According to a report from Privacy Affairs, hackers stole $4.3 billion worth of cryptocurrency from January to November 2022, a 37% increase from the previous year.
Web3 Builders announced on Feb. 2 that it has created a suite of tools to combat such exploits that damage the integrity of companies and fuel skeptics outside the space in their criticism of cryptocurrencies.
Originally created to flag Web3-related scams, TrustCheck now includes Web3 Builders transaction checkers, website checkers, and smart contract checkers.
According to Ricky Pellegrini, CEO of Web3 Builders, this is a pivotal moment for the industry.
The Web3 space is still plagued by scams and fraud, which is an unfortunate fact.”
The tools scan nearly 30 million suspicious domains daily and check 55 million Ethereum smart contracts for vulnerabilities.
Even in the last month, the suite of tools discovered dozens of scams on popular platforms, marketplaces, and exchanges.
A slew of new attacks have been exploiting millions of dollars from the space, including one on Feb. 1, when an Oracle hack resulted in the BonqDAO protocol losing $120 million.
It was reported last week that hackers compromised Azuki’s Twitter account and stole $758K in just 30 minutes. Robinhood’s Twitter account was also compromised on Jan. 25, during which hackers tried to promote a scam token.
Keeping assets safe requires understanding what’s happening with your transaction, said Nicholas Horelik, web3 Builders’ technical co-founder and chief blockchain officer.
In order to ensure their customers’ safety in Web3, businesses should implement solutions like these to ensure their end users have this functionality on whatever platform they choose.”
The Wormhole hacker moved $155 million of the $321 million stolen on Jan. 24, the biggest shift in stolen funds in months.