Blockchain Security Auditor Hacken Deploys New Tool to Automate Security and Compliance for Web3 Businesses as MiCA and DORA Rules Approach.
Hacken, a Ukrainian-born international blockchain auditor, is rolling out a new solution that allows Web3 companies to automatically comply with standards such as MiCA and DORA in Europe.
In a press release shared with crypto.news, Dyma Budorin, co-founder and CEO of Hacken, said the company developed what is called “Extractor” to address the “critical need for proactive monitoring and compliance in the “crypto space”. According to the Tallinn-based company, Extractor brings a compliance monitoring framework to Web3 projects, making it easier to meet regulatory standards such as MiCA, DORA and ADGM.
Unlike other solutions available in the market, Hacken’s solution would combine AML/CFT monitoring, transaction tracking, total locked value analysis and circulating supply detection into a structured compliance approach . It also incorporates real-time threat detection, automated protections and post-incident reporting to ensure continued protection and operational resilience, the press release said.
Valentyna Kondratenko, Hacken’s legal advisor, noted that starting January 17, 2025, DORA’s requirements “will become enforceable,” further adding that non-compliance “may result in severe sanctions, such as fines of up to ‘to 2% of total global annual turnover. or 1% of average daily global turnover.
It is understood that the solution is compatible with several blockchain networks, including Ethereum and BNB Chain (formerly Binance Smart Chain), expanding its potential use.
The MiCA regulation has created challenges for crypto companies wanting to expand into the European market. For example, cryptocurrency exchange Coinbase had to discontinue USDC rewards for EU customers due to MiCA, and later even removed Tether (USDT) from its European platform.
