From June 24 to 25, the IXO™ Blockchain Conference was held at the Textile Center in Seoul. As one of the most influential events in the Korean Web3 field, the IXO Conference attracted many entrepreneurs, institutions and investors to participate in discussions on cutting-edge trends such as DePIN, security tokens (STO), stablecoins, custody, DAO, etc.
At the main forum on June 25, Matt Wang, audit partner of security company CertiK, delivered a keynote speech titled "Elevate Security Journey On Emerging Tracks", focusing on the role and risk prevention of stablecoins and custody services in the financial landscape.
He pointed out: "Security is not only a means of defense, but also the core infrastructure that connects traditional finance and digital assets. In the face of emerging fields, we must plan ahead and proactively respond to potential risks."
Matt Wang defined stablecoins as “digital tokens designed to maintain stable value” in his speech, noting that “their structures are diverse, including fiat-pegged, cash-collateralized, backed by physical assets (such as gold, real estate, silver), and algorithm-driven. Each type has its own unique security challenges and risk management needs.”
He further introduced the issuance and circulation mechanism of stablecoins: "Reserve assets are usually stored in trustworthy financial institutions, such as banks, and issued through smart contracts, and then circulated to the market through exchanges and financial institutions." At a time when the stablecoin market is expanding rapidly, he emphasized: "We are at a critical juncture where we must accurately identify its potential risks and respond to them systematically."
He divided the main risks of stablecoins into three categories: reserve risks, such as asset counterfeiting, non-compliant assets, and insufficient liquidity; operational risks, such as abuse of authority, AML or KYC non-compliance; and on-chain risks, including network defects, smart contract vulnerabilities, and oracle price manipulation.
He pointed out that a three-dimensional security response system should be established, including proof of reserve, smart contract audit, governance mechanism audit, blockchain reliability verification and circulation monitoring.
Matt Wang also shared major events related to stablecoins in the past decade (2014-2024). According to him, there are 24 major incidents that have been made public, including: 7 attacks caused by contract or chain vulnerabilities, 3 de-anchoring events caused by design flaws or insufficient reserves, and 14 anchoring failures caused by regulatory or liquidity issues. He emphasized: "It is necessary to keep up with the pace of industry development and ensure that the regulatory and security systems evolve synchronously and do not lag behind the speed of market growth."
Faced with frequent stablecoin risk events, global regulators are also accelerating the formulation of regulatory frameworks. MSA, HKMA and others have issued stablecoin compliance guidance documents, focusing on core issues such as user protection, legal statements and financial risk prevention and control. CertiK is also actively involved, maintaining close cooperation with multiple regulators, and sharing relevant insights on the official website homepage as soon as possible to help the industry's compliance process steadily advance.
Matt Wang also introduced the case of CertiK's internal simulation research project "Chocolate Coin". He pointed out: "Chocolate Coin is a standard stablecoin designed based on the ERC-20 standard, covering complete components such as smart contracts, white papers, risk management policies and redemption mechanisms. It aims to provide a practical model for global regulators and practitioners to verify risk factors and policy feasibility."
In the field of managed security, CertiK also introduced a case study of its client project "Rigsec". Matt Wang said: "We provide comprehensive security assessment and consulting services covering various threats that may arise in various stages such as private key generation, storage, recovery and use, including penetration testing, source code review and managed solution architecture assessment, which constitutes a comprehensive service solution." He added: "The project has also been submitted to the Hong Kong Securities and Futures Commission (SFC) and several core customers as compliance materials."
It is reported that the theme of this IXO blockchain conference is investment practice, focusing on projects that are truly feasible, profitable and have an actual user base, emphasizing the real value and market adaptability of the projects. Global blockchain experts, DAO organizers, practical investors, researchers and traders were invited to provide high-quality insights from the perspective of investors. The event also includes interactive sessions such as project display areas, custody security demonstrations, and offline exchanges, aiming to provide community members and individual investors with a trusted platform to understand and access high-quality Web3 projects.
