By George Ward
The Web3 landscape rapidly evolves, with new technologies and applications emerging daily. This has been incredibly exciting due to the emergence of innovative solutions.
However, it also means an ever-increasing surface that malicious actors can exploit. Hence, organizations like Blockfence and Forta Network have teamed up to provide comprehensive security and threat detection solutions to protect Web3 participants.
Their collaboration offers users a comprehensive security solution and peace of mind knowing their data is safe.
Protecting Web3 Users
Blockfence, an aggregation provider of security solutions, has partnered with Forta Network, a decentralized network for detecting and preventing Web3 threats. This partnership will benefit Web3 users, enabling Blockfence to identify malicious Ethereum smart contracts with the help of Forta’s monitoring platform.
This will protect users from wallet drainers, phishing, and other malicious scams. Earlier this month, BlockFence and Forta Network began a joint venture to thoroughly evaluate the Web3 environment using on-chain and off-chain data to chart a way forward for the sector.
BlockFence has enhanced this data by integrating additional security analysis through proprietary methods and collaborations with Forta. Using the BlockFence Chrome extension, these combined efforts have identified 1009 malevolent smart contracts that users have interacted with, of which 83 were high or critical-risk alerts exclusively identified by Forta’s technology.
An examination of the link between Forta’s reports and the Web3 Mapping performed by Blockfence indicated that 58.5% of all labeled malicious smart contracts had a similarity in terms of structure to those identified by Forta. This implies that hackers often utilize forked versions of malicious contracts to carry out similar fraudulent activities using existing trends.
Blockfence Integrates Forta Network For On-The-Spot Defense
Customers receive on-the-spot defense by integrating Forta Network into Blockfence’s actual product. Whenever customers with the Blockfence browser extension try authorizing a transaction in their wallets, they are apprised of any potential risks.
Thus, they can make informed judgments, guaranteeing a more secure customer experience. Blockfence CEO, Omri Lahav, expressed enthusiasm regarding this collaboration, claiming it will offer users even more complex protection against digital asset threats.
Lahav stated that users should feel confident when engaging with Web3 assets. Furthermore, Andy Beal, Forta Foundation’s Ecosystem Lead, remarked:
“We are delighted to share Forta’s state-of-the-art threat intelligence with Blockfence to shield more individuals from phishing attacks and other scams. By providing mission-critical monitoring tools to Web3 security infrastructure projects, the space will become a more secure environment for all.”
The collaboration between Blockfence and Forta Network is a significant step forward in enhancing security for Web3 users. Combining their respective solutions gives users the peace of mind they need to feel safe using the Web3 landscape.