Key Points
Blockchain security auditor, Hacken, is introducing a new tool.
This tool is designed to automate security and compliance for web3 businesses.
The move comes as web3 businesses face the impending implementation of MiCA and DORA regulations.
The Ukrainian-rooted international blockchain auditor’s new solution aids web3 businesses in automated compliance.
This is particularly with standards like Europe’s MiCA and DORA.
In a press release, Hacken co-founder and CEO Dyma Budorin spoke about the new tool.
The tool, named the “Extractor”, was developed to address a “critical need for proactive monitoring and compliance in the crypto space.”
About the Extractor
According to the firm, which is headquartered in Tallinn, Extractor brings a compliance monitoring framework for web3 projects.
This makes it easier to meet regulatory standards like MiCA, DORA, and ADGM.
Unlike other existing solutions, Hacken’s Extractor offers a unique approach.
It combines AML/CFT monitoring, transaction tracking, total value locked analysis, and circulating supply detection.
This is all integrated into a structured compliance approach.
The tool also has real-time threat detection, automated safeguards, and post-incident reporting.
These features ensure continuous protection and operational resilience.
Valentyna Kondratenko, Hacken’s legal counsel, highlighted some key dates.
Starting from Jan. 17, 2025, DORA’s requirements will be enforceable.
Non-compliance can result in severe penalties.
These can include fines of up to 2% of the total annual worldwide turnover or 1% of the average daily global turnover.
The solution is compatible with multiple blockchain networks.
This includes Ethereum and BNB Chain (formerly Binance Smart Chain).
This broadens its potential use.
MiCA regulations have posed challenges for crypto companies looking to expand in the European market.
Coinbase, a crypto exchange, had to stop USDC rewards for EU clients due to MiCA.
Later, it even delisted Tether (USDT) from its European platform.
