Newsletter - January 2026

In January 2026, the DeFi ecosystem experienced three major security incidents. Truebit Protocol lost ~$26M due to an integer overflow vulnerability, SwapNet and Aperture suffered ~$17M from improper input validation and allowance abuse, and Saga incurred ~$7M following a shared base-layer code vulnerability.

$1.26 Billion Frozen: USDT Blacklisting on Ethereum and Tron in 2025

Tether blacklisted over 4,100 unique addresses and froze nearly $1.3 billion in USDT on Ethereum and Tron during 2025. Here's what the on-chain data tells us, and what you can do to protect yourself.

$17M Closed-Source Smart Contract Exploit: Arbitrary-Call Vulnerability in SwapNet and Aperture Finance

An in-depth analysis of the $17M closed-source smart contract exploit affecting SwapNet and Aperture Finance, caused by an arbitrary-call vulnerability. We reconstruct attack paths from decompiled bytecode and on-chain traces.

AI × Trading × Security: The Evolution of Risk in the Age of Intelligent Trading

Explore the evolution of Web3 security in the AI era with the BlockSec x Bitget report. Discover how Intelligent Trading reshapes risk structures and learn about the new "machine-planned, machine-executed" security paradigm for automated Web3 trading.

Deep Dive into HIP-3: A Builder-Centric Perspective

Hyperliquid Improvement Proposal 3 (HIP-3) introduces a fundamental change in how perpetual markets are created and scaled on Hyperliquid. By opening the market listing process to third-party builders, HIP-3 shifts listing from a discretionary, platform-controlled action to a protocol-level, ruled-based interface. This report analyzes HIP-3 from a builder-centric perspective, focusing on how markets are defined and operated, the risks builders face, and how those risks, particularly oracle-related risks, can be mitigated.

In-Depth Analysis: The Truebit Incident

On January 8, 2026, the Truebit Protocol on Ethereum was exploited,, causing over $26 million in losses. This blog offers an in-depth technical analysis of the incident.

Newsletter - December 2025

In December 2025, the DeFi sector encountered three significant security incidents, resulting in total losses of approximately $19.7 million. Yearn Finance faced nearly $10 million in losses due to vulnerabilities in its yETH pool and legacy contracts. Trust Wallet suffered a malicious backdoor attack on its Chrome extension, leading to losses of about $7 million. Ribbon Finance experienced a loss of $2.7 million due to improper access controls.

Analyze 10,000 TPS: Phalcon Explorer Now Supports Monad

Phalcon Explorer brings comprehensive transaction analysis to Monad, the fastest EVM-compatible blockchain. You can now debug parallel execution flows, trace complex DeFi interactions, and monitor high-frequency transactions on this revolutionary 10,000 TPS network. Get complete visibility into smart contract calls, balance changes, and fund movements from Monad's launch day.

Track Stablecoin Payments on Plasma with Phalcon Explorer

Phalcon Explorer now supports Plasma, the purpose-built L1 for stablecoins. You can analyze payment flows, debug smart contracts, and trace fund movements on the world's first stablecoin-native blockchain. Access comprehensive transaction analysis, real-time monitoring, and advanced debugging tools on Plasma today.

Web3 Smart Contract & EVM Chain Audits | BlockSec

BlockSec secures Web3 with attacker-driven audits, chain reviews, and zero-day detection - battle-tested, blocking 20+ hacks and $20M+ losses.

Agent-Native Crypto Compliance: Build KYA/KYT with X402

Discover how BlockSec enables AI agents to run KYA/KYT checks with X402—a stateless, pay-per-call crypto compliance protocol.

DeFi and Stablecoin Security: A discussion with Dr. Andy Zhou, CEO of BlockSec

Hear BlockSec CEO Dr. Andy Zhou on Chaintech discuss leadership, Web3, finance, and the future of fintech.