1inch has partnered with Blockaid to fight DeFi fraud and cyber threats.
Decentralized finance (DeFi) platform 1inch has announced a partnership with Web3 security provider Blockaid to improve security measures in its ecosystem.
On June 20, 1inch Network revealed its mission to detect and prevent fraudulent activities such as phishing scams and hackers. In an announcement, the DeFi platform highlighted that Blockaid's security features, which simulate transactions before execution, will play a critical role in enhancing DeFi security.
The announcement highlighted the urgent need for security improvements in the DeFi space. Citing the millions of crypto assets lost to malicious attacks in April 2024, the two companies argued that blockchain security measures would help combat the growing threat of fraud and cyber threats.
Integrating real-time security alerts
1inch introduces 1inch Shield, a security solution developed in partnership with Blockade. This system detects and flags signs of fraud, helping users avoid fraudulent transactions.
Integrating these features into 1” and the wider DeFi ecosystem provides real-time warnings about security threats. It supports major blockchain networks including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche.
Blockade co-founder Ido Ben-Nathan emphasized the importance of this collaboration and argued that the partnership with 1inch is a critical step in preserving the Web3 ecosystem. he said:
“By integrating our strong security solutions with the 1” platform, we will increase the security of digital assets, increase trust and confidence among users in the DeFi space. Our joint efforts will pave the way for a secure and accessible DeFi environment for everyone.
The Shield Application Programming Interface (API), gradually integrated into 1-inch products, is designed to be compatible with any Web3 application, including decentralized applications (DApps), wallets, and exchanges.
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Protecting the DeFi ecosystem
Sergey Kunz, founder of 1inch, told Cointelegraph that the partnership aims to help the wider DeFi ecosystem. Kunz has developed his own product and made it available through an API. he said:
“If someone is building a Web3 project, they can integrate our solution into their project without having to go through a long integration process with all security vendors or create their own security measures from scratch.”
The executive believes that combining the strengths of leading providers will set a new standard for Web3 security.
Ben-Nathan added, “This collaboration sets a new standard for Web3 security by leveraging Blockaid's strengths and combining it with additional AML compliance filtering and tagging functionality.”
This approach ensures that Web3 users are protected from a variety of threats, from fraud and malicious attacks to compliance risks, said Blockade CEO.
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