Fireblocks, a specialist in managing cryptocurrencies for organizations, helps businesses exploring decentralized finance (DeFi) stay clear of fraudulent actors and protect against malicious attacks through innovative threat detection and smart contract assessment technologies.
We’re excited to introduce the newest protective security functions in Fireblocks DeFI suite: dApp Security and Transaction Preview!
— Fireblocks (@FireblocksHQ) April 24, 2024
Fireblocks’ Transaction Simulation and dApp Protection tools, which have been in beta testing with Galaxy and Flowdesk since December last year, now support integration with WalletConnect, Fireblocks’ browser extension, and MetaMask Institution. This means users can access decentralized applications on over 40 blockchains using these platforms. In simpler terms, the partnership between Fireblocks and these wallets allows for enhanced security features when engaging with various decentralized apps across multiple blockchain networks.
The surge in interest for Decentralized Finance (DeFi), often called a magnet for hackers, has grown significantly due to the continuous increase in cryptocurrency asset prices. Institutions are increasingly exploring lending, exchanging, staking, and bridging functionalities offered by popular platforms like Uniswap, Aave, Curve, 1inch, and Jupiter.
Based on the statement from Shahar Madar, Fireblocks’ VP of security products, it is noted that while some customers have in-house research teams focused on Web3 technologies like DeFi, many others lack the necessary resources to hire cybersecurity professionals with expertise in this area. Consequently, these businesses must find ways to efficiently expand their operations to meet the demands and challenges of this evolving digital landscape.
The solution identifies potential threats by focusing on signs of phishing sites, compromised decentralized applications (dApps), and suspicious smart contracts. This is achieved through recognizing patterns such as malicious URLs, harmful JavaScript components, and questionable domain registrars.
During an interview, Madar shared that we have designed the experience for a DeFi and Web3 trader. Typically, it initiates when you use your phone to scan a QR code or connect to a decentralized application (dApp). Following this, you are prompted to begin signing transactions.
Madar commented, “We implemented safeguards and monitoring tools at each stage. For example, we analyze transactions, examine counterparties, decipher contracts, and even provide a trial run for transactions, ultimately providing you with an estimation of the outcome.”
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2024-04-24 21:08