Fun

Blockaid says it caused crypto drainer to shut down, defends against claims of 'false positives'

News Feed - 2024-04-26 03:04:00

Christopher Roark5 hours agoBlockaid says it caused crypto drainer to shut down, defends against claims of "false positives"The team defended itself against claims of excessive false positives, suggesting it was so effective that it caused a crypto drainer to give up in frustration.2081 Total views3 Total sharesNewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBlockaid’s Web3 security platform has caused at least one crypto drainer to shut down in frustration, according to an April 25 X post by the service provider. Blockaid also defended itself against claims that it has too many “false positives,” stating that a service with zero false positives will always allow some malicious apps to drain users" funds.


Blockaid is a developer of security software that attempts to recognize malicious smart contracts on Ethereum Virtual Machine (EVM) networks, including Ethereum, BNB Chain, Polygon, Arbitrum, and others. It is integrated into multiple wallets and apps, including MetaMask, Coinbase wallet, Open Sea, Zerion, and others. When users attempt to transact with a contract that Blockaid identifies as malicious, these wallets and apps warn users that their funds may be drained if they interact with it.


Blockaid posted an image showing a purported announcement from a crypto drainer service that had been used in the past to steal crypto. The announcement claimed that “[W]e have shut down because of Blockaid and the low hit-success rate.” The crypto drainer team suggested that thieves should stop using networks that are popular with Blockaid users, as they"re just not profitable anymore. “I suggest draining on the Bitcoin network or maybe using a SOL drainer with the blowfish bypass,” the drainer team stated. Blockaid’s software is currently not compatible with the Solana and Bitcoin networks.Crypto drainer reportedly quits because of Blockaid. Source: Blockaid.


This post was part of a larger thread related to “false positives,” or cases where a security service accidentally flags legitimate apps as malicious. In the thread, Blockaid acknowledged that it sometimes mistakenly flags legitimate apps. However, it claimed that this only happens in 0.0002% of attempted transactions. The team argued that achieving a false positive rate of zero is not a worthy goal, as this can only be achieved by allowing some malicious apps to bypass filters and drain users of funds. It stated:“The statistical nature of these systems means that we have to work towards striking a balance: having zero false positives inevitably means that malicious transactions will get through the defenses, resulting in easy to develop bypasses, and ultimately not disrupting the drainer economy.”


Even so, Blockaid said it wants to further reduce false positives. Blockaid announced that it is opening a new web portal that will allow users and developers to report these mistakes, which it hopes “will allow for finding and fixing false positives as fast as possible.”


Related:ERC20 wallet drainer receives UK business registration


Web3 users lost more than $300 million to crypto drainers in 2023, according to a report from Web3 security platform Scam Sniffer. In October, Blockaid announced that its service had been integrated into Web3 wallet MetaMask, which has more than 30 million users. On March 13, Coinbase wallet also announced that it had quietly integrated the service into its wallet five months earlier.# Security# Smart Contracts# Ethereum# Adoption# Cybersecurity# Scams# DeFiAdd reaction

News Feed

US private investors predict surge in crypto investments in 2024 — Report
Ana Paula Pereira2 hours agoUS private investors predict surge in crypto investments in 2024 — ReportA survey by law firm Barnes & Thornburg found that 59% of US private investors are more likely to invest in crypt
While the Global Economy Shudders, Andreessen Horowitz ‘Excited’ to Invest $500M Into the Crypto Industry
While the Global Economy Shudders, Andreessen Horowitz "Excited" to Invest $500M Into the Crypto IndustryThe private venture capital firm Andreessen Horowitz (a16z) has announced th
Bitcoin targets $70K as stablecoin inflows and China stimulus boost rally
Josh O"Sullivan11 hours agoBitcoin targets $70K as stablecoin inflows and China stimulus boost rallyBitcoin has surged past $65,000, boosted by China’s stimulus measures and stablecoin inflows.4128 Total views8 Total s
LBank Exchange Will Launch Innovation Zone for Better User Experience
LBank Exchange Will Launch Innovation Zone for Better User Experience press release PRESS RELEASE.LBank Exchange is an innovative crypto assets trading platform with 6.4 million glo
France’s Le Maire Attacks Facebook’s ‘Political’ Ambitions With Libra
France’s economic and finance minister says Libra is “unacceptable,” calling it an intrusion into the state’s political sovereignty. Writing in a Financi
Leading European and Ukrainian Charity Foundations Announced Their Participation in the World’s First Innovative ChariFi’s Project – the Zelenskiy NFT, Developed by the IamUkraine Studio
Leading European and Ukrainian Charity Foundations Announced Their Participation in the World"s First Innovative ChariFi"s Project - the Zelenskiy NFT, Developed by the IamUkraine Studio press release
Metallica’s X account hacked to promote crypto token
Tom Mitchelhill7 hours agoMetallica’s X account hacked to promote crypto tokenThe official X account for Metallica was hacked, and exploiters posted about a Solana token dubbed METAL.3636 Total views6 Total sharesListe
Attacker Hacks Arbitrum’s Treasure DAO for Over 100 NFTs by Leveraging Marketplace Exploit
Attacker Hacks Arbitrum"s Treasure DAO for Over 100 NFTs by Leveraging Marketplace Exploit A non-fungible token market platform built on top of Arbitrum called Treasure DAO was hac
Publicly Listed Energy Firm Equinor Exploits Gas Flaring in North Dakota to Mine Bitcoin
Publicly Listed Energy Firm Equinor Exploits Gas Flaring in North Dakota to Mine BitcoinJust recently, the firm Arcane Research recently revealed a number of screenshots from the pu
Survey: Investors Expect Bitcoin’s Price to Fall to $10,000
Survey: Investors Expect Bitcoin"s Price to Fall to $10,000 A new survey shows that the majority of nearly 1,000 investors who responded expect bitcoin’s price to drop to $1
Arkansas house passes bills restricting crypto mining
Amaka Nwaokocha3 minutes agoArkansas house passes bills restricting crypto miningMuch of the debate surrounds whether Act 851 should be changed and how specific those changes should be.20 Total viewsListen to article 0:0
Is Solana In A Macro Trend Move? Charts Show Potential Shift
Este artículo también está disponible en español. Solana (SOL) is trading at its lowest price level since September 2024, as the entire crypto market struggles with fear