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News

1inch partners with Blockaid

Monday 24 June 2024 11:30 CET | News

Decentralised finance (DeFi) platform 1inch has announced a collaboration with Web3 security provider Blockaid to upgrade security measures within its ecosystem.

 

1inch Network announced its goal to identify and prevent fraudulent activities such as phishing scams and hacks. In an announcement, the DeFi platform highlighted that Blockaid’s security features, which simulate transactions before execution, will play an imporatnat role in enhancing DeFi security.

The announcement underscored the urgent need for improved security in the DeFi sector. Citing the millions in crypto assets lost to malicious attacks in April 2024, the two companies asserted that Blockaid’s security measures could help counter the increasing wave of fraud and cyber threats. 

Decentralised finance (DeFi) platform 1inch has announced a collaboration with Web3 security provider Blockaid to upgrade security measures within its ecosystem.

Adding real-time security alerts 

1inch has introduced the 1inch Shield, a security solution developed in collaboration with Blockaid. This system detects and marks scam tokens, helping users avoid fraudulent transactions. Integrating these features into the 1inch and broader DeFi ecosystem would provide real-time warnings about potential security risks. It supports major blockchain networks, including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche. 

Officials from Blockaid emphasised the significance of this collaboration, stating that the partnership with 1inch is a pivotal step in securing the Web3 ecosystem.  

As per the announcement, the Shield application programming interface (API), which will be gradually integrated into 1inch products, is designed to be adaptable for any Web3 application, including decentralised applications (DApps), wallets, and exchanges. 

The partnership also aims to help the broader DeFi ecosystem. Kunz clarified that it had launched its own product and provided access to it through an API. 

Source: Link


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Keywords: cryptocurrency, online security, cybersecurity, fraud detection, DeFi
Categories: Fraud & Financial Crime
Companies: Blockaid
Countries: World
This article is part of category

Fraud & Financial Crime

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Blockaid

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