A major concern for users in Decentralized Finance (DeFi) is its exploitability. A report by Privacy Affairs revealed that hackers stole $4.3 billion worth of cryptocurrency from January to November 2022 — a 37% increase from the previous year.
Such exploits damage corporate integrity and fuel skeptics from outside the space in their case against cryptocurrency. However, in a February 2 announcement from Web3 Builders, the company revealed a set of tools to combat this problem.
The initial TrustCheck browser extension was created to flag Web3-related scams before users continue to interact with them. This new suite of tools builds on that with the Web3 Builders Transaction Validator, Website Validator, and Smart Contract Validator.
This is a key moment for the industry to establish its credibility, said Ricky Pellegrini, CEO of Web3 Builders.
“It is an unfortunate fact that scams and scams are still commonplace in the Web3 space.”
According to the announcement, the tools scan approximately 30 million suspicious domains per day and check for vulnerabilities in approximately 55 million Ethereum smart contracts.
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Related: DeFi Projects Received Most Attacks in 2022: Report
He went on to say that even in the past month, the toolkit has detected dozens of scams listed on popular platforms, marketplaces, and exchanges.
In the past week, there have been a large number of new attacks that have exploited millions of space. This includes one on February 1, where the BonqDAO protocol lost $120 million after an Oracle hack.
Last week, hackers hacked Azuki’s Twitter account and stole $758,000 in just 30 minutes. Financial services platform Robinhood was also hit by a Twitter hack on January 25, as hackers attempted to promote scam code.
Understanding what is happening with your transaction is critical to maintaining the integrity of assets, said Nicholas Horek, Technical Co-Founder and Chief Blockchain Officer at Web3 Builders.
“End users deserve to have this functionality on whatever platform they choose and companies should implement solutions like this to ensure the safety of their Web3 customers.”
On January 24, the Wormhole hacker transferred $155 million of the $321 million stolen total, the largest transfer of stolen funds in months.
