Blockaid and 1inch have joined forces to enhance security across multiple chains in the Web3 space. In a partnership announcement, Blockaid, a web3 security provider, revealed that they have launched a privacy-preserving module in collaboration with 1inch, a decentralized finance (DeFi) project. This module allows for the simulation of transactions without sharing every transaction and signature request with external parties.
The integration of Blockaid’s security features into the 1inch ecosystem aims to improve user protection against fraud and cyber threats. The partnership will introduce a comprehensive security solution called 1inch Shield, which will enable the instant detection and marking of scam tokens posing as legitimate assets. This will help users avoid transacting with fraudulent tokens.
The Shield API, an all-in-one solution, will gradually be integrated into 1inch products and can also be integrated into any Web3 application, including decentralized applications (dapps), wallets, and exchanges. The integration of these features will provide millions of users with real-time warnings about potential security risks associated with their DeFi transactions.
The Blockaid integration will be available to all 1inch users and will support major chains such as Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, Avalanche, and more. The partnership comes at a critical time, as recent data from crypto-focused bug bounty platform Immunefi revealed that Web3 lost over $53 million to hackers in April 2024.
Blockaid and 1inch emphasized the need for advanced security measures within the Web3 ecosystems, noting that attacks on crypto wallets are becoming more sophisticated. However, Blockaid’s privacy-preserving security features leverage innovative technology to simulate transactions before execution, effectively identifying and preventing fraudulent activity without compromising user privacy.
Ido Ben-Natan, the CEO and co-founder of Blockaid, expressed that the collaboration with 1inch enhances the safety of digital assets and fosters trust and confidence among DeFi users. Sergej Kunz, the co-founder of 1inch, added that the partnership will set a new standard for security in the crypto landscape, contributing to the growth and mainstream adoption of DeFi.
1inch, launched in 2019, offers users and developers secure, reliable, and efficient tools. Its product lineup includes 1inch Swap, 1inch Wallet, 1inch Portfolio, and the Developer Portal. Blockaid, founded in 2022, aims to provide security by preemptively validating all transactions. Its suite of tools safeguards integrated wallets and dapps, protecting them from fraud, phishing, and hacks.
Blockaid has raised $33 million from major venture capital firms in cybersecurity, fintech, and Web3, including Ribbit, Variant, Cyberstarts, Sequoia, and Greylock. The partnership between Blockaid and 1inch is expected to set a new standard for security in the crypto industry and contribute to the widespread adoption of DeFi.