- Blockfence collaborates with Forta Network to improve Web 3 user security.
- The partnership aims to detect malicious smart contracts and reduce losses for their users.
- In March alone, over 1000 risky contracts were discovered.
On Thursday, Blockfence, a blockchain security aggregation and abstraction infrastructure provider, announced its partnership with Forta Network, a real-time, decentralized network that provides detection services and security monitoring.
The partnership intends to improve Web 3 user security across the Ethereum blockchain by checking, analyzing, and identifying malicious smart contracts. To prevent losses from phishing, hacking, wallet-draining, and other scams, Forta Network will provide monitoring systems to identify these risky smart contracts on Blockfence.
According to Omri Lahav, Blockfence’s CEO, “We are excited to partner with Forta Network to offer our users even more advanced protection against threats to their digital assets, our advanced web extension, combined with Forta Network’s real-time threat detection, will allow users to feel confident interacting with Web3 assets.”
Forta is a Web 3 ecosystem that aims to reduce smart contract threats by detecting threats and anomalies on DeFi, NFT, governance, bridges, and other Web3 systems in real time. This enables developers, users, and other stakeholders to respond to risks and mitigate threats that could result in users losing their funds.
Blockfence offers a security aggregation platform that protects users from end to end, detecting fraud and malicious activity at all levels.
According to the teams’ joint statement, the collaboration will enable Forta Network to examine and map the Web 3 ecosystem thoroughly, including both on-chain and off-chain data. Blockfence, for its part, will secure this data with layers of security analysis, employing in-house techniques and strategic collaborations to ensure the security of users’ funds.
Speaking about the latest collaboration, Andy Beal, Forta Foundation’s Ecosystem Lead, believes the partnership with Blockfence will help the Forta Foundation’s goal of protecting Web 3 platforms from phishing, hacking, and other scams.
“We’re excited to bring Forta’s market-leading threat intel to Blockfence and protect more end users from phishing attacks and other scams,” Beal stated. “By lending mission-critical monitoring tools to Web3 security infrastructure projects like Blockfence, the space will become a safer place for all. “
The collaboration will incorporate Forta Network’s monitoring layer into the Blockfence Chrome extension, providing users with real-time threat alerts before completing a smart contract transaction. The free, open-source, and anonymous Blockfence browser extension allows users to use Forta Network’s threat detection capabilities without connecting their wallets.
Here’s how it works. If a user of the Blockfence Chrome extension attempts to interact (or approve a transaction) with a malicious smart contract, they will be warned of the potential threat (from low risk to high risk). This will allow users to detect potential threats and avoid hazards, protecting their wallets and funds from malicious actors.
Over 1000 Malicious Smart Contracts were Detected in March
According to Forta Network’s latest report, the Blockfence Chrome extension detected 1009 malicious smart contracts in the last month alone.
According to the report, more than 10% of these contracts (112 smart contracts) are classified as high and critical risk, while the remaining 67 are classified as medium to low risk of attack. Finally, 830 smart contracts were deemed low risk.
Furthermore, Blockfence used advanced machine learning algorithms and community-aggregated data to map Forta’s findings onto the Web 3 ecosystem to get a clear picture of these risks. According to the mapping, 58.5% of these malicious smart contracts share the same patterns as those flagged by Forta, indicating a strong correlation.
According to the Blockfence report, most scammers and hackers are simply “creating forks of malicious smart contracts to execute similar fraudulent schemes based on prevailing trends repeatedly.”
