3. Background and Legacy of Sentinel Protocol

Six Years of Achievements and Legacy: Sentinel Protocol and CIRC's Global Journey

In 2018, the rapid growth of the virtual asset market intensified the threats of cybercrime. Against this backdrop, Uppsala Security introduced the Sentinel Protocol, an innovative solution. Sentinel Protocol was the first threat detection platform based on collective intelligence, setting a significant milestone in the security field through a decentralized approach to addressing virtual asset crimes.

Over the past six years, Sentinel Protocol has provided practical support to thousands of victims of various forms of virtual asset crimes, including hacking, fraud, and money laundering. It has offered asset recovery opportunities to victims and provided threat intelligence to government agencies and businesses to strengthen their prevention and response capabilities. These achievements are the result of collaboration among global security experts, white hat hackers, and ordinary users, demonstrating that a decentralized collaboration model can overcome the limitations of centralized systems and offer a new paradigm in virtual asset security.

CIRC: A Trusted Guardian of the Korean Virtual Asset Market

In Korea, the Virtual Asset Reporting Center (CIRC), established in 2020, has played a crucial role in maximizing the effectiveness of the Sentinel Protocol. CIRC provides comprehensive services to victims of virtual asset crimes, including counseling, reporting, and asset recovery support.

Since April 2020, CIRC has assisted approximately 2,000 victims, with reported losses amounting to around 700 billion KRW. This figure highlights the severity of virtual asset crimes and underscores the importance of Uppsala Security and CIRC in reducing the damage caused by such crimes.

CIRC not only processes and handles reports but also provides legal advice and support to help victims recover their assets through legal procedures. It actively promotes security awareness through education and campaigns on virtual asset crime prevention.

ChainBounty: A Global Security Innovation

Uppsala Security now aims to further enhance the security level of the global virtual asset market through ChainBounty. ChainBounty is a decentralized bounty platform for virtual asset crimes that introduces a new global security model, enabling security experts, white hat hackers, and ordinary users worldwide to collaborate in addressing cybercrime.

ChainBounty offers rewards to those providing information about cybercrimes through its decentralized bounty system, creating opportunities for more people to participate in crime prevention and criminal tracking. Utilizing Layer 2 technology, ChainBounty improves transaction speed and efficiency, supporting effective prevention and response to cybercrime.

Building on the successful legacy of Sentinel Protocol, ChainBounty aims to advance its technology and global community collaboration to raise the security level of the virtual asset market. This platform will serve as a central component for the safe and sustainable growth of the virtual asset market, contributing to solving security issues.

ChainBounty’s innovative approach will create a safer and more transparent environment for the global virtual asset ecosystem, extending beyond the Korean market. Uppsala Security and ChainBounty will play a pivotal role in fostering sustainable growth in the virtual asset market, effectively responding to evolving cybercrime, and collaborating with the global community to build a more secure and transparent virtual asset ecosystem.