Blockaid, a web3 security provider, has partnered with DeFi project 1inch to enhance security across multiple chains. The partnership has resulted in the launch of a privacy-preserving module that allows for the simulation of transactions without sharing every transaction and signature request with external parties. This integration of Blockaid’s security features into the 1inch ecosystem aims to improve user protection against fraud and cyber threats in the Web3 space. The partnership introduces 1inch Shield, a comprehensive security solution that detects and marks scam tokens posing as legitimate assets, enabling users to avoid transacting with fraudulent tokens. The Shield API will gradually be integrated into 1inch products and can also be integrated into any Web3 application. By integrating these features, millions of users will receive real-time warnings about potential security risks associated with their DeFi transactions. The Blockaid integration will be available to all 1inch users and will support major chains including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, Avalanche, and more.
The collaboration between Blockaid and 1inch addresses the critical need for advanced security measures within the Web3 ecosystems. Recent statistics from Immunefi, a crypto-focused bug bounty platform, revealed that Web3 lost over $53 million to hackers across 21 incidents in April 2024. The attacks on crypto wallets are becoming more sophisticated, making advanced security measures essential. However, Blockaid’s privacy-preserving security features leverage innovative technology to simulate transactions before execution, allowing for the identification and prevention of fraudulent activity without compromising user privacy.
Ido Ben-Natan, CEO and co-founder of Blockaid, stated that the collaboration with 1inch enhances the safety of digital assets while building trust and confidence among DeFi users. Sergej Kunz, co-founder of 1inch, believes that this collaboration will set a new standard for security in the crypto landscape and contribute to the growth and mainstream adoption of DeFi.
Founded in 2019, 1inch offers users and developers secure, reliable, and efficient tools, including 1inch Swap, 1inch Wallet, 1inch Portfolio, and the Developer Portal. Blockaid, established in 2022, aims to provide security by preemptively validating all transactions. Its suite of tools protects integrated wallets and dapps from fraud, phishing, and hacks. The company has raised $33 million from major venture capital firms in cybersecurity, fintech, and Web3, including Ribbit, Variant, Cyberstarts, Sequoia, and Greylock. This collaboration between Blockaid and 1inch represents a significant step towards enhancing security and fostering trust in the crypto industry.
