• Blockfence and Forta Network are partnering to improve the security of Web 3 users by identifying malicious smart contracts.
• Over 1000 risky contracts were discovered in March alone, which the team aims to prevent losses from phishing, hacking, wallet-draining and other scams.
• The partnership enables Forta Network to conduct thorough examinations of the Web 3 ecosystem while Blockfence secures this data with layers of security analysis.
Blockfence & Forta Network Partnership
Blockfence, a blockchain security aggregation and abstraction infrastructure provider, recently announced its partnership with Forta Network, a real-time decentralized network providing detection services and security monitoring. This Thursday’s announcement aims to improve the security of Web 3 users across the Ethereum blockchain by checking, analyzing and identifying malicious smart contracts.
Purpose of Partnership
The purpose of this partnership is to reduce threats to smart contracts by detecting threats and anomalies on DeFi (Decentralized Finance), NFT (Non-Fungible Tokens), governance bridges and other web3 systems in real time. This allows developers, users and other stakeholders to react to the risks and neutralize any threats which could cause losses to users‘ funds.
Collaboration Benefits
The collaboration will allow Forta Network to conduct a thorough examination and mapping of the Web 3 ecosystem including both on-chain and off-chain data. On its part, Blockfence will secure this data with layers of security analysis using its platform’s in-house techniques as well as strategic collaborations for maximum user protection against any malicious activities or frauds.
Partnership Impact
The teams‘ joint statement revealed that their aim is for more advanced protection against threats such as phishing attacks or any scams that might lead to potential losses in user’s digital assets or funds. According to Andy Beal, Ecosystem Lead at Forta Foundation; “By lending mission-critical monitoring tools like those offered by Blockfence, we can better secure web3 platforms from these potential risks“
Conclusion
This partnership between Blockfence & Forta Network provides an opportunity for improved protection against malicious activities on web3 platforms while reducing risks associated with user fund loss due fraudulent activities like hacks or phishing attacks among others.