By
Mayowa Adebajo
April 10th, 2024
Starting with July 1st, 2020, the Uppsala Security’s Global Crypto Incident Response Center will investigate incidents reported by Samsung Blockchain Wallet users.
Through a medium post, Uppsala Security team announced that it had signed a ‘Business Service Partnership’ contract with Samsung Electronics and also agreed to provide customer support services for the Samsung Blockchain Wallet starting with July 1st, 2020.
Uppsala Security is based in Singapore, however, it has branch offices in Seoul, South Korea and Tokyo, Japan.
With the cryptocurrencies taking firm grounds due to institutional support, retail investors continue feeling comfortable investing in them. However, black hat hackers and other forms of scams are increasing by the day.
Especially supported by the free access of hacking tools through the Darknet market, crypto wallets remain at high risk of being attacked on a daily basis. Keeping up with the ever-changing crypto environment is proving a challenging task, hence the need for third-party assistance.
Uppsala Security and Samsung Blockchain Wallet Partnership
Uppsala Security has specialized with this kind of work, whereby it has processed more than 100 crypto scamming/hacking cases from both end-users and companies through its ’Digital Asset Tracking Services’.
It is a stunning notion that if scaled up could be of assistance to many investors who are ready to invest their capital in the digital assets but are afraid of falling victim.
The medium post explained how the partnership will assist the customers in the long run. “When a Samsung Blockchain Wallet user reports an incident that led to the loss of cryptocurrencies due to a scam/ hack while using the wallet service, the Uppsala Security’s Global Crypto Incident Response Center (CIRC) will cooperate at the customer service level to investigate/ analyze the incident free of charge,” Uppsala said in a statement.
“The team will assist the victim with a tracking report and (if necessary) judicial documentation that can be referenced as legal evidence to law enforcement agencies,” it added.
Securing crypto assets need top-notch level of security as the transaction cannot be canceled once initiated and processed.
As of June 2020, Uppsala Security reported more than 50 million accumulated crypto assets security indicators in its Threat Intelligence Database.
This is a huge amount of assets that could eventually be of great assistance to customers, who after getting scammed do not know the next move to help them recover their stolen coins.
The Threat Intelligence Database has assisted the company to be in a position to process more than 100 crypto scaling cases from both retail customers and also from institutional customers.
The partnership is very strategic and might put Samsung blockchain wallet on a vantage point to win against its competitors.