Blockaid, a leading vendor of Web3 security solutions, has teamed up with 1inch, a distributed finance (DeFi) platform, to strengthen Web3 security. The cooperation seeks to increase user protection against Web3 space cyber risks and fraud.
Blockaid and 1-inch have developed a new privacy-preserving module to improve transaction security without violating user privacy. This creative module will be included in the 1-inch ecosystem to guarantee real-time identification of scam tokens passing for genuine assets. Instant alarms will be sent to users to avoid possible fraudulent transactions.
As a complete security solution, the Shield API will gradually be included in 1-inch devices, including wallets, distributed apps (dapps), and exchanges across major chains, including Ethereum, BNB Chain, Polygon, and more.
Blockaid And 1inch Innovate Web3 Security
“There is a critical need for advanced security measures in the Web3 ecosystem,” said a joint Press Release from Blockaid and 1inch. Recent information from the crypto bug bounty site Immunefi shows that hacking events in April 2024 alone caused damages in Web3 over $53 million. Understanding the growing complexity of assaults on crypto wallets, the cooperation underlined the need for preventative security policies.
According to Blockaid’s CEO and co-founder, Ido Ben-Natan, the integration with 1-inch represents a major advancement in protecting digital assets. He underlined how Blockaid’s creative technologies guarantee proactive identification and prevention of phishing schemes and hacks, thereby addressing fraudulent behavior.
Co-founder of 1inch Sergej Kunz said he was confident the cooperation would create a new security standard for the crypto scene, hence building confidence among DeFi users. Since its founding in 2019, 1inch has dedicated itself to providing developers and users with safe and effective solutions, including 1inch Swap, 1inch Wallet, and the Developer Portal.
Established in 2022, Blockaid has attracted significant backing from well-known venture capital companies focused on cybersecurity, fintech, and Web2 areas, securing $33 million in funding from Ribbit, Variant, Sequoia, and Greylock.
Blockaid and 1inch’s cooperation marks a proactive approach to improving security mechanisms inside the growing Web3 ecosystem, enabling more general adoption and resistance to changing cyber threats.
