Blockfence Partners with a16z-Backed Forta Network to Make Web3 Safer

As the activity on crypto markets is surging yet again after a prolonged bearish recession, scams of all types are on fire. As such, the Web3 segment badly needs reliable and scalable multi-layer security solutions.

Blockfence has entered into strategic cooperation with Forta Network

According to the official announcement shared by Blockfence, it has entered into a long-term strategic collaboration with Forta Network, a decentralized monitoring service backed by Andreessen Horowitz. Forta Network will advance Blockfence infrastructure with its detection modules.

With a toolkit by Forta Network, Blockfence’s plug-in (web extension) will better detect any types of potentially malicious activity in blockchain such as wallet drainers, phishing and other scam campaigns. The cooperation between the two teams is focused on monitoring both on-chain and off-chain data about decentralized applications (dApps).

Omri Lahav, CEO of Blockfence, stressed the importance of the collaboration for both teams and Web3 cybersecurity as a whole on the eve of a new bullish rally:

We are excited to partner with Forta Network to offer our users even more advanced protection against threats to their digital assets. Our advanced web extension combined with Forta Network’s real-time threat detection will enable users to feel confident interacting with Web3 assets.

Since the first days of collaboration, Blockfence’s  plugin will allow its users to rely on Forta Network’s detection tools even without having their noncustodial wallets connected.

1,000+ malicious contracts have already been detected by Forta Network

Andy Beal, Forta Foundation’s ecosystem lead, is sure that the collaboration with Blockfence will result in a more secure Web3 experience for the next generation of DeFi users:

We’re excited to bring Forta’s market leading threat intel to Blockfence and protect more end users from phishing attacks and other scams. By lending mission critical monitoring tools to Web3 security infrastructure projects like Blockfence, the space will become a safer place for all.

In March 2023, the teams started monitoring the crypto segment together. In all, they unveiled 1,009 malicious smart contracts. Out of this monstrous amount, 112 (over 10%) were in the “high risk” and “critical risk” categories.

A total of 58.5% of all smart contracts deemed malicious by Blockfence were also labeled suspicious by Forta Network. This fact underscores that the two teams have a similar methodology and are able to achieve operational synergy.