Solidus Labs Taps Forta Network to Enhance Fraud Protections for DeFi Investors
Seattle, WA
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June 15, 2023 09:00 AM Eastern Daylight Time
Decentralized Web3 threat monitoring network Forta Network announced today it was selected by the leading crypto-native market integrity and risk monitoring platform Solidus Labs to complement and enhance its Web3 AML and DeFi Fraud-detection solutions.
The continued growth of DeFi and the Web3 ecosystem depends on platforms that bolster traders’ confidence, keeping them safe from scams and market abuse. But with crypto-fraudsters continually introducing new tactics to get around security measures and with the nascent industry’s dynamic landscape, the challenge of derisking DeFi requires platforms and developers to stay one step ahead.
Utilizing Forta’s Scam Detector will enhance Solidus’ coverage of DeFi scammers, as an integral part of Solidus’ Web3 AML solution, which combats the epidemic of hard-coded rug pulls and other smart contract scams impacting millions of DeFi and crypto investors.
Solidus will ingest data from specific Forta bots, each monitoring on-chain activity for a different threat type, providing real-time intelligence on smart contracts and externally owned accounts (EOAs) involved in scams.
To date, Solidus has already consumed over 100,000 alerts and labels from Forta’s Scam Detector about the perpetrators of malicious activities including phishing attacks, address poisoning, scam tokens, NFT wash trading, and other threats. Forta’s real-time threat intelligence has proven to be a powerful complement to Solidus’ bespoke smart contract monitoring and has strengthened its threat coverage.
The combined effort will enable the immediate detection of a wide variety of smart contract scams across the Ethereum ecosystem, empowering crypto risk and compliance teams to act the moment the scams are deployed. In addition to protecting users, the solution will assist in preventing the flow of illicit funds to centralized platforms, and allow decentralized applications (dApps), and exchanges to transparently flag threats for users or limit access to such scams through their user interfaces.
“Forta helps complement our existing coverage for scam tactics and campaigns, and we’re delighted to work with such a diverse and proactive community of developers committed to derisking DeFi and Web3.” said Ayal Karmi, COO at Solidus Labs. “Solidus’ mission is to enable the potential of DeFi by mitigating its new risks - through a range of solutions like TokenSniffer, Web3 AML, and our DEX-based Insider Trading solutions.”
Read more about the partnership on Forta’s blog.
About Forta Network
The Forta Network is a real-time, decentralized network providing detection services and security monitoring across seven blockchains. Forta detects threats and anomalies on DeFi, NFT, governance, bridges, and other Web3 systems in real time, enabling wallets, protocols and investors to react quickly and proactively neutralize threats to prevent or minimize the loss of funds. Launched in 2021 and backed by a16z, Forta protects the critical infrastructure of Web3 through a decentralized and community-run network, which serves as an early warning system across the ecosystem. To learn more, please visit https://forta.org.
Solidus Labs is the category-definer for crypto-native market integrity solutions - trade surveillance, transaction monitoring, and threat intelligence. Our mission is to enable safe crypto trading throughout the investment journey across all centralized and DeFi markets. As the founder of industry-leading initiatives like the Crypto Market Integrity Coalition and DACOM Summit, and in everything we do, Solidus is deeply committed to ushering in the financial markets of tomorrow. Crypto exchanges, financial institutions and regulators globally rely on Solidus HALO - our real-time, comprehensive, testable, and future-proof platform. Safeguarding their business from known forms of market abuse and a plethora of emerging crypto-specific risks, we enable our clients to grow faster - and safer. To learn more, please visit https://soliduslabs.com.
Contact Details
Colin Landers
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