Blockaid

Uniswap Labs just launched Token Warnings. This new feature makes Uniswap products even more secure, by giving users the tools they need to navigate DeFi with confidence. The update provides a notification when users interact with tokens that have dangerous properties or patterns, including: ⚠️ High buy or sell fees ⚠️ Impersonation ⚠️ Tokens linked to malicious actors At a time when 59.4% of all new tokens are malicious, this feature enables users to make informed DeFi decisions without restricting what they can and can’t see or swap. There’s nothing users need to configure or change—these features are already live and execute automatically with every interaction.

In a world where web3 scams cost users billions, visibility is crucial. So today, we’re releasing a dashboard that shares the data Blockaid sees. Introducing State of the Chain (stateofthechain[dot]com). It showcases 2024 activity and security trends based on our analysis of: 💳 2.41B transactions 📲 787M dApp connections 🪙 220M tokens Blockaid sees this data because we're directly integrated with leading wallets and ecosystems—and we analyze more web3 transactions than anyone else. Some highlights since the start of 2024. Progress: ✅ $5.1B worth of assets are being traded each week ✅ dApp connections are up 106% ✅ 71M attacks prevented by Blockaid Challenges: ⛔️ $1.47B stolen in scams or fraud ⛔️ 59.3% of tokens were malicious ⛔️ 15.7M new malicious dApps went live Link in comments 👇

"The 'overwhelming majority' of new crypto tokens entering the market are scams of one form or another... it’s a game of cat and mouse." Ido Ben-Natan recently spoke to WIRED about memecoins and soft rug pulls. The article highlights the difficulties of protecting traders from this kind of scam and a few recommendations for what can be done (until there are crypto-specific laws on the books).

Major Supply Chain Attack on Solana's @solana/web3.js Library. The crypto industry never fails to keep us on our toes. While Bitcoin celebrates its $100K milestone and the US outlook on crypto regulation appears to be brightening, a stark reminder of persistent security threats has emerged. This week, a critical backdoor was discovered in one of Solana’s most widely used libraries, @solana/web3.js. The backdoor is straightforward: malicious code was introduced to intercept every generated private key and send it to a hardcoded Command & Control server using a function aptly named addToQueue. The private key is split into three HTTP headers to obfuscate the theft. Functions like fromSeed and fromSecretKey, used to generate private keys, were hooked to this backdoor, making any wallet created with the compromised library vulnerable to complete asset theft. The implications are clear: wallets generated using the backdoored @solana/web3.js are at risk of being drained.

World App is currently the third-largest web3 wallet. Over the past two months, Tools for Humanity has been working with Blockaid to bring enhanced transaction security to World App. The updates provide: 🔎 Transaction previews that show users what will happen if they sign ⚠️ Warnings when interacting with transactions that could be harmful In addition to front-end security updates, Blockaid is also monitoring onchain threats related to phishing, hacks, and smart contract exploits to keep the World App ecosystem safe. There’s nothing users need to configure or change—these features are already live and execute automatically with every transaction.

Backpack users heavily transact on Solana. As Solana's popularity surged, so did the number of scams targeting users in its ecosystem. Together, Backpack and Blockaid are keeping users safe so Solana can continue to grow. 🤝 Link to article in comments.

The NYC team is growing. Come join us! We're currently hiring: 1. Sales Engineers 2. Account Executives 2. Senior Product Marketing Manager 3. Community Manager 📷 Ido Ben-Natan Oz Tamir Nick Kelleher Alexander Belfiore Eden Azar Alex K. (missing Glenn Rachlin)

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Email sucked in the early 2000s. Spam filters made it usable again. That’s where we are with crypto UX today. Blockchains are scaling. Blockspace is getting cheaper, and an exponential increase in the number of new tokens is the result. 24 years ago, the growth of websites/year looked very similar. The number of new websites launched in 98-99 was greater than the total number of websites created before 98. As the number of websites grew, so did the number of emails. And as the number of emails grew, spam became a major problem that threatened the usability of the internet as a whole. Some reports go as far as to say that ~50% of emails were spam in the early 2000s. "The amount of spam email is growing at an alarming rate, and it's clogging up the arteries of the Internet.” - Bill Gates Like the early years of the internet, web3 is seeing insane growth. But this growth is also bringing bad actors. 61% of tokens created every day are spam, rugpulls, honeypots, or generally malicious in other ways. For users, this means a loss of funds and confidence in web3. For protocols, user churn, and lawsuits when users interact with assets that drain their wallet. To combat this, web3 needs its own spam filters and anti-malware solutions. So Blockaid built a token validation system that helps identify rug pulls, pump and dumps, honeypots, spam, and other malicious tokens. Over the last year, this system has been identifying harmful tokens and helping our partners flag (or filter) for their users. For DEX Screener, this saved 160 hours a week that were being spent on manual review and support tickets while saving traders millions of dollars. For CoinTracker, they've been able to filter out airdrop spam and scams in customer portfolios to accurately calculate tax liability accurately. Web3 is scaling, but to mature, security must become ubiquitous. Fortunately, the solutions are there.

IT'S OFFICIAL: Our integration with io.finnet is live! io.finnet's institutional DeFi users now have access to real-time transaction: 🔎 Simulation ✅ Validation ⚠️ Risk detection The integration adds a significant layer of protection to prevent fraudulent activity and reduce exposure to security threats.