A new suite of tools for Web3 Business targets transaction, website, and smart contact security to combat exploits.
A major concern for decentralized finance (DeFi) users is vulnerability to exploits. According to his Privacy Affairs report, the hacker revealed that he stole $4.3 billion worth of cryptocurrency from January 2022 to November. This is a 37% increase over the previous year.
Such exploits undermine corporate integrity and fuel skeptics from outside the industry in lawsuits against cryptocurrencies. However, in his Feb. 2 announcement by Web3 Builders, the company revealed a set of tools to address this problem. The first browser extension, TrustCheck, was created to flag Web3-related scams before users proceed. This new suite of tools is built over Web3 Builders Transaction Validator, Website Validator, and Smart Contract Validator.
Web3 Builders CEO Ricky Pellegrini said this is a pivotal moment for the industry to prove its credibility.
“It’s an unfortunate truth that scams and fraud are still common in the Web3 space.”
According to the announcement, the tool scans about 30 million suspicious domains every day and checks about 55 million Ethereum smart contract vulnerabilities.
He further said the tool suite itself has uncovered dozens of scams listed on popular platforms, marketplaces, and exchanges over the past month.
There have been several new attacks that have taken millions out of space in the last week, including his Feb. 1, when his BonqDAO protocol cost him $120 million after hacking Oracle. It is included.
Last week, hackers compromised Azuki’s Twitter account and in just 30 minutes he stole $758,000. Financial services platform Robinhood was also hacked on Twitter on January 25, during which hackers attempted to promote a fraudulent token.
Nicholas Horelik, a technology co-founder and chief blockchain officer at Web3 Builders, says understanding what is happening in a transaction is critical to the security of assets.
“End users deserve to have this functionality on whatever platform they choose and businesses should be implementing solutions like these to ensure their customers’ safety in Web3.”
The Wormhole hacker sent $155 million of the $321 million in total stolen on January 24; this was the largest transfer of stolen money in months.