1INCH and Blockaid Work Together to Fight Defi Fraud and Cyber-Attacks

The DeFi platform known as 1inch has recently formed a partnership with Blockaid, a Web3 security provider, to strengthen the safety precautions within its ecosystem.

On June 20th, 1inch Network made a public announcement regarding its dedication to identifying and stopping fraudulent activities such as hacking and phishing scams.

According to a statement released by the DeFi platform, Blockaid’s security features, which replicate transactions before they are executed, will be essential in enhancing the security of the DeFi platform.

The statement strongly emphasised the urgent need to strengthen security measures within the decentralized finance industry. The two companies presented the argument that Blockaid’s security measures could effectively address the growing wave of fraud and cyber threats. They made reference to the significant amount of cryptocurrency assets that were lost as a result of malicious attacks in April 2024.

Incorporating Up-To-The-Minute Security Notifications

The 1-inch Shield is a cutting-edge security solution that was developed in collaboration with Blockaid. It was recently introduced by 1inch. Users are able to avoid engaging in dishonest transactions with the assistance of this system, which recognizes and flags fraudulent tokens.

The incorporation of these functionalities into the 1inch and wider DeFi ecosystem would result in instantaneous alerts concerning potential security risks. This software is compatible with several different blockchain networks, including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche.

Ido Ben-Natan, one of the co-founders of Blockaid, emphasized the significance of this partnership and stated that forming a partnership with 1inch is an essential step in the process of protecting the Web3 ecosystem. He stated:

“The seamless integration of our comprehensive security solutions with the 1-inch platform allows us to significantly strengthen the protection of digital assets, thereby instilling a sense of trust and assurance among users in the realm of distributed finance. The foundation for a DeFi ecosystem that is both safe and easily accessible to all individuals will be established through our collaborative efforts, which will allow us to establish a foundation.“

The Shield Application Programming Interface (API), which will be seamlessly integrated into 1inch products, has been designed to be adaptable to all kinds of Web3 applications, including decentralized applications (DApps), wallets, and exchanges.

Ensuring the Safety of the Defi Ecosystem

Sergej Kunz, who is one of the co-founders of 1inch, stated in an interview with Cointelegraph that the collaboration is also intended to provide support for the wider network of decentralized finance organisations. Kunz has confirmed that they have launched their product and are providing access to it through an application programming interface (API). He stated that:

“For individuals developing a Web3 project, our solution offers seamless integration without the need for extensive collaboration with multiple security vendors or the hassle of creating custom security measures from the ground up.”

The executive is certain that a new standard for Web3 security will be established by combining the knowledge and experience of leading providers.

“By leveraging Blockaid’s capabilities and integrating them with the AML compliance screening and labeling features of other leading vendors, this partnership establishes a groundbreaking benchmark for Web3 security,” Ben-Natan pointed out.

It was emphasized by the Chief Executive Officer of Blockaid that this strategy ensures the safety of Web3 users by protecting them from a wide variety of threats, such as fraudulent activities, malicious attacks, and regulatory liabilities.