Blockfence and Forta Network Partner to Protect Web3 User Funds

Summary:
• Forta Network provides real-time tracking and Blockfence alerts users of potential risks before they confirm transactions.

Blockfence, a security aggregation provider, is partnering with Forta Network, a distributed monitoring network that focuses on detecting and preventing Web3-based threats. Together, Web3 and Forta aim to improve user safety by spotting malicious Ethereum smart contracts on the latter’s monitoring platform.

The partnership will analyze and map the whole Web3 ecosystem, including on-chain and off-chain information. Blockfence adds layers of security analysis to this information using proprietary methods and strategic partnerships like its integration with Forta Network. The company says that the combination of its cutting-edge web extension and Forta Network’s real-time threat detection will give customers peace of mind when interacting with Web3 assets.

Blockfence CEO Omri Lahav was enthusiastic about the partnership, saying, “We are excited to partner with Forta Network to offer our users even more advanced protection against threats to their digital assets.”

How the integration cushions Web3 users

Blockfence is an end-to-end user protection and fraud detection platform that aggregates and abstracts security data. Forta Network, on the other hand, is a decentralised, real-time network that monitors security and conducts detection services across seven different blockchains.

Blockfence is now in a position to offer real-time threat protection by integrating Forta Network’s monitoring layer into its core offering. Users can leverage Forta Network’s threat monitoring features without exposing their wallet addresses by installing the free, open-source and anonymous Blockfence browser extension.

Since March 2023, when the Forta integration was first introduced, users have been protected from 1,009 fraudulent smart contracts via the BlockFence Chrome addon. Forta alone was able to detect 105 “High Risk” and 7 “Critical Risk” cases.

With the new integration, Blockfence says that its customers will be safer from scams like phishing and wallet drainers. The Blockfence browser extension warns users of potential security risks whenever they try to confirm a transaction in their wallets, giving them more control over their finances and a safer overall experience.