Seoul Hosts IXO Blockchain Conference, Focusing on Web3 Frontier Trends

Recently, the IXO Blockchain Conference was held at the Textile Center in Seoul, South Korea. This two-day event is one of the most influential activities in the Web3 field in Korea. The conference attracted numerous entrepreneurs, institutions, and investors to participate, engaging in in-depth discussions on popular topics such as DePIN, security tokens, stablecoins, custody, and DAOs.

On the second day of the conference, Matt Wang, an audit partner from a security company, delivered a speech titled "Elevate Security Journey On Emerging Tracks" at the main forum, focusing on the role of stablecoins and custody services in the financial ecosystem and risk control strategies.

Wang emphasized: "Security is not only a means of defense but also a key infrastructure connecting traditional finance and digital assets. In the face of emerging fields, we must prepare in advance and actively respond to potential risks."

He defines stablecoins as "digital tokens designed to maintain value stability" and points out their structural diversity: "including fiat-collateralized, cash-backed, physical asset-supported (such as gold, real estate, silver), and algorithmic types, among others. Each type faces unique security challenges and risk management needs."

Regarding the issuance and circulation mechanism of stablecoins, Wang explained: "Reserve assets are usually held in trusted financial institutions, such as banks, and issued through smart contracts, and then circulated to the market via exchanges and financial institutions." He emphasized that in the rapidly developing stablecoin market, accurately identifying and systematically addressing potential risks is crucial.

Wang categorizes the main risks of stablecoins into three types: reserve risk (such as asset fraud, non-compliant assets, insufficient liquidity), operational risk (such as abuse of authority, non-compliance with AML or KYC), and on-chain risk (including network defects, smart contract vulnerabilities, oracle price manipulation, etc.).

He suggested building a multi-dimensional security response system that covers reserve proof, smart contract auditing, governance mechanism auditing, Blockchain reliability verification, and circulation monitoring.

Wang also reviewed the significant events related to stablecoins over the past decade (2014-2024). According to statistics, there have been a total of 24 publicly reported major incidents, of which 7 were due to attacks stemming from contract or on-chain vulnerabilities, 3 were decoupling events caused by design flaws or insufficient reserves, and 14 were pegging failure incidents triggered by regulatory or liquidity issues. He called out: "We must keep pace with the industry's development to ensure that the evolution of regulatory and security systems does not lag behind the growth of the market."

In response to the frequent risks associated with stablecoins, global regulatory agencies are accelerating the development of relevant frameworks. Multiple organizations have released compliance guidelines for stablecoins, focusing on core issues such as user protection, legal statements, and financial risk prevention. The security company where Wang works is also actively participating, maintaining close cooperation with various regulatory agencies and timely sharing relevant insights to support the steady progress of the industry's compliance process.

Wang also introduced the internal simulation research project "Chocolate Coin" of his company. He stated: "Chocolate Coin is a standard stablecoin designed based on the ERC-20 standard, including complete components such as smart contracts, white papers, risk management policies, and redemption mechanisms, aiming to provide a practical model for global regulators and practitioners to verify risk factors and policy feasibility."

In the field of custody security, Wang shared a case study of their client project "Rigsec". He introduced: "We provide comprehensive security assessment and consulting services, covering various threats that may arise at all stages of private key generation, storage, recovery, and usage, including penetration testing, source code review, and custody solution architecture assessment, forming a comprehensive service package." He added that this project has also been submitted as compliance materials to relevant regulatory agencies and used by multiple core clients.

The IXO Blockchain Conference focuses on investment practices, emphasizing projects with feasibility, profitability, and actual user bases, highlighting the real value and market adaptability of projects. The conference invites global blockchain experts, DAO organizers, practical investors, researchers, and traders to provide high-quality insights from the investor's perspective. The event also includes interactive sessions such as project exhibition areas, custody security demonstrations, and offline networking, providing a platform for community members and individual investors to learn about and engage with quality Web3 projects.