DeFi
Crypto Custody Firm Fireblocks Now Offers DeFi Threat Detection for Institutions
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Fireblocks has launched dApp protection and transaction simulation products to help institutional DeFi users avoid suspicious smart contracts, phishing websites, and compromised dApps.
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The products verify decentralized applications on 40+ blockchains via WalletConnect, Fireblocks browser extension, and MetaMask Institutional.
Cryptocurrency custody specialist Fireblocks helps institutions exploring decentralized finance (DeFi) interact with bad actors and fall victim to malicious attacks with new threat detection and assessment tools. smart contracts.
Fireblocks’ dApp Protection and Transaction Simulation products, which have been in beta testing since December last year with Galaxy and Flowdesk, are now available to verify decentralized applications on more than 40 blockchains via WalletConnect, Fireblocks’ browser extension and MetaMask Institutional.
There was recently a rise of interest in DeFi – sometimes described as a playground for hackers – thanks to a steady increase in crypto asset prices. Institutions are increasingly exploring swapping, lending, staking and bridging using popular platforms like Uniswap, Aave, Curve, 1inch and Jupiter.
Some Fireblocks clients have their own dedicated Web3 research team, but most need to scale their operations and don’t necessarily have the resources to hire cybersecurity experts who also understand DeFi and Web3, Shahar Madar said , vice president of security products at Fireblocks.
The solution scans for suspicious smart contracts, phishing websites and compromised dApps by identifying malicious patterns such as imitative URLs, harmful javascript elements and suspicious registrars.
“We mapped out the user journey of a DeFi and Web3 trader,” Madar said in an interview. “Usually this starts when you scan with your phone and log into a dApp and are prompted to start signing transactions. We have implemented mitigation and detection mechanisms throughout this journey. For example, we analyze the transaction, we analyze the consideration, we try to make sense of the contract and also offer a transaction simulation, essentially giving you the end result of what you should expect.