Web3 security startup Blockaid integrated its technology into Core wallet to safeguard nearly $1 billion in assets deposited on L1 blockchain Avalanche.
Avalanche’s native wallet Core has directly integrated Blockaid’s privacy-preserving security systems to mitigate sophisticated threats like hacks and phishing scams. Blockaid’s technology will help simulate transactions and spot malicious activity before final execution on decentralized networks like AVAX.
Avalanche’s Core wallet users could also benefit from the provider’s real-time alerts and extensive security database, which has been updated to include evolving attack vectors, bad actor operations, and defi vulnerabilities.
Tapping Blockchain for on-chain security
Core’s collaboration with Blockaid to protect assets on Avalanche and the DeFi ecosystem comes at a time of growing crypto security concerns. Protocols and crypto providers have suffered over 120 hacks so far this year. In April alone, hackers stole more than $53 million in digital assets.
Blockaid CEO Ido Ben-Natan stated the security shop will bring its expertise from safeguarding more than $7 billion in virtual currencies to Avalanche and Core.
The firm has also reportedly stopped 1.3 million individual on-chain attacks. According to Ava Labs’ head of customer products, Akash Gupta, the announcement represents a giant step toward ensuring that “users can explore the Avalanche ecosystem and beyond with peace of mind”.