Blockaid and 1inch Partner to Enhance Security Across Multiple Chains

Web3 security provider Blockaid has announced a partnership with DeFi project 1inch .

The two have launched a privacy-preserving module that simulates transactions without sharing every transaction and signature request with external parties.

Therefore, 1inch will integrate Blockaid’s security features into its ecosystem to improve user protection against fraud and cyber threats across the Web3 space.

According to the press release shared with Cryptonews, 1inch Shield is a comprehensive security solution. Thanks to it, scam tokens posing as legitimate assets will now be instantly detected and marked, it said.

This enables users to avoid transacting with fraudulent tokens.

The Shield API (application programming interface), as an all-in-one solution, will gradually be integrated into 1inch products.

Additionally, it can also be integrated into any Web3 application, including dapps, wallets, and exchanges.

“By integrating these features into the 1inch ecosystem, millions of users will receive real-time warnings about potential security risks associated with their DeFi transactions,” the companies said.

The Blockaid integration will be available to all 1inch users.

It will support major chains, including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, Avalanche, and more.

Preemptive Strike

There is a “critical need” for advanced security measures within the Web3 ecosystems, the announcement stated.

Crypto-focused bug bounty platform Immunefi found that Web3 lost over $53 million to hackers across 21 incidents in April 2024.

Blockaid and 1inch noted that the attacks on crypto wallets are becoming more sophisticated as well.

However, they noted that Blockaid’s “privacy-preserving security features leverage innovative technology to simulate transactions before execution.”

This way, they identify and prevent fraudulent activity – including phishing scams and hacks – without compromising user privacy.

Blockaid CEO and co-founder Ido Ben-Natan commented that the collaboration with 1inch improves the safety of digital assets while fostering trust and confidence among DeFi users.

Sergej Kunz, co-founder of 1inch, added that the collaboration will set a new standard for security in the crypto landscape. This will help the growth and mainstream adoption of DeFi.

Meanwhile, 1inch was launched in 2019. It offers users and developers “the most secure, reliable, and efficient tools,” it said.

Its products include 1inch Swap, 1inch Wallet, 1inch Portfolio, and the Developer Portal.

Founded in 2022, Blockaid aims to provide security by preemptively validating all transactions.

Its suite of tools safeguards integrated wallets and dapps – like MetaMask, OpenSea, Zerion, and Rainbow – from fraud, phishing, and hacks.

The company has raised $33 million from major venture capital firms in cybersecurity, fintech, and Web3, including Ribbit, Variant, Cyberstarts, Sequoia, and Greylock.