San Francisco, California, March 31, 2023 / AlexaBlockchain/ – Blockfence, a security aggregation provider, has partnered with Forta Network, a decentralized monitoring network that specializes in identifying and preventing Web3 threats. The objective of this collaboration is to enhance the security of Web3 users by using Forta’s monitoring platform to detect suspicious Ethereum smart contracts. By doing so, Blockfence users will enjoy increased protection from scams such as wallet drainers and phishing attacks, which may result in financial losses.
The partnership involves a thorough examination and mapping of the Web3 ecosystem, including both on-chain and off-chain data. Blockfence enhances this data with layers of security analysis, applying in-house techniques and strategic collaborations such as the integration with Forta Network.
Since the start of March 2023, the Forta integration has identified 1009 malicious smart contracts using the BlockFence Chrome extension that users have interacted with. Out of these contracts, 83 high and critical alerts were exclusively detected by Forta as follows:
Low risk: 832
Medium risk: 67
High risk: 105
Critical risk: 7
An analysis of the correlation between Forta’s findings and the Web3 Mapping conducted by Blockfence revealed that 58.5% of all smart contracts deemed malicious share similar patterns with those flagged by Forta. This suggests that scammers frequently create forks of malicious contracts to repeatedly execute similar fraudulent schemes based on prevailing trends.
By incorporating Forta Network’s monitoring layer into Blockfence’s core product, users gain access to real-time threat protection. The Blockfence browser extension, which is free, open-source, and anonymous, allows users to utilize Forta Network’s threat detection capabilities without connecting their wallets.
When users with the Blockfence browser extension attempt to approve a transaction in their wallets, they are alerted to potential threats, enabling them to make informed decisions and ensuring a more secure user experience.
“We are excited to partner with Forta Network to offer our users even more advanced protection against threats to their digital assets,” said Omri Lahav, CEO of Blockfence. “Our advanced web extension combined with Forta Network’s real-time threat detection will enable users to feel confident interacting with Web3 assets.”
Andy Beal, Forta Foundation’s Ecosystem Lead, said: “We’re excited to bring Forta’s market leading threat intel to Blockfence and protect more end users from phishing attacks and other scams. By lending mission critical monitoring tools to Web3 security infrastructure projects like Blockfence, the space will become a safer place for all.“
About Forta Network
The Forta Network is a real-time, decentralized network providing detection services and security monitoring across seven blockchains. Forta detects threats and anomalies on DeFi, NFT, governance, bridges, and other Web3 systems in real time, enabling protocols and investors to react quickly and proactively neutralize threats to prevent or minimize the loss of funds. Launched in 2021 and backed by a16z, Forta protects the critical infrastructure of Web3 through a decentralized and community-run network, which serves as an early warning system to projects and protocols across the ecosystem.
For more information visit https://forta.org/
Blockfence is a security aggregation and abstraction infrastructure. Blockfence provides end-to-end users protection with fraud detection on all levels, from the blockchain to the user interface, using advanced machine learning algorithms and community aggregated data.
For more information visit https://blockfence.io/
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