Cryptocurrency-related security has become an increasingly pressing issue in the Web3 era. In order to ensure that blockchain-based platforms and applications are protected from cyber threats, security companies have been offering various solutions. One of the latest solutions to require attention is SafeTransact, a decentralized finance (DeFi) protocol for cryptocurrency onboarding, launched by PureFi, which allows users to be “notified when activities on a blockchain are suspicious.”

SafeTransact works by examining each transaction and displaying potential high-risk activities to the user. In particular, the system considers the data of senders and receivers, as well as the number of tokens involved in the transaction in order to determine the risk. Other data the system typically pays attention to includes DEX addresses, tokens in and out, and amounts sent, in the case of swap transactions.

A recent Chainalysis report has found that the DeFi industry has the highest number of hacks and data breaches. As a result, developers in this sector have been striving to create solutions that will help users to navigate securely in the Web3 environment. Security companies are looking for ways to audit Web3 applications in order to identify and eliminate vulnerabilities, as well as to develop blockchain-specific tools to detect and prevent cyber-attacks. As a result, many resources are being directed towards initiatives related to secure coding practices and to the implementation of secure solutions for Web3 transactions.

Overall, cyber security firms are continuously innovating and developing new approaches to improve the current security standard of Web3 transactions. SafeTransact is one of the solutions that has been put forward by PureFi, but it is not the only one. Although North Korean hackers have been making headlines with their malicious activities, resources are being directed to secure cryptocurrency technologies, which will help to protect users’ funds.



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