Blockchain Conference Held in Seoul, South Korea, Focusing on Stablecoins and Custody Security

Recently, a highly anticipated Web3 industry event was held in Seoul, South Korea. Entrepreneurs, institutions, and investors from around the world gathered to engage in in-depth discussions on hot topics such as DePIN, security tokens, stablecoins, accomplice, and DAOs.

During the conference, an audit partner from a security company delivered a keynote speech, focusing on the role of stablecoins and accomplice services in the current financial landscape and risk control strategies. He emphasized that security is not just a defensive measure but a key infrastructure connecting traditional finance and digital assets. In the face of emerging fields, proactive planning and addressing potential risks in advance are crucial.

The speaker defines stablecoins as "digital tokens designed to maintain a stable value" and points out that their structures are diverse, including fiat-backed, cash-collateralized, physically-backed, and algorithm-driven types. Each type faces unique security challenges and risk management requirements. He also elaborated on the issuance and circulation mechanisms of stablecoins, emphasizing that we are currently in a critical period where it is necessary to accurately identify and systematically respond to potential risks.

The main risks of stablecoins can be categorized into three types: reserve risk (such as asset fraud, non-compliant assets, insufficient liquidity), operational risk (such as abuse of authority, non-compliance with AML or KYC), and on-chain risk (including network defects, smart contract vulnerabilities, oracle price manipulation, etc.). To address these risks, he recommends building a multi-dimensional security response system that includes reserve proof, smart contract audits, governance mechanism audits, Blockchain reliability verification, and circulation monitoring.

The speaker also shared significant events related to stablecoins over the past decade. According to statistics, there have been a total of 24 publicly disclosed major incidents, including 7 attack events caused by contract or on-chain vulnerabilities, 3 depegging events due to design flaws or insufficient reserves, and 14 anchoring failure events caused by regulatory or liquidity issues. He called on the industry to keep pace with the development of the sector, ensuring that the regulatory and safety systems evolve in sync and do not lag behind the speed of market growth.

In the face of frequent stablecoin risk events, global regulatory agencies are also accelerating the development of relevant frameworks. Multiple regulatory bodies have issued compliance guidance documents for stablecoins, focusing on core issues such as user protection, legal declarations, and financial risk prevention. Security companies are also actively participating, maintaining close cooperation with several regulatory agencies, and sharing relevant insights in a timely manner to assist in the steady advancement of the industry compliance process.

The conference also discussed the latest developments in the field of custody security. A security company introduced its comprehensive security assessment and consulting services provided for client projects, covering various threats that may arise at all stages such as private key generation, storage, recovery, and usage, including penetration testing, source code review, and custody solution architecture assessment. These services have been submitted to relevant regulatory agencies and core clients as compliance materials.

The theme of this Blockchain conference focuses on investment practices, emphasizing the true value of projects and their market adaptability. The event invites global blockchain experts, DAO organizers, practical investors, researchers, and traders to provide high-quality insights from an investor's perspective. In addition to keynote speeches, the conference also features a project exhibition area, custody security demonstrations, and offline networking sessions, offering attendees valuable opportunities to understand and engage with quality Web3 projects.