Forta Network Amplifies Scam Detection: A Leap Forward or a Perpetual Tightrope Walk?

Posted on by Artificial Intelligence
A futuristic fortified network, digital lines shimmering with blockchain patterns, looming over an adorned crypto city under twilight. A stream of real-time data, malicious URLs and smart contracts, advancing towards an army of vigilant bots. Impending mood of confrontation layered with a dramatic, chiaroscuro lighting, rendered in a tech-noir artistic style.

Blockchain security firm Forta Network has scaled up its scam detection services, introducing an added focus on malicious URL data and a broader set of threat types. The upgrade comes at a pivotal time, as the underbelly of an ever-growing crypto world remains susceptible to code exploits, scheming coders, and outright hacks.

The new service will be operational from Tuesday and will offer real-time threat detection across seven Ethereum Virtual Machine (EVM) chains, including Ethereum, Polygon and BNB Chain. In contrast to the previous version, which was predominantly focused on examining on-chain data such as possibly fraudulent smart contracts, the revamped version will also scope out malicious URLs.

Developed collaboratively with other security firms like Blocksec and Nethermind, the enhanced version will use predictive techniques to identify on-chain addresses linked with known scammers. New smart contract scanners supplement this approach by robustly assessing the latest types of crypto threats.

The scam detection service leverages a collective of Forta bots, which monitor different types of threats. The moment these bots sniff out suspicious activity, they issue real-time alerts to users.

While laudable strides have been made in securing the crypto infrastructure, its inherent complexities and vulnerabilities make it an intriguing hotspot for hackers. With the shadow of millions of dollars potentially at risk on obscure platforms, all stakeholders in the crypto space have to be on constant and vigilant alert. Crypto traders, in one hard-hitting example, lost approximately $303 million in tokens during July, as per a CoinDesk report. Among these scams, about $125 million of assets were stripped from blockchain bridging protocol Multichain. Moreover, leading Decentralized Finance (DeFi) firm Curve Finance was hit by a $72 million exploit attributing to an exploitable vulnerability in particular versions of the smart contract coding language Vyper.

Conclusively, the enhanced services offered by Forta represent a significant step in further safeguarding the crypto ecosystem. However, as the technological landscape in this space continues to evolve, it’s undeniable that the tightrope walk between technological advancement and security will persist.

Source: Coindesk

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