Blockaid’s cutting-edge Web3 security platform has recently forced a notorious crypto drainer to throw in the towel out of sheer frustration, as reported in an X post by the service provider on April 25. Addressing concerns about the platform generating too many “false positives,” Blockaid defended itself by explaining that a security service with a flawless record would inadvertently allow certain malicious applications to drain users’ funds.
Blockaid specializes in the development of security software designed to identify malicious smart contracts within Ethereum Virtual Machine (EVM) networks such as Ethereum, BNB Chain, Polygon, Arbitrum, and others. This innovative solution has been successfully integrated into various wallets and applications, including MetaMask, Coinbase wallet, Open Sea, Zerion, and more. Whenever users attempt to interact with a contract flagged as malicious by Blockaid, these wallets and apps immediately issue warnings to alert users about the potential risk of fund depletion.
One of Blockaid’s recent posts featured an image showcasing an alleged announcement from a notorious crypto drainer service that had previously been involved in crypto theft. The announcement cited Blockaid and its low success rate as the primary reasons for the drainer service shutting down. In response, the crypto drainer team advised fellow thieves to steer clear of networks popular among Blockaid users, as they are no longer profitable. “Perhaps consider draining on the Bitcoin network or utilizing a SOL drainer equipped with the blowfish bypass,” suggested the drainer team. However, it should be noted that Blockaid’s software is not currently compatible with the Solana and Bitcoin networks.
This post was part of a broader discussion centered around “false positives,” where security services mistakenly flag legitimate applications as malicious. In this context, Blockaid openly acknowledged that it occasionally misidentifies legitimate apps. Nevertheless, the company emphasized that such occurrences only transpire in a mere 0.0002% of attempted transactions. Blockaid argued that striving for a false positive rate of zero is not a worthwhile objective since achieving it would necessitate allowing some malicious apps to bypass filters and drain users’ funds. The company stated:
“While we continuously strive to minimize false positives, we recognize that achieving a perfect record is not realistic. To address this, we are excited to announce the launch of a new web portal that will enable users and developers to report any mistakes promptly. We believe this initiative will facilitate the swift identification and resolution of false positives.”
In a related development, a report from Web3 security platform Scam Sniffer revealed that crypto drainers had inflicted losses exceeding $300 million on Web3 users in 2023. Blockaid’s integration into the Web3 wallet MetaMask, boasting a user base of over 30 million, was announced in October. Furthermore, on March 13, Coinbase wallet discreetly disclosed that it had integrated Blockaid’s service into its wallet five months prior.