- February 2, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
A new suite of tools for Web3 businesses targets the safety and security of transactions, websites and smart contacts to combat exploits.
A big concern for users in decentralized finance (DeFi) is its susceptibility to exploits. A report from Privacy Affairs revealed hackers stole $4.3 billion worth of cryptocurrency from January to November 2022 — a 37% increase from the previous year.
Such exploits harm the integrity of companies and fuel skeptics from outside of the space in their case against cryptocurrencies. However, in a Feb. 2 announcement from Web3 Builders, the company revealed a suite of tools to combat this issue.
The initial browser extension TrustCheck was created to flag Web3-related scams before users continue to interact with them. This new suite of tools builds on that via a Web3 Builders transaction checker, website checker and smart contract checker.
Ricky Pellegrini, the CEO of Web3 Builders, said this is an integral moment for the industry to prove its trustworthiness.
“It’s an unfortunate truth that scams and fraud are still common in the Web3 space.”
According to the announcement, the tools scan nearly 30 million suspicious domains daily and check for vulnerabilities on around 55 million Ethereum smart contracts.
Related: DeFi-type projects received the highest number of attacks in 2022: Report
He continued to say that, even in the last month, the suite of tools discovered dozens of scams listed on popular platforms, marketplaces and exchanges.
In the last week, there has been a slew of new attacks that have been exploiting millions from the space. This includes one on Feb. 1, in which the BonqDAO protocol lost $120 million after an oracle hack.
Last week, hackers compromised Azuki’s Twitter account and stole $758K in just 30 minutes. The financial services platform Robinhood also had its Twitter hacked on Jan. 25, during which hackers tried to promote a scam token.
Nicholas Horelik, the technical co-founder and chief blockchain officer at Web3 Builders said, understanding what’s happening with your transaction is critical in keeping assets safe.
“End users deserve to have this functionality on whatever platform they choose and businesses should be implementing solutions like these to ensure their customers’ safety in Web3.”
On Jan. 24, the Wormhole hacker moved $155 million of the total $321 million stolen, which was the biggest shift of stolen funds seen in months.
