Blockaid's Security Efforts Force Crypto Drainer Service to Cease Operations
Summary:
Blockaid, a Web3 security platform, has reportedly forced a crypto draining service to cease operations due to its efficient security measures. Despite facing criticism over "false positives", the platform maintains that a zero false positive scenario will inadvertently allow harmful applications to deplete user funds. Blockaid is aiming to minimize false positives and plans to launch a web portal for users and developers to report these instances. In 2023, Web3 users lost over $300 million to crypto drainers, but Blockaid's software has now been integrated into several wallets and apps, aiming to counteract such losses.
Blockaid, the Web3 security platform, has successfully impeded the operations of a cryptocurrency draining service, forcing it to discontinue its activities, as stated in a service provider's post dated April 25. In defense against criticisms about its frequent "false positives", Blockaid maintained that a perfectly zero false claim scenario will invariably let some harmful applications deplete user funds. Blockaid, a provider of security software, works diligently to identify and thwart dangerous smart contracts on Ethereum Virtual Machine (EVM) networks, which includes Ethereum, BNB Chain, Polygon, Arbitrum, among others. The platform is incorporated into numerous wallets and applications such as MetaMask, Coinbase wallet, Open Sea, Zerion, etc. These wallets and applications alert users about potentially hazardous transactions involving contracts identified as harmful by Blockaid.
Blockaid made public an image of a declaration by a crypto draining service, previously involved in cryptocurrency theft. The declaration stated their inability to continue due to the successful countermeasures by Blockaid and the declining success rate. The drained team advised potential scammers to avoid Blockaid-patronized networks and suggested alternative networks for fraudulent activities. Presently, Blockaid's software doesn't extend to the Solana and Bitcoin networks.
The discussion was a part of a broader debate concerning "false positives", instances where security services mistakenly flag harmless applications as potentially harmful. Blockaid accepted responsibility for occasionally flagging harmless applications and ensuring only 0.0002% of transaction attempts are mistakenly flagged. It insisted that a target of zero false-positive rate is impractical as it entails permitting some malicious apps through the security checks.
Despite this, Blockaid is keen to minimize false positives and revealed plans to introduce a web portal for users and developers to report false positives, quickening the resolution process.
The year 2023 witnessed Web3 users lose in excess of $300 million as a result of crypto drainers, as reported by Web3 security platform Scam Sniffer. Blockaid announced in October that integration with the MetaMask wallet—used by over 30 million users—was successful. Also, on March 13, Coinbase Wallet confirmed the incorporation of the Blockaid service, which took place five months prior to the announcement.
Published At
4/25/2024 9:30:00 PM
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