Blockaid partners Core to safeguard Avalanche ecosystem

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As a seasoned crypto investor who has witnessed the heartbreaking losses caused by numerous hacks and phishing scams in the industry, I cannot help but feel a renewed sense of hope upon hearing about Core wallet’s collaboration with Blockaid. The integration of Blockaid’s privacy-preserving security systems into Core wallet is a game-changer for me and many others who value the safety and security of their digital assets.

Blockaid, a pioneering Web3 security company, has seamlessly incorporated its advanced tech into Core wallet. This integration now shields approximately one billion dollars worth of assets stored on the L1 blockchain, Avalanche.

Avalanche’s Core wallet, developed by Avalanche itself, has seamlessly incorporated Blockaid’s advanced privacy-focused security solutions. These systems are designed to shield against complex attacks such as hacks and phishing schemes. By employing Blockaid’s technology, transactions on decentralized networks like AVAX can be simulated and suspicious activities can be detected and addressed before actual execution.

Users of Avalanche’s Core wallet have an additional advantage: they can make use of the supplier’s real-time notifications and robust security database. This database has been recently enhanced to incorporate emerging threats such as new attack methods, malicious actors’ activities, and vulnerabilities in Decentralized Finance (DeFi).

Tapping Blockchain for on-chain security

At a pivotal moment when crypto security becomes increasingly important due to over 120 documented hacks against protocols and digital asset providers this year, Core embarks on a partnership with Blockaid to fortify assets on Avalanche and the Decentralized Finance (DeFi) sector. In April itself, cybercriminals managed to pilfer over $53 million in digital assets.

Ido Ben-Natan, the CEO of Blockaid, announced that the security firm’s experience in protecting over $7 billion worth of virtual currencies will be applied to both Avalanche and Core. In simpler terms, Ben-Natan revealed that Blockaid’s extensive knowledge in securing large sums of virtual currency will be utilized for the benefit of Avalanche and Core.

The company is said to have halted approximately 1.3 million separate on-chain assaults, as per reports from Ava Labs’ head of customer products, Akash Gupta. This development signifies a significant advancement in enabling users to utilize the Avalanche ecosystem with confidence and tranquility.

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2024-06-06 18:14