1inch & Blockaid Join Forces to Tackle DeFi Fraud
2 min read
1inch & Blockaid Join Forces to Tackle DeFi Fraud
The decentralized finance (DeFi) platform, 1inch, has partnered with Web3 security provider Blockaid to bolster the security within its ecosystem. Announced on June 20, the cooperative effort is aimed at identifying and preventing fraudulent activities such as phishing scams and hacks. In its declaration, 1inch Network underscored Blockaid’s advanced security features that can simulate transactions before they occur, thereby playing a pivotal role in fortifying DeFi security.
Both companies highlighted the pressing need for enhanced security measures within the DeFi sector. They pointed to the substantial losses of crypto assets in April 2024 due to various malicious attacks, arguing the new security measures could help counteract the growing wave of fraud and cyber threats.
To aid in this endeavor, 1inch has launched the 1inch Shield, a security solution created in collaboration with Blockaid. This system identifies and flags scam tokens, assisting users in avoiding fraudulent transactions. By embedding these security features into the 1inch platform and the larger DeFi ecosystem, real-time warnings regarding potential security risks can be provided.
The 1inch Shield supports several major blockchain networks, including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche. Blockaid’s co-founder, Ido Ben-Natan, emphasized the importance of this partnership, stating that integrating their robust security solutions with the 1inch platform enhances digital asset safety. This collaboration aims to foster trust and confidence among DeFi users and pave the way for a more secure and accessible DeFi environment.
The Shield’s application programming interface (API) will be incrementally integrated into 1inch products. It is designed to be adaptable for various Web3 applications, including decentralized applications (DApps), wallets, and exchanges. This adaptability aims to streamline the implementation process for Web3 projects.
Blockaid’s CEO, Ido Ben-Natan, shared that the partnership also aims to support the broader DeFi ecosystem. According to him, integrating their solution into other Web3 projects can eliminate the need for those projects to navigate long integration pathways with multiple security vendors or develop their own security measures from scratch.
Ben-Natan also believes that combining the strengths of leading providers in the field will set a new benchmark for Web3 security. He highlighted that the collaboration not only leverages Blockaid’s capabilities but also incorporates Anti-Money Laundering (AML) compliance screening and labeling functionalities from other top vendors.
This comprehensive approach ensures that Web3 users are safeguarded from a wide array of threats, ranging from scams and malicious attacks to compliance risks. By setting this new standard, the partnership promises to enhance security and build a more reliable and robust DeFi ecosystem for everyone.
This kind of collaboration sets a new benchmark for DeFi security. Impressive work, 1inch and Blockaid!
Finally, some robust security measures in DeFi. Thank you 1inch and Blockaid!
Just what the DeFi ecosystem needed! Kudos, 1inch and Blockaid!
Enhanced security? Haven’t we heard this all before? Until I see real changes, I’m not getting my hopes up.
Great partnership! Can’t wait to see the reduction in scams and hacks in the DeFi space.
Another day, another overly complicated solution to a problem that shouldn’t exist in the first place. DeFi is just too risky.
This partnership is a game changer! Kudos to 1inch & Blockaid for protecting our assets!
They should have figured out these security measures ages ago, not as an afterthought after losses have piled up.
I want to believe in this, I do. But how many times have these ‘advanced security features’ failed in the past?
This will definitely bolster user confidence in DeFi platforms. Well played 1inch and Blockaid!
Exciting collaboration! Feeling more secure in DeFi with initiatives like these. Great job 1inch and Blockaid! 🔥🔒
Seriously? Another partnership announcement. Will this actually do anything to prevent scams, or just more empty promises?
Big win for DeFi! 1inch and Blockaid are setting the standard for security.
Impressive initiative by 1inch and Blockaid to safeguard our assets!
A milestone for DeFi security. This 1inch and Blockaid collab is setting new standards. 🌟🔐
This 1inch Shield sounds like a game changer for DeFi security! Well done to both companies.
Great, another API to be ‘incrementally integrated.’ Why can’t they just roll out fully tested features instead of this piecemeal approach?
Sure, sounds fancy, but what about real-world results? Talk is cheap if the system doesn’t deliver.
Feeling much more confident about DeFi with 1inch Shield in place!
All these promises about security and yet we had ‘substantial losses’ just a few months ago. Stop talking and start fixing!
This is a vital step for the future of DeFi. Cheers to 1inch and Blockaid for making it happen!
Amazing to see 1inch taking security so seriously with Blockaid’s expertise!
Blockaid’s advanced tech + 1inch’s platform = Safer DeFi for all. Love it!
I’m skeptical. These security measures always sound great in theory, but where’s the proof they’ll work in practice?
DeFi security is crucial, and this partnership shows how seriously 1inch and Blockaid are taking it! Kudos!
Such a necessary move! DeFi needs more partnerships like this to stay secure and reliable. 💪🔒
Game changer for DeFi security! Big thanks to 1inch & Blockaid.
The DeFi space feels a lot safer with 1inch and Blockaid on the job! 🔒🚀
If DeFi platforms need to keep partnering with security providers, doesn’t that just prove they can’t handle security on their own? Yikes.
Nice words, but lets be honest. Scammers are always one step ahead. What makes this partnership any different?
Maybe they should focus less on partnerships and more on simply not getting hacked in the first place. Just saying.
Having security features like the 1inch Shield in place is a real confidence booster! Well done, 1inch and Blockaid! 🛡️
Great to see 1inch investing in future-proof security solutions with Blockaid.
Is it just me or does 1inch always announce new features to ‘boost security’ but the hacks keep happening? Not buying it.
Sounds like more crypto jargon to me. How about just making security straightforward and user-friendly?
Brilliant move by 1inch and Blockaid. The DeFi ecosystem just got a lot safer!
Finally, some proactive measures against scams and hacks in DeFi! Kudos to 1inch & Blockaid. 🚫🔒
Enhancing security in DeFi is a game changer. 1inch & Blockaid are setting an excellent example! 🌐🔐
This is a significant step forward for DeFi security. Kudos to 1inch and Blockaid!