For the past few years, it has been observed that web3 has shown significant growth and more investors and institutions also entered into it. Apart from this growing sector, investors also lose their investments due to several exploitations, scams, and fraud.
Blockaid secures funds to enhance security
Recently, Blockaid, a blockchain security firm and a partner of MetaMask, a crypto wallet, has secured a significant $33 million in a series of funding to enhance its platform’s power and sophistication for the prevention of malicious transactions. Along with funding, Blockaid has also obtained backing from prominent investment firms, including Rabbit Capital, Variant, Sequoia Capital, Cyberstarts, and Greylock Partners.
On October 23, 2023, Blockraid announced it is taking more caution to prevent any malicious transactions to support its customers like MetaMask, prominent NFT marketplace OpenSea, the Rainbow wallet, and the Zerion wallet. This strategic alliance by Blockaid offers security solutions for web3 applications as well as to safeguard investors from fraudulent activities.
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Earlier this year, MetaMask made its collaboration with Blockaid and OpenSea and also revealed an experimental feature that is designed in such a way that it warns users whenever any malicious transaction takes place.
In this experiment, the users who opt for this feature can get benefits from OpenSea’s list of known scams and Blockaid’s analysis of malicious behaviors like signature farming and wallet-draining.
Blockaid protects its users from exploitation, scams, phishing, and fraud. The recent funding of $33 million aims to support Blockaid to further scale its blockchain security feature to prevent exploitations, scams, and frauds.
CEO’s assurance of user protection
Recently, the CEO and co-founder of Blockaid Ben-Natan made a statement that in the last three months, Blockaid has scanned over $450 million in transactions and also prevented malicious transactions of around $1.2 million, and safeguarded over $500 million of user funds otherwise its been compromised.
Ben-Natan highlighted the proactive nature of Blockaid’s technology, which improves with every transaction. This, in turn, allows developers to focus on building exceptional products without the constant worry of security concerns.
Dror Avieli, Managing Director at Consensys, also recognized Blockaid’s pivotal role in reducing fund loss incidents within MetaMask. He highlighted Blockaid’s contribution to enhancing user security in the Web3 space and described it as a significant stride toward a safer and more secure blockchain ecosystem.