Blockaid, a Web3 security startup, has recently integrated its technology into Core wallet, a native wallet on the L1 blockchain Avalanche. This integration is aimed at safeguarding nearly $1 billion in assets deposited on Avalanche from sophisticated threats like hacks and phishing scams. By utilizing Blockaid’s privacy-preserving security systems, Core wallet users can now benefit from real-time alerts and an extensive security database that is constantly updated to address evolving attack vectors, bad actor operations, and DeFi vulnerabilities.
The collaboration between Core and Blockaid comes amidst a rising concern over crypto security, with over 120 hacks reported in the crypto space this year alone. In April, hackers managed to steal more than $53 million in digital assets, highlighting the need for enhanced security measures within the industry. Blockaid CEO Ido Ben-Natan emphasized the company’s track record of safeguarding over $7 billion in virtual currencies and preventing 1.3 million individual on-chain attacks, underscoring their commitment to protecting assets on Avalanche and Core.
According to Akash Gupta, head of customer products at Ava Labs, the integration of Blockaid’s technology into Core wallet represents a significant advancement in ensuring the security of users exploring the Avalanche ecosystem and beyond. By simulating transactions and detecting malicious activity before final execution on decentralized networks like AVAX, Blockaid’s technology adds an extra layer of protection for users looking to engage in DeFi activities. With the increasing complexity of cybersecurity threats facing the crypto industry, solutions like Blockaid play a crucial role in safeguarding users’ assets and maintaining trust in decentralized platforms.
The partnership between Blockaid and Core wallet is a testament to the importance of on-chain security in the rapidly evolving DeFi landscape. With the rise of decentralized finance platforms and the increasing value of assets locked in smart contracts, the need for robust security measures has never been more critical. By integrating Blockaid’s security systems, Core wallet is poised to offer its users a secure and seamless experience when interacting with the Avalanche ecosystem, protecting their assets from potential threats and ensuring peace of mind for all participants in the DeFi space.
In conclusion, the integration of Blockaid’s technology into Core wallet marks a significant milestone in enhancing security measures on the Avalanche blockchain and the broader DeFi ecosystem. By leveraging Blockaid’s expertise in protecting virtual currencies and preventing on-chain attacks, Core wallet users can now access real-time alerts and an extensive security database to mitigate risks associated with hacks and phishing scams. As the crypto industry continues to face growing security challenges, solutions like Blockaid play a vital role in safeguarding assets and bolstering trust in decentralized platforms, ultimately enabling users to explore the Avalanche ecosystem and beyond with confidence and peace of mind.
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