Avalanche Partners with Blockaid to Enhance Wallet Security Amid DeFi Cyber Threats
Summary:
Blockaid and Avalanche have partnered to integrate Blockaid's security features into Avalanche's Core wallet to better combat phishing scams and hacks in the DeFi sector. Blockaid claims its system has prevented 1.3 million attacks and currently protects MetaMask, OpenSea, Zerion, Rainbow, and Coinbase products. Critics say the security screening creates too many false alarms, but Blockaid views this as a purposeful feature, not a flaw. Cybersecurity experts warn of evolving threats that might outsmart transaction simulators.
Blockaid and Avalanche have joined forces to infuse Avalanche's native wallet, Core, with Blockaid's security capabilities. The goal of this security improvement is to mitigate the growing danger of complex phishing attacks and breaches in the decentralised finance (DeFi) sector. This is achieved by screening transactions in advance against Blockaid's database of known malicious activities, then warning the user prior to any confirmation or transaction execution, a feature known as transaction simulation. Blockaid asserts that its security measures have successfully deflected about 1.3 million attacks and currently protect the products of MetaMask, OpenSea, Zerion, Rainbow, and Coinbase.
Head of Consumer Products at Ava Labs, Akash Gupta, following the announcement of the partnership, stated that joining forces with Blockaid is a huge leap in offering users a secure and controlled experience without sacrificing speed or usability. He said that enhancing the Core suite with advanced security measures gives users the assurance to access Avalanche and related ecosystems securely.
In the meantime, blocking screening features have been criticised by some who believe that it creates too many false alarms. Blockaid admitted that this is a characteristic of their system, not a flaw. Representatives of the security company argue that it is better to have several false alarms rather than loosen the screening procedures, leading to cyber criminals exploiting more vulnerabilities for their illicit activities.
However, there are concerns about evolving cyber threats that might outsmart transaction simulators in the ongoing battle of cyberattacks. Bernhard Mueller, a cybersecurity specialist, warned that hazardous software such as the notorious Angel Drainer might bypass security barriers of transaction simulators like Blockaid, WalletGuard, and Pocket Universe, by creating dynamic, "unlabelled" contract addresses and possibly stealing funds from these addresses, though such attempts are not always successful. Interestingly, Mueller confessed that during his test with unlabelled methods, Blockaid still flagged and alerted the transition as suspicious.
Published At
6/6/2024 4:00:00 PM
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