Avalanche and Blockaid have joined forces in a new partnership to integrate Blockaid’s advanced security features directly into Avalanche’s Core wallet, the official wallet of the blockchain network.
The primary goal of this security enhancement is to combat the growing threat of phishing scams and hacks in the world of decentralized finance. By analyzing transactions against Blockaid’s extensive database of known malicious threats, users will be alerted to potential risks before finalizing and posting the transaction. This innovative security measure, known as transaction simulation, aims to provide an extra layer of protection for users.
Blockaid boasts a track record of repelling 1.3 million attacks and currently provides security for platforms like OpenSea, MetaMask, Zerion, Coinbase, and Rainbow.
Despite its success, some critics argue that Blockaid’s security screening may generate too many false positives. However, Blockaid defends this feature as a necessary aspect of their security software. The company believes that a few false positives are preferable to the alternative of allowing malicious actors to exploit vulnerabilities. Out of 165 million transactions processed monthly by Blockaid, only 0.0002% are flagged as false positives, while millions of fraudulent transactions are successfully blocked.
As the cybersecurity landscape continues to evolve, there is a constant battle between security measures and emerging threats. Cybersecurity expert Bernhard Mueller warns of potential threats like the “Angel Drainer” malware, which could potentially bypass transaction simulators like Blockaid. Mueller explains that Angel Drainer may attempt to steal funds by creating dynamic, unmarked contract addresses, although the success of this method is not guaranteed.
In response to these evolving threats, Blockaid remains vigilant in detecting suspicious transactions. Even when tested with dynamic, unmarked methods, Blockaid’s security system successfully flagged the transactions and issued warnings to users.
Update (June 6, 15:30 UTC): This article has been updated to reflect the false positive rate of 0.0002% out of 165 million transactions per month.