Blockaid and 1inch have partnered to enhance security protocols across multiple blockchain networks.
1inch will enhance its ecosystem with advanced security features, providing users with increased protection against fraud and cyber threats in the Web3 space.
Blockaid, a provider of Web3 security, has teamed up with DeFi project 1inch to introduce a privacy-focused module.
This module allows for the simulation of transactions without the need to share every transaction and signature request with external parties. By partnering with Blockaid,
1inch will enhance its ecosystem with advanced security features, providing users with increased protection against fraud and cyber threats in the Web3 space. Additionally, the collaboration introduces 1inch Shield, a comprehensive security solution that can quickly identify and label scam tokens pretending to be legitimate assets. This will help users avoid engaging with fraudulent tokens.
Ultimately, the Shield API will be integrated into 1inch products as a unified solution.
Moreover, it has the capability to be seamlessly incorporated into a range of Web3 applications, encompassing decentralized applications (dapps), digital wallets, and cryptocurrency exchanges.
The companies have declared that by integrating these functionalities into the 1inch ecosystem, a multitude of users will promptly be alerted about potential security hazards linked to their decentralized finance (DeFi) transactions.
The inclusion of Blockaid will be accessible to all 1inch users.
Additionally, it will provide support for popular blockchain networks like Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, Avalanche, and others.
Preemptive Action
The announcement stressed the immediate need for stronger security measures in Web3 ecosystems.
In April 2024, hackers managed to steal more than $53 million from Web3 in 21 separate incidents, as reported by Immunefi, a bug bounty platform specializing in crypto.
Blockaid and 1inch noted that attacks on crypto wallets are growing more advanced.
The announcement emphasized the urgent requirement for enhanced security measures in the Web3 ecosystems.
In April 2024, hackers managed to steal a total of $53 million from Web3 through 21 different incidents, as discovered by Immunefi, a bug bounty platform focused on cryptocurrencies.
Both Blockaid and 1inch acknowledged that the attacks on crypto wallets are becoming increasingly advanced.
A collection of tools provided by the company protects integrated wallets and dapps such as MetaMask, OpenSea, Zerion, and Rainbow from fraud, phishing, and hacks.
The company has secured $33 million in funding from prominent venture capital firms specializing in cybersecurity, fintech, and Web3, including Ribbit, Variant, Cyberstarts, Sequoia, and Greylock.
Sara Ras
