The Good Tech Companies - 1inch Partners With Blockaid To Enhance Web3 Security Through The 1inch Shield

Episode Date: June 20, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/1inch-partners-with-blockaid-to-enhance-web3-security-through-the-1inch-shield. Check more stories related to cybersecurity at: https://hackernoon.com/c/cybersecurity. You can also check exclusive content about #cybersecurity, #1inch, #cyberwire, #press-release, #1inch-announcement, #blockchain-development, #blockchain-security, #good-company, and more. This story was written by: @cyberwire. Learn more about this writer by checking @cyberwire's about page, and for more stories, please visit hackernoon.com. 1inch, a leading DeFi aggregator that provides advanced security solutions to users across the entire space, has announced today the launch of the 1inch Shield. This solution, that is offering enhanced protection against a wide range of potential threats, was completed in partnership with Blockaid.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. 1inch partners with Blockade to enhance Web3 security through the 1inch Shield.by CyberWire. Dubai, UAE, June 20, 2024, CyberNewsWire, minus 1inch, a leading DeFi aggregator that provides advanced security solutions to users across the entire space, Haas announced today the launch of the 1-inch shield. This solution, that is offering enhanced protection against a wide range of potential threats, was completed in partnership with Blockade, a major provider of Web3 security tools. Scam tokens masquerading as legitimate assets have long been creating problems for Web3 users. Now, due to collaboration with Blockade, all tokens of

this kind will be instantly detected and marked, so that users can avoid transacting with these tokens. Greater than speaking about the partnership, Sergey Kunz, co-founder of 1inch, said, the greater than collaboration between Blockade and 1inch is anticipated to set a new standard greater than for security in the cryptocurrency landscape. By combining Blockade's greater-than-innovative security solutions with the 1inch's advanced features, this greater-than partnership aims to enhance user safety and asset protection, contributing to greater-than-the-growth and mainstream adoption of DeFi. Greater-than. The collaboration with 1inch represents a pivotal step forward in our mission greater-than-to-secure the Web3 ecosystem. By integrating our robust security solutions greater than with the 1inch, we are

enhancing the safety of digital assets while fostering greater than trust and confidence among users in the DeFi space. Our joint efforts will greater than pave the way for a more secure and accessible DeFi environment for everyone, greater than said Ido Ben-Naden, co-founder and CEO of Blockade. Blockade acts like an antivirus for Web3, leveraging superior data and machine learning to identify and protect against malicious attackers. The provider with a better data can produce a better product, allowing multiple layers of security for users. Whenever a user connects their wallet to sign a transaction, Blockade provides clear information about what will actually happen when the transaction is executed. Blockade can also simulate any transaction involving a wallet, DApp, or smart contract across multiple blockchains.

What transforms simulation into security is validation. In simple terms, validation involves determining whether a given transaction is malicious or benign, allowing users to transact with confidence. Now, this transaction simulation capacity is used to protect 1inch users. Meanwhile, blockchain users also encounter AML compliance risks. The 1inch shield mitigates these risks by running 24-7 screening of blockchain addresses for ties to sanctions, terrorist financing, hacked or stolen funds, ransomware, human trafficking, and more. Based on the outcome of screening, suspicious addresses are immediately blocked. The screening component is powered by TRM Labs, which uses on-chain and off-chain data to detect

possible security risks. Finally, a blocklisting functionality provided by Etherscan Pro is also included in the 1inch Shield to immediately blocklist suspicious blockchain addresses. The Shield API will be gradually integrated into 1inch products. This API is available on the 1inch developer portal alongside a suite of other cutting-edge tools intended for Web3 developers. About 1INCH is a leading DeFi project empowering Web3 users with innovative blockchain products and solutions. Launched in 2019 at a hackathon in New York City, 1INCH offers users and developers the most secure, reliable, and efficient tools for growing and expanding the Web3 space. Currently,

1INCH Swap is the best DEX aggregator on the market, facilitating cost-efficient and secure crypto swaps across multiple liquidity sources. The 1inch wallet is one of the most user-friendly and secure Web3 wallets. 1inch Portfolio is the most efficient DeFi tracker, providing accurate analytics on the market for numerous DeFi protocols. In line with its active involvement in the community, in 2023, 1inch launched the developer portal, offering an extensive suite of Web3 tools and services. For more information, users can visit https colon slash slash 1inch.io dot contact per lead pavel kruglov 1inch labelspoon dot kruglov at 1inch dot io.

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