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Decentralized finance (DeFi) users have expressed significant anxiety over the system’s vulnerability to exploitation. According to research published by Privacy Affairs, cybercriminals stole $4.3 billion worth of bitcoins between January and November 2022, up 37% over the previous year’s total.
Organizational integrity is harmed as a result of these exploits, and opponents from outside the cryptocurrency industry are given more ammunition to make their arguments against cryptocurrencies. However, in an announcement made on February 2nd by Web3 Builders, the company disclosed a set of tools that can be used to solve this problem.
The first version of TrustCheck was developed as a browser plug-in to identify Web3-related fraudulent activity before users continue to engage with it. This new suite of tools is expanded to include a transaction checker, website checker, and smart contract checker all built using Web3 Builder.
According to Ricky Pellegrini, Chief Executive Officer of Web3 Builders, now is an important time for the industry to show they can be trusted.
Scams and fraudulent activity are unfortunately still prevalent in the Web3 domain, which is a sad reality.
According to the statement, the tool performs daily vulnerability checks on around 55 million Ethereum smart contracts and scans nearly 30 million potentially malicious URLs.
He went on to claim that even in the past month, the suite of tools exposed dozens of scams advertised on leading platforms, marketplaces and exchanges. He said this was the case even though the latest month was the latest month.
Over the past week, there has been an increasing number of attacks designed to steal information from millions of users. This includes an incident that occurred on February 1 where the BonqDAO protocol suffered a loss of 120 million dollars due to an oracle compromise.
Azuki’s Twitter account was hacked a week earlier, and the thieves made $758k in just half an hour. On January 25, criminals gained access to the Twitter account of financial services platform Robinhood and attempted to spread the word about cryptocurrency scams.
According to Nicholas Horelik, technical co-founder and chief blockchain officer at Web3 Builders, having a good understanding of what’s going on with your transactions is absolutely necessary to keep your assets safe.
“End users should have this capability on whichever platform they choose, and enterprises should adopt solutions like this to ensure the safety of their consumers on Web3,” said one researcher.
Wormhole hackers moved $155 million out of a total of $321 million taken on January 24, which was the largest relocation of stolen assets witnessed in months. The total amount of money stolen was $321 million.
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