DeFi
1inch partners with Blockaid to combat DeFi fraud and cyber threats — TradingView News
Decentralized finance (DeFi) platform 1inch has announced a collaboration with Web3 security provider Blockaid to improve security measures within its ecosystem.
On June 20, 1inch Network revealed its goal to identify and prevent fraudulent activities such as scams and phishing hacks. In an announcement, the DeFi platform highlighted that Blockaid’s security features, which simulate transactions before execution, will play a critical role in improving DeFi security.
The announcement highlighted the urgent need for security improvements in the DeFi space. Citing the millions of crypto assets lost to malicious attacks in April 2024, the two companies argued that Blockaid’s security measures could help combat the growing wave of fraud and cyber threats.
Integration of real-time security alerts
1inch presented the 1inch Shield, a security solution developed in collaboration with Blockaid. This system detects and marks fraudulent 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.
Blockaid co-founder Ido Ben-Natan highlighted the importance of this collaboration and argued that the partnership with 1inch is a crucial step in securing the Web3 ecosystem. He said:
“By integrating our robust security solutions into the 1inch platform, we are improving the security of digital assets, thereby fostering trust among users in the DeFi space. Our joint efforts will pave the way for a more secure DeFi environment accessible to everyone.
The Shield application programming interface (API), which will gradually be integrated into 1inch products, is designed to be adaptable to any Web3 application, including decentralized applications (DApps), wallets and exchanges.
Related: FTC Issues Urgent Warning About Rise in Crypto Romance Scams
Securing the DeFi ecosystem
Sergej Kunz, co-founder of 1inch, told Cointelegraph that the partnership also aims to help the broader DeFi ecosystem. Kunz said he launched his own product and provided access to it via an API. He said:
“If someone builds a Web3 project, they can integrate our solution into their project without having to go through the long integration path with all the security vendors or even create their own security measures from scratch. »
The executive believes that merging the strengths of the major vendors will set a new standard in Web3 security.
“This collaboration sets a new standard for Web3 security by leveraging the strengths of Blockaid and combining it with additional compliance monitoring and AML tagging features from other leading vendors,” added Ben-Natan.
The Blockaid CEO said this approach ensures that Web3 users are protected against a variety of threats, from scams and malicious attacks to compliance risks.