The cryptographic ecosystem of Avalanche is looking to increase the security of its infrastructure by implementing external web3 solutions.
Today Core, the native wallet of Avalanche developed by Ava Labs, announced a strategic partnership with the provider Blockaid, which provides a suite of tools to simulate transactions before their actual execution and avoid cyber scams such as phishing and hack.
Security is a very important topic within the crypto sector, where from 2017 to today hacking activities have been carried out for a total damage of 8.2 billion dollars.
Let’s see everything in detail below.
Summary
Avalanche Core forms a partnership with Blockaid to prevent phishing and hacks within its ecosystem
Today Core, the famous Avalanche cryptocurrency wallet developed by the parent company Ava Labs, revealed an integration with the Israeli provider of web3 security solutions Blockaid, with the aim of making its infrastructures impenetrable and offering users a convenient tool that highlights the presence of danger factors.
In detail, Blockaid uses highly sophisticated technology that allows transactions to be simulated before being executed by the user, enabling the identification and prevention of potential fraudulent activities such as phishing attacks, address poisoning, and hacks.
One of the biggest current limitations of decentralized non-custodial wallets is that when performing any operation (signature, approve spending, execution, etc.), it is not intuitively clear what is being confirmed, unless the underlying code is examined.
It often happens that several individuals are scammed precisely because they end up on malicious sites that invite them to connect their wallet and approve seemingly legitimate transactions, but which then end up emptying all the funds contained within: see case Ledger Connect Kit.
Blockaid solves this problem thanks to its warning interface that allows examining each step in real-time by leveraging the extensive database of web3 threats possessed by the Israeli security company.
This service has been integrated in the past also by other similar web3 providers to Avalanche Core like Coinbase wallet and Metamask, helping various communities to keep up with the advancement and refinement of cyber scams.
The integration of Blockaid with one of the main infrastructures of Avalanche addresses the needs of the DeFi sector, which from 20217 to today has seen 8.2 billion dollars lost due to hacks and exploits. More recently, in April 2023, about 53 million dollars were stolen from various types of attacks.
The solution just integrated on Avalanche Core, in the past has helped other ecosystems to protect approximately 7.1 billion dollars, warning of potentially malicious operations for 500 million dollars.
Regarding the excellent news, Akash Gupta, Head of Consumer Products at Ava Labs, the company that oversees the development of the Avalanche ecosystem, stated the following:
“This collaboration with Blockaid represents a significant step forward in providing users with security and control without compromising speed and ease of use. By integrating advanced security solutions into the Core suite, we ensure that users can explore the Avalanche ecosystem and beyond with complete peace of mind.”
Promoting high security and privacy standards within the decentralized finance industry is essential in order to move on to new onboarding challenges and truly aim for mass adoption.
Avalanche is doing it the right way.
Other web3 tools focused on security and privacy
In addition to Blockaid, there are many other tools focused on the security and privacy of web3 transactions, which can be used by users of Avalanche and other ecosystems.
The most well-known is definitely Wallet Guard, an open-source extension for Chrome, iOS, and Brave that guides the end user through all cryptographic operations, providing pop-ups that explain what is being authorized when confirming a smart contract.
Wallet Guard, which also features a convenient security dashboard, has protected over 40 million dollars from scam activities, thanks to its timely alerts regarding potential frauds and hack.
Another very interesting service is that of Blowfish, available on Solana and on 14 EVM networks like Avalanche, Ethereum, Arbitrum, Base, which thanks to its interface warns users who are visiting fraudulent web3 sites.
Blowfish also warns if it perceives that the content of a tx being signed appears dangerous and explains what is being authorized when signing each smart contract and which funds will be used.
In order to safeguard one’s digital finances, the website Revoke.Cash is a must, which allows users to simply remove, through a unified dashboard, all previously signed token spending approvals, avoiding potential complications in case of a platform hack.
It often happens that when using a DEX and you have to approve the spending of a token, the authorization is not canceled at the end of the operation, leaving an attack vector for scammers and hackers.
Revoke works on over 80 decentralized networks, including Avalanche.
Among the other useful services in terms of web3 security, capable of preventing cyber attacks and saving our finances, we find Stelo, TrustCheck, Fire, Pocket Universe, AegisWeb3, and Web3 Antivirus.
