SlowMist Founder Cos was interviewed by Bloomberg Businessweek: Security Is a Long-Term Battle
In the September cowl story of Bloomberg Businessweek, The Ongoing Confrontation in Blockchain Security, SlowMist founder Cos shared his long-term perspective on blockchain safety: safety is just not a one-time inspection however a extended battle that requires sustained funding.
However, the report additionally acknowledges the tough actuality. Cos said bluntly within the interview: the overwhelming majority of victims are already mentally ready for the truth that “the cash gained’t come again.” What they need most is the reality. Data reveals that of 410 blockchain safety incidents worldwide in 2024, solely 24 managed to recuperate even partial funds, accounting for simply 8.25% of complete losses.
“Freezing doesn’t equal restoration,” Cos explains. Security firms can solely play the function of “technical intermediaries.” True freezing and restitution depend upon regulation enforcement businesses, judicial processes, and the compliance mechanisms of exchanges. From freezing to return, a number of events should present belief and cooperation; if any hyperlink breaks, the hassle can fail. This is why SlowMist frequently stresses the worth of its menace intelligence collaboration community. The safety trade has by no means been about combating alone. A single firm can not counter more and more advanced hacker exercise. Only by way of collective participation — from communities, exchanges, regulators, and judicial authorities — can true safety power be shaped.
Productization and Compliance Strategy
Beyond rescue instances, Bloomberg Businessweek additionally examined SlowMist’s enterprise mannequin. As a safety firm, SlowMist should preserve professionalism whereas guaranteeing sustainable growth. “Even if safety specialists labored day and evening auditing initiatives, they may solely deal with 5 monthly at most. That’s the capability ceiling,” Cos admits. As a consequence, SlowMist prefers to rigorously choose high quality shoppers — significantly abroad shoppers who really worth safety and are keen to pay for skilled providers.
At the identical time, SlowMist has constructed a product-driven technique, launching SaaS instruments comparable to MistTrack. Since its launch in 2022, MistTrack has collected greater than 100,000 customers, together with tens of 1000’s of paying prospects. This twin engine of services allows SlowMist to take care of frontline emergency capability whereas attaining steady long-term income.
The report additionally highlighted SlowMist’s enterprise plans in Hong Kong: offering regulatory authorities with technical help in dealing with theft instances and providing safety providers to establishments making use of for stablecoin licenses. Recently, SlowMist additionally turned a founding member of the Digital Asset Anti-Money Laundering Council (DAAMC), established below the Hong Kong Virtual Assets Industry Association (HKVAIA), to advance compliant stablecoin issuance and monetary integrity.
“If issues are too open from the beginning, there might be big governance challenges later,” Cos factors out. What the general public really cares about is just not the on-chain motion of each USDT, however whether or not there’s real reserve backing. This could require authoritative establishments — akin to the Big Four auditors — to supply belief and assurance.
Conclusion
Appearing in Bloomberg Businessweek is each recognition of SlowMist’s years of dedication and worldwide acknowledgment of its imaginative and prescient. As Cos says: “We don’t have devoted gross sales workers — I personally am the enterprise developer.” Behind this candor lies SlowMist’s persistence and conviction within the essence of safety.Whether as “blockchain firefighters” or as builders of trade governance, SlowMist has remained deeply dedicated to the safety monitor. Looking forward, SlowMist will proceed to work with the neighborhood, trade companions, and regulators to collectively promote safety and compliance throughout the blockchain world.
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About SlowMist
SlowMist is a blockchain safety agency established in January 2018. The agency was began by a crew with over ten years of community safety expertise to turn into a international drive. Our objective is to make the blockchain ecosystem as safe as doable for everybody. We are actually a famend worldwide blockchain safety agency that has labored on numerous well-known initiatives comparable to HashKey Exchange, OSL, MEEX, BGE, BTCBOX, Bitget, BHEX.SG, OKX, Binance, HTX, Amber Group, Crypto.com, and many others.
SlowMist provides a number of providers that embody however are usually not restricted to safety audits, menace data, protection deployment, safety consultants, and different security-related providers. We additionally provide AML (Anti-money laundering) software program, MistEye (Security Monitoring) , SlowMist Hacked (Crypto hack archives), FireWall.x (Smart contract firewall) and different SaaS merchandise. We have partnerships with home and worldwide companies comparable to Akamai, BitDefender, RC², TianJi Partners, IPIP, and many others. Our in depth work in cryptocurrency crime investigations has been cited by worldwide organizations and authorities our bodies, together with the United Nations Security Council and the United Nations Office on Drugs and Crime.
By delivering a complete safety answer personalized to particular person initiatives, we will establish dangers and stop them from occurring. Our crew was capable of finding and publish a number of high-risk blockchain safety flaws. By doing so, we might unfold consciousness and lift the safety requirements within the blockchain ecosystem.
