Avalanche strengthens the security of its own wallet

Avalanche’s cryptographic ecosystem aims to increase the security of its infrastructure by implementing external web3 solutions.

Today, Core, Avalanche’s native wallet developed by Ava Labs, announced a strategic partnership with the provider Blockaid, which offers a range of tools to simulate transactions before actually executing them and prevent cyber scams such as phishing and hacking.

Security is a very important topic within the crypto sector, where hacking activities have been carried out from 2017 to today for a total damage of 8.2 billion dollars.

Let’s look at everything in detail below.

Avalanche Core is partnering with Blockaid to prevent phishing and hacks within its ecosystem

Today, Core, the famous Avalanche cryptocurrency wallet developed by parent company Ava Labs, unveiled an integration with Israeli web3 security solutions provider Blockaid, aiming to make its infrastructure impenetrable and provide users with a useful tool that highlights the presence of danger factors . .

In detail, Blockaid uses highly advanced technology that allows transactions to be simulated before they are executed by the userenabling the identification and prevention of potential fraudulent activities such as phishing attacks, address poisoning and hacks.

One of the biggest current limitations of decentralized non-custodial wallets is that when performing an operation (signature, approve spend, execution, etc.) it is not intuitively clear what is being confirmed unless the underlying code is examined.

It often happens that several individuals get scammed precisely because they end up on malicious sites that invite them to link their wallets and approving seemingly legitimate transactions, but which end up draining all the money in them: see Ledger Connect Kit case.

Blockaid solves this problem thanks to the alert interface that allows every step to be investigated in real time by using the extensive database of web3 threats that the Israeli security company has.

This service has ended also integrated by other similar web3 providers in the past to Avalanche Core such as Coinbase wallet and Metamask, allowing various communities to keep up with the progress and sophistication of cyber scams.

Blockaid’s integration with one of Avalanche’s core infrastructures addresses the needs of the DeFi sector, which has lost $8.2 billion from 20217 to today due to hacks and exploits. More recently, in April 2023, approximately $53 million was stolen from various types of attacks.

The solution just integrated on Avalanche Core has helped other ecosystems in the past protect approximately $7.1 billion, warning of potentially malicious operations for $500 million.

Source: https://www.blockaid.io/

Speaking about the excellent news, Akash Gupta, Head of Consumer Products at Ava Labs, the company overseeing the development of the Avalanche ecosystem, said:

“This partnership with Blockaid represents an important step forward in providing users with security and control without sacrificing speed and ease of use. By integrating advanced security solutions into the Core suite, we ensure users can explore the Avalanche ecosystem and beyond with complete peace of mind.”

Promoting high security and privacy standards within the decentralized finance sector is essential to address new onboarding challenges and truly strive for mass adoption.

Avalanche does it the right way.

Other web3 tools focused on security and privacy

Besides Blockaid, there are many other tools aimed at the security and privacy of web3 transactionswhich can be used by users of Avalanche and other ecosystems.

The most famous is undoubtedly Wallet Guard, an open-source extension for Chrome, iOS and Brave that guides the end user through all cryptographic operations and pop-ups explaining what is being authorized when confirming a smart contract.

Wallet Guard, which also features a useful security dashboard, has protected more than $40 million from scam activity, thanks to its timely alerts about potential fraud and hacks.

Another very interesting service is that of Blowfishavailable on Solana and on 14 EVM networks such as Avalanche, Ethereum, Arbitrum, Base, which thanks to its interface warns users who visit fraudulent web3 sites.

Blowfish also warns if it notices that the contents of a signed tx appear dangerous and explains what is being authorized when signing each smart contract and what funds will be used.

To secure one’s digital finances, the website To withdraw. In cash is necessarywhich allows users to easily delete all previously signed token release approvals through a unified dashboard, avoiding potential complications in the event of a platform hack.

It often happens that when you use a DEX and you need to approve the spending of a token, the authorization is not canceled at the end of the operation, leaving an attack vector for scammers and hackers.

Revoke works on more than 80 decentralized networks, including Avalanche.

Among the other useful services in the field of web3 security, which can prevent cyber attacks and save our finances, we find Stelo, TrustCheck, Fire, Pocket Universe, AegisWeb3 and Web3 Antivirus.