Fireblocks, a crypto security company, has made available to the public its dApp Protection and Transactions Simulation tool. This move aims to enhance safety when transferring digital assets on the blockchain.
After the launch of Bitcoin (BTC) ETFs based on spots in US markets and a surge in cryptocurrency prices during this year, there has been an increase in institutional investment and wider adoption of decentralized finance.
Based on DefiLlama’s latest report, more than $100 billion has been stored in decentralized protocols for the first time since May 2022. This significant increase indicates a growing interest in cryptocurrency solutions and active engagement with on-chain transactions.
Fireblocks reports a significant increase of 75% in institutional DeFi transactions on its platform, totalling approximately $4.5 billion compared to the previous month. This surge indicates optimism towards the crypto market as a whole. However, it also attracts potential fraudsters and puts a spotlight on the digital asset industry.
According to a study by CertiK mentioned by the crypto security firm, over $500 million worth of cryptocurrency was stolen during the first few months of this year. A report obtained by crypto.news stated that traders encounter challenges in assessing risks due to the intricacies involved in decentralized finance (defi) transactions.
Fireblocks’ solution
Fireblocks strengthened their on-chain security measures, adding more safeguards to shield users during blockchain transactions.
“In the world of Decentralized Finance (DeFi), we need a modern security strategy. One that allows traders and technical teams to detect suspicious behavior in real-time, assess potential risks from typical attack angles, and understand the consequences of interacting with a contract function, all prior to completing a transaction or engaging with a dApp.”
Shahar Madar, Fireblocks’ VP for Security and Trust Products
Institutions can use Fireblocks’ browser extension, MetaMask Institutional, or WalletConnect to reach the dApp Protection and Transactions Simulation interface. This feature is designed to provide institutional clients with real-time monitoring tools, enabling them to identify potential threats by analyzing smart contract interactions and taking proactive security measures.
During the beta stage, the security firm’s representative announced that they had already examined transactions totaling over $10 billion to fine-tune their systems and enhance their ability to detect malicious contract interactions.
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2024-04-24 18:26