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

The next ICO boom is coming — and it will be better than 2018
Lucas Kiely2 hours agoThe next ICO boom is coming — and it will be better than 2018Thanks to the ICO busts of 2018 and the SEC"s newfound attention for a raft of altcoins, scrutiny of new projects has become much highe
Jed McCaleb’s ‘Tacostand’ XRP Wallet Is Near Empty, After the Ripple Co-Founder Transferred 9 Billion XRP Over the Years
Jed McCaleb"s "Tacostand" XRP Wallet Is Near Empty, After the Ripple Co-Founder Transferred 9 Billion XRP Over the Years Last month, it was reported that the co-founder of Ripple,
Alleged Hydra Administrator Dmitry Pavlov Reportedly Arrested In Russia
Alleged Hydra Administrator Dmitry Pavlov Reportedly Arrested In Russia A district court in Moscow has arrested a man whom local media reports identify as Dmitry Pavlov, alleged ad
Report: Hong Kong Residents Lost More Than $216 Million to Crypto Scams in 2022
Report: Hong Kong Residents Lost More Than $216 Million to Crypto Scams in 2022 According to Hong Kong police, in 2022 there were 2,336 reported crypto scam-related cases in which
Bitfarms stock rises 22% after Q2 loss came out better than expectations
Stephen Katte7 hours agoBitfarms stock rises 22% after Q2 loss came out better than expectationsBitfarms stock had a strong trading session on Aug. 8 amid lower-than-expected losses in its latest quarterly earnings repor
Ertha Metaverse Sells Rome NFT for Record $120k
Ertha Metaverse Sells Rome NFT for Record $120k sponsored Ertha Metaverse looks unstoppable on its path to becoming the industry’s top metaverse. The project is already recog
Bitwise’s amended Ethereum ETF filing says Pantera interested in $100M buy
Ciaran Lyons2 hours agoBitwise’s amended Ethereum ETF filing says Pantera interested in $100M buyAsset management firm Bitwise has disclosed Pantera is interested in buying its upcoming spot Ether ETF, but it could spe
Tim Draper Extends BTC Price Prediction by 6 Months — ‘By Mid-2023, I’m Expecting to See Bitcoin Hit $250K’
Tim Draper Extends BTC Price Prediction by 6 Months — "By Mid-2023, I’m Expecting to See Bitcoin Hit $250K" The American venture capitalist and founder of Draper Fisher Jurvets
NFT Collection Veefriends Physical Collectibles to Debut at Macy’s and Toys’R’Us
NFT Collection Veefriends Physical Collectibles to Debut at Macy"s and Toys"R"Us In recent times, non-fungible tokens (NFTs) and their physical counterparts have started to debut a
Telegram launches in-app browser supporting decentralized websites
Brayden Lindrea7 hours agoTelegram launches in-app browser supporting decentralized websitesThe in-app browser is available on mobile and desktop, making Web3 “immediately” accessible to Telegram"s 950 million users.
Lazarus Group laundered over $200M in hacked crypto since 2020
Zoltan Vardai9 hours agoLazarus Group laundered over $200M in hacked crypto since 2020The notorious group of hackers has used a combination of crypto mixers and peer-to-peer marketplaces to launder the stolen funds.1302
TON Price Jumps 20% Following Positive News On Telegram Founder
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu