DeFi tool to notify users of suspicious activity on the chain
The success of Web3 depends on solutions to the security problems from distinct application structures.
Web3 security companies are responsible for ensuring that blockchain-based platforms and applications are protected from cyber threats. These companies offer a variety of services, including smart contract auditing, security testing, and incident response. PureFi, a decentralized finance (DeFi) protocol for cryptocurrency onboarding, has introduced a new method called SafeTransact to improve the security of Web3 transactions.
Web3 security relies heavily on blockchains’ unique ability to establish promises and withstand human intervention. However, these software-controlled networks are a potential hacking target due to the related property of finality – the fact that transactions are often irreversible. This implies a need for several levels of prevention-oriented security. SafeTransact’s addition to the global crypto security arsenal helps in that regard.
SafeTransact examines blockchain transactions and immediately alerts users to suspicious activity. It is designed to integrate with AMLSafe, a multi-crypto wallet from the same ecosystem.
The SafeTransact system evaluates the token address, sender address, user address and amount to measure the transaction risk of approved transactions. The system analyzes input data such as “from”, “to” and “amount” addresses to determine risk levels for token transfer transactions. For exchange transactions, it analyzes decentralized exchange (DEX) addresses, fund senders, tokens in and out, and amounts sent to provide a comprehensive assessment of risk.
According to the latest Chainalysis report, the DeFi industry experienced the highest number of hacks and data breaches. The DeFi space has yet to develop security measures to help users navigate the Web3 world.
Related: No ‘breathing room’ for exploits, flash loans or foreclosure scams in 2023: Cyber security firm
Security companies perform security audits of Web3 applications to identify vulnerabilities and potential risks. Development of blockchain-specific security tools that can help detect and prevent attacks on blockchain networks are included in their capabilities. These security companies also implement secure coding practices to prevent vulnerabilities in Web3 applications.
Overall, security companies are constantly innovating and developing new approaches to protect Web3 transactions, given the unique challenges and risks associated with blockchain-based transactions.
Blade: North Korean Crypto Hacking: Separating Fact from Fiction
