Web3 Builders Reveals Suite of Tools to Combat DeFi exploits - Blockchain.News

Web3 Builders Reveals Suite of Tools to Combat DeFi exploits

Nicholas Horelik of Web3 Builders stated, “end users ought to have this functionality” to understand asset security.

  • Feb 03, 2023 12:09
Web3 Builders Reveals Suite of Tools to Combat DeFi exploits

Users of decentralised finance (DeFi) have expressed a significant amount of anxiety over the system's vulnerability to exploitation. According to a research published by Privacy Affairs, cybercriminals stole bitcoin worth $4.3 billion between January and November of 2022, representing a 37% rise over the previous year's total.

The integrity of organisations is harmed as a result of these exploits, and naysayers from outside the cryptocurrency industry are given more ammunition to make their argument against cryptocurrencies. Nevertheless, in an announcement made on February 2 by Web3 Builders, the business disclosed a set of tools that may be used to address this problem.

The first version of TrustCheck was developed as a browser plugin to identify fraudulent Web3-related activities before users continued to engage with them. This new set of tools expands on that by include a transaction checker, website checker, and smart contract checker that are all built using Web3 Builders.

According to Ricky Pellegrini, the Chief Executive Officer of Web3 Builders, now is a crucial time for the industry to demonstrate that it can be trusted.

Scams and fraudulent activity are unfortunately still prevalent in the Web3 domain, which is a sad reality.

According to the statement, the tools do daily vulnerability checks on about 55 million Ethereum smart contracts and scan close to 30 million potentially malicious URLs.

He went on to claim that even in the last month, the suite of tools uncovered dozens of frauds advertised on prominent platforms, marketplaces, and exchanges. He said this was the case even though the most recent month was the most recent month.

Over the course of the last week, there has been an uptick in the number of assaults that have been designed to steal information from millions of users. This covers an incident that occurred on February 1 in which the BonqDAO protocol suffered a loss of 120 million dollars as a result of an oracle compromise.

Azuki's Twitter account was hacked the week before last, and the thieves made off with $758k in only half an hour. On January 25, criminals gained access to the Twitter account of the financial services platform Robinhood and attempted to spread the word about a fraudulent cryptocurrency.

According to Nicholas Horelik, the technical co-founder and chief blockchain officer at Web3 Builders, having a good grasp of what is going on with your transaction is absolutely necessary for maintaining the security of your assets.

"End users ought to have this capabilities on whichever platform they choose, and companies should be adopting solutions like this to assure the safety of their consumers in Web3," said one researcher.

The Wormhole hacker shifted $155 million of the total $321 million taken on January 24, which was the largest relocation of stolen assets witnessed in months. The total amount of money stolen was $321 million.

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