Blockaid CEO Ido Ben-Natan told Cointelegraph that the product allows developers to integrate the solution through an API, avoiding the need to develop security measures from scratch.
Decentralized finance (DeFi) platform 1inch announced a collaboration with Web3 security provider Blockaid to upgrade security measures within its ecosystem.
On June 20, 1inch Network revealed its aim of identifying and preventing fraudulent activities like phishing scams and hacks. In an announcement, the DeFi platform highlighted that Blockaid’s security features, which simulate transactions before execution, will play an integral role in enhancing DeFi security.
The announcement highlighted the urgent need for security enhancements in the DeFi space. Citing the millions in crypto assets lost from malicious attacks in April 2024, the two companies argued that Blockaid’s security measures could help combat the rising tide of fraud and cyber threats.
