Saturday, July 20, 2024
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1inch partners with Blockaid to enhance Web3 security through the 1inch Shield

1inch, a leading DeFi aggregator that provides advanced security solutions to users across the entire space, has announced today the launch of the 1inch Shield. 

This solution, that is offering enhanced protection against a wide range of potential threats, was completed in partnership with Blockaid, a major provider of Web3 security tools.

Scam tokens masquerading as legitimate assets have long been creating problems for Web3 users. Now, due to collaboration with Blockaid, all tokens of this kind will be instantly detected and marked, so that users can avoid transacting with these tokens.

Speaking about the partnership, Sergej Kunz, co-founder of 1inch, said, “The collaboration between Blockaid and 1inch is anticipated to set a new standard for security in the cryptocurrency landscape. By combining Blockaid’s innovative security solutions with the 1inch’s advanced features, this partnership aims to enhance user safety and asset protection, contributing to the growth and mainstream adoption of DeFi.”“The collaboration with 1inch represents a pivotal step forward in our mission to secure the Web3 ecosystem. By integrating our robust security solutions with the 1inch, we are enhancing the safety of digital assets while fostering trust and confidence among users in the DeFi space. Our joint efforts will pave the way for a more secure and accessible DeFi environment for everyone”, said Ido Ben-Natan, co-founder and CEO of Blockaid. 

Blockaid acts like an anti-virus for Web3, leveraging superior data and machine learning to identify and protect against malicious attackers. The provider with a better data can produce a better product, allowing multiple layers of security for users. Whenever a user connects their wallet to sign a transaction, Blockaid provides clear information about what will actually happen when the transaction is executed.

Blockaid can also simulate any transaction involving a wallet, dApp, or smart contract across multiple blockchains. What transforms simulation into security is validation. In simple terms, validation involves determining whether a given transaction is malicious or benign, allowing users to transact with confidence. Now, this transaction simulation capacity is used to protect 1inch users.

Meanwhile, blockchain users also encounter AML compliance risks. The 1inch Shield mitigates these risks by running 24/7 screening of blockchain addresses for ties to sanctions, terrorist financing, hacked or stolen funds, ransomware, human trafficking and more. Based on the outcome of screening, suspicious addresses are immediately blocked.

The screening component is powered by TRM Labs, which uses on-chain and off-chain data to detect possible security risks.

Finally, a blocklisting functionality provided by Etherscan Pro is also included in the 1inch Shield to immediately blocklist suspicious blockchain addresses.

The Shield API will be gradually integrated into 1inch products. This API is available on the 1inch Developer Portal alongside a suite of other cutting-edge tools intended for Web3 developers.

About 1inch

1inch is a leading DeFi project empowering Web3 users with innovative blockchain products and solutions. Launched in 2019 at a hackathon in New York City, 1inch offers users and developers the most secure, reliable, and efficient tools for growing and expanding the Web3 space.

Currently, 1inch Swap is the best DEX aggregator on the market, facilitating cost-efficient and secure crypto swaps across multiple liquidity sources. The 1inch Wallet is one of the most user-friendly and secure Web3 wallets. 1inch Portfolio is the most efficient DeFi tracker, providing accurate analytics on the market for numerous DeFi protocols. In line with its active involvement in the community, in 2023, 1inch launched the Developer Portal, offering an extensive suite of Web3 tools and services. For more information, users can visit https://1inch.io.

Contact

PR lead
Pavel Kruglov
1inch Labs
[email protected]

Website

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Kaaviya Balaji
Kaaviya Balaji
Kaaviya is a Security Editor and fellow reporter with Cyber Security News. She is covering various cyber security incidents happening in the Cyber Space.

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