1inch, a decentralized finance (DeFi) platform, has revealed a partnership with Web3 security provider Blockaid to bolster security measures in its ecosystem.
The collaboration, announced on June 20, aims to identify and prevent fraudulent activities such as phishing scams and hacks within the DeFi space. 1inch emphasized the importance of enhancing security measures in light of the millions of crypto assets lost in malicious attacks in April 2024. The platform highlighted Blockaid’s security features, which simulate transactions before execution, as a crucial tool in combating fraud and cyber threats.
As part of the collaboration, 1inch has introduced the 1inch Shield, a security solution developed in partnership with Blockaid. This system is designed to detect and flag scam tokens, providing users with protection against fraudulent transactions. These security features will be integrated into the broader DeFi ecosystem, offering real-time warnings about potential security risks across major blockchain networks, including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche.
Ido Ben-Natan, co-founder of Blockaid, emphasized the significance of the collaboration, describing it as a pivotal step in securing the Web3 ecosystem. The Shield application programming interface (API) will be gradually integrated into 1inch products and is adaptable for any Web3 application, including decentralized applications (DApps), wallets, and exchanges.
Sergej Kunz, co-founder of 1inch, stated that the partnership aims to benefit the broader DeFi ecosystem by setting a new standard for Web3 security. According to Kunz, the collaboration leverages the strengths of leading providers and combines them with additional AML compliance screening and labeling functionalities from other top vendors.
Blockaid CEO also highlighted the importance of this approach in protecting Web3 users from various threats, including scams, malicious attacks, and compliance risks. This collaboration represents a significant advancement in Web3 security and aims to provide users with a secure and reliable DeFi experience.