Risk analysis in cryptocurrency thanks to SMACOS tool

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The problem of fraud in the market of digital assets is growing every year. For example, in the whole of 2023, cybercriminals stole about $1.8 billion worth of coins and tokens. But in the first half of 2024 alone, cryptocurrency users lost more than $1.58 billion. SMACOS will help you avoid becoming one of the victims. The tool allows you to check various blockchain solutions and cryptoassets for vulnerabilities and risks. After scanning, it prepares a report. On its basis, the user decides whether to use the chosen service.

Bot capabilities

The name of the project stands for Smart Contract Safe. The literal translation is “smart contract safe”. The developers created this tool to protect users from possible risks on the cryptoasset market.

Risk analysis in cryptocurrency thanks to SMACOS tool — After registration in the Telegram-bot SMACOS is available to assess the risk of the wallet

The basis of the product is AML-technologies. They are created to identify various threats and vulnerabilities. But the application also has built-in artificial intelligence (AI), which increases scanning efficiency through deep machine learning. As a result, the tool performs reliably.

Deep Reinforcement Learning (Deep RL) is used to train the neural network. This helps it to make optimal decisions based on previous experience when scanning smart contracts in the future.

To apply the bot, you need to go to Telegram and search for it – @smacosbot. In August 2024, it is the only such product working in the messenger. This solution simplifies the use of SMACOS. At the same time, the application is available both on PCs and mobile devices. Its functionality:

How to use SMACOS

First of all, you need to go to the Telegram bot. It is safer to do it from the official website of the project. The link to it is located at the bottom of the home page. However, you can also find the bot by user name. It is enough to enter @smacosbot in the Telegram search. Next, to apply the tool you need to:

ByBit

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Click on the “Launch” button.
Click on “Start scanning”.
Wait for the application to load.
Select what you want to scan – a cryptocurrency wallet or a smart contract.
Specify the address.
Click on “Scan”.

SMACOS gives the result in 2-3 seconds after payment. When verifying the wallet, the tool provides information about the risk of stored digital currencies. And after analyzing the smart contract, the user receives information about the threats and loopholes that developers have left for themselves.

The bot can be used for free. It provides a brief report on the results of the checks. But if you need more detailed information about the blockchain application, you will have to pay for the service with TON. The developers are introducing new payment methods.

Benefits of using the tool

SMACOS is the only Telegram bot with this functionality. Its advantages for users:

Support for more than 50 blockchains. Among them: Binance Smart Chain, Avalanche, Solana, zkSync, Ethereum, Arbitrum, Celo, Cronos, Mantle, Fantom and others.
Regularly updated fraudulent threat database. SMACOS users are quickly protected from new vulnerabilities and criminal schemes thanks to a self-learning artificial intelligence system.
Ease of use. To work with the application, all you need is a Telegram account and any messenger login device.
Integrated AI. Combining AML technologies and artificial intelligence to identify all threats and vulnerabilities. More information about the tool can be found in the developers’ Telegram channel. It publishes daily useful information on the topic of cryptoasset application security and more.

Stages of the KYT process in SMACOS

The KYT process in the SMACOS service is integrated with analytical monitoring systems and databases to effectively identify and prevent risks associated with transactions in cryptocurrency networks.

Data collection.

Transaction data. Obtain information on incoming and outgoing transactions from a wallet, including amounts, dates, timestamps, and counterparty addresses.
Historical activity. Analyze previous transactions and activity associated with the wallet to identify patterns and anomalies.

Address analysis.

Attribution. Identifying and matching wallet addresses to known nodes such as exchanges, financial institutions, known fraudsters, etc.

Transaction models. Using algorithms to identify suspicious transaction patterns, such as frequent or large transfers in short periods of time.

Risk assessment.

Risk Indicators. Assessing the level of risk based on various factors such as association with high-risk jurisdictions, transaction frequency, and transfer sizes.
Rating systems. Application of rating systems and machine learning algorithms to assess the likelihood of fraudulent activity.

Reporting and response.

Report generation. Generating reports detailing detected risks and suspicious activities.
Preventive Measures. Recommendations to block or monitor specific addresses and transactions.