT, 3D printing, working in sectors such as renewable energy, agritech, space, advance manufacturing, biotech, creative industries, sustainability, healthtech and cybersecurity will be able to participate in the competitionad be awarded Future 100 Label with various perks and benefits.

The chosen startups will have fast Access to Investors, Regulators And Business Community, support – Funding, Legal, Commercial, and Capacity Building

Applicants for the Future 100 will be evaluated on the basis of their creative capacity, market potential, and environmental, social and corporate governance impact.

Startups andSMEs  that have offices or operations in the UAE that are eligible to apply can submit an online application on the Future 100 website.

Bahrain’s KFH ( Kuwait Finance House) Information security Manager, Mr. Hasan Muhi emphasized the significance of utilizing blockchain technology applications to enhance cybersecurity in the financial technology sector. He highlighted the potential of blockchain for improved security in financial transactions and protection against fraud and cybercrimes.

During a seminar entitled “ Cybersecrity in Fintech in Bahrain” organized by NGN International Muhi stated that blockchain technology offers significant security advantages by storing financial data in an encrypted manner across a network of devices, making it highly resistant to cyber-attacks.

The seminar was part of the activities of NGN Majlis, which aims to raise awareness about cybersecurity in Bahrain and promote a better understanding of the subject.

As per Muhi’s statements, “Blockchain technology represents one of the latest and most effective methods for safeguarding companies and institutions against the growing risks of cyber threats. These threats include data loss, unauthorized access, and data theft.”

He added, “Blockchain enables robust protection of data, financial transactions, and commercial operations, while facilitating controlled data access, enhancing transparency, and fostering trust among different parties involved. Thus, it serves as an innovative technology to enhance cybersecurity and optimize the financial and operational performance of institutions and companies.”

Muhi emphasized that Blockchain was a vital tool for improving cybersecurity in the Fintech sector through the utilization of “Smart Contracts”. These contracts can be programmed to execute financial transactions securely and reliably without the need for third parties, thereby reducing costs and mitigating risks associated with online financial transactions. Additionally, they enhance trust among various stakeholders involved in commercial and financial operations.

UAE Cyber Security Council, Abu Dhabi Digital Authority (ADDA), and UAE Department of government support have launched the 1st annual global Capture the Flag (CTF) cybersecurity competition. Crypto is one of the themes included in the competition. 

Established in November 2020, the UAE Cyber Security Council is tasked with developing and overseeing a cyber security strategy for the UAE, and creating a safe and strong cyber infrastructure, while Abu Dhabi Digital Authority was established to enable, support and deliver a digital government that is proactive, personalized, collaborative and secure.

Both have come together with the support of UAE Department of government support to organize the first CTF cybersecurity competition.

The CTF competition will be held at Gitex 2022 which will take place from 10-14 October 2022 at the Dubai International Convention and Exhibition Centre.

The aim of the knowledge based challenge is to create a safer digital world. Challenges fall under several themes including, web exploitation, forensics, reversing, OSINT, IoT hardware, crypto, network, mobile, and Steganography.

Teams of 3 or 5 are considered eligible for the competition. They will need to register their teams. The qualification round which will take place online on 10-Sep-2022, and only five (5) teams from the online qualifier round will be selected for the finals.

The Final round will be held physically and in person at Gitex 2022. Qualified teams must be physically present with their laptops at Gitex Dubai from Oct 10 till Oct 14, 2022 for the final round.  Abu Dhabi Digital Authority will cover all the accommodation and travel expenses and the entry badges for the final CTF round in GITEX.

The winners will be announced at the end of the 5th day, of Gitex 2022, the first 3 teams will receive cash prizes. 1st place winner will receive 35,000 AED, 2nd place will 25,000 AED, and 3rd place will receive 15,000 AED.