Blockfence customers can now leverage Forta Network to detect potential malicious contracts and hacking activity
As activity in the crypto markets increases again after a prolonged bearish recession, scams of all types are on fire. As such, the Web3 segment is in dire need of reliable and scalable multi-layered security solutions.
Blockfence has entered into a strategic cooperation with Forta Network
According to the official announcement shared by Fenceit entered into a long-term strategic collaboration with Forta Network, a decentralized monitoring service backed by Andreessen Horowitz. Forta Network will advance the Blockfence infrastructure with its detection modules.
With a toolkit from Forta Network, the Blockfence plugin (web extension) will better detect all types of potentially malicious activities in the blockchain, such as wallet drainers, phishing and other scam campaigns . The cooperation between the two teams focuses on on-chain and off-chain data monitoring on decentralized applications (dApps).
Omri Lahav, CEO of Blockfence, emphasized the importance of collaboration for both teams and Web3 cybersecurity as a whole on the eve of a new bull rally:
We are excited to partner with Forta Network to provide our users with 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 confidently interact with Web3 resources.
Since the early days of collaboration, Blockfence’s plugin will allow its users to rely on Forta Network’s detection tools even without their non-custodial wallets connected.
More than 1,000 malicious contracts have already been detected by Forta Network
Andy Beal, Head of Ecosystem at Forta Foundation, is confident that working with Blockfence will result in a more secure Web3 experience for the next generation of DeFi users:
We are excited to bring Forta’s market-leading threat insights to Blockfence and protect more end users from phishing attacks and other scams. By lending mission-critical surveillance tools to Web3 security infrastructure projects like Blockfence, space will become a safer place for everyone.
In March 2023, the teams started monitoring the crypto segment together. In all, they exposed 1,009 malicious smart contracts. Of this monstrous amount, 112 (more than 10%) fell into the “high risk” and “critical risk” categories.
A total of 58.5% of all smart contracts deemed malicious by Blockfence were also deemed suspicious by Forta Network. This fact highlights that both teams have a similar methodology and are able to achieve operational synergy.