1inch Teams Up with Blockaid to Ramp Up DeFi Platform Security Amid Fraud Concerns
Summary:
Decentralized finance platform, 1inch, partners with Web3 security company, Blockaid, to enhance security measures and combat fraudulent activities. The companies introduced 1inch Shield, a system that detects scam tokens and provides real-time security alerts, supporting a wide range of blockchain networks. The collaboration is aimed at not only securing 1inch's platform but also making the broader DeFi ecosystem safer. The move comes in response to the rising tide of cyber threats and frauds.
The decentralized finance (DeFi) platform, 1inch, has unveiled plans to bolster its security features via a partnership with Web3 security provider, Blockaid. Highlighting intent to thwart activations such as hacking and phishing scams, 1inch Network announced the collaborative effort on June 20. The DeFi platform underscored the key role Blockaid's pre-transaction simulation security features will play in boosting DeFi security. The urgency for this strengthening of security in the DeFi realm was underscored by the massive losses accrued in 2024 due to nefarious cyber actions. Both companies stressed that Blockaid's security provisions can mitigate the escalation of fraudulent and cyber criminal activities.
1inch launched the 1inch Shield, a joint security solution with Blockaid, which tags fraudulent tokens in order to help users avoid scams. Incorporating this functionality into the 1inch and wider DeFi ecosystem would provide users with immediate warnings about potential security threats. The system supports prominent blockchain networks, such as Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche.
The significance of this partnership was echoed by Blockaid co-founder, Ido Ben-Natan, who hailed it as a crucial step in the quest for a safer Web3 ecosystem. He stated: “By assimilating our solid security provisions into the 1inch platform, we enhance the security of digital assets and boost trust and assurance among users in the DeFi sector. This mutual endeavor paves the path for a more secure and user-friendly DeFi platform for all.”
The 1inch Shield, an application programming interface (API) which will be integrated progressively into 1inch offerings, is designed to be versatile and adaptable for any Web3 application such as decentralized apps (DApps), wallets and exchanges.
Blockaid CEO Ido Ben-Natan informed Cointelegraph that this collaboration also seeks to benefit the wider DeFi ecosystem. Kunz stated that their own product has been launched with accessibility offered through an API. “If someone is establishing a Web3 initiative, our solution can be assimilated into their project without the need for prolonged integration with all security suppliers, or even having to create their own security provisions from scratch,” he said.
Ben-Natan firmly believes that combining the strengths of leading providers will create a new benchmark for Web3 security, stating that this partnership utilizes Blockaid's competencies and combines them with added AML compliance screening and labeling capabilities from other leading providers. The Blockaid CEO assures that this strategy ensures protection for Web3 users from a multitude of threats, such as scams, malicious attacks and compliance risks.
Published At
6/20/2024 5:00:00 PM
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