This week in Forta! Fees on Forta come one step closer with the introduction of FP-5. The attack simulation bot can also detect hacks before exploitation. Integrate your logic into Forta’s Attack and Scam Detectors. How Forta would have prevented a million dollar scam with a single alert.
Fees on Forta come one step closer with the introduction of FP-5. With the introduction of FP-5, the Forta Network is one step closer to implementing fees, closing the loop on the Network’s cryptoeconomic incentive structure. This milestone ensures that users can continue to rely on Forta’s robust and secure monitoring infrastructure while maintaining a sustainable business model for future growth.The Forta community is highly encouraged to leave feedback on the proposal before Snapshot voting begins soon.
Get real-time alerts to prevent attacks. Prevent reentrancy, flashloan, and other attacks to your smart contracts with the Attack Detector, a detection bot that combines past alerts under a common address to emit a high precision alert of an attack. Simply visit the Forta App and subscribe to “Monitor Smart Contracts” to get protected.
Attack simulation bot can also detect hacks before exploitation. As part of a recent community development effort, the new attack simulation bot can not only simulate attacks but also detect potential hacks before they can be exploited (like Forta’s malicious contract bot). The bot works by detecting the deployment of smart contracts containing an exploit function. It uses a simulation-based approach to predict the result of function execution within a local blockchain fork and tracks any changes in balances of EOAs and the attacker’s contract. Impressively, the attack simulation bot was recently able to detect a $30k hack a full four minutes before the attack function was called. This early detection capability provides yet another added layer of security for the Network, empowering users to take proactive measures and protect their digital assets from malicious actors.
Integrate your logic into Forta’s Attack and Scam Detectors. The Forta Network is committed to fostering a collaborative ecosystem, and encourages developers to integrate their own logic into the Attack and Scam Detectors. By pooling resources and sharing intelligence, a more robust and secure environment can be created for everyone in Web3. To learn more about integration and view the comprehensive checklist, check out Forta’s latest blog.
How Forta would have prevented a million dollar scam with a single alert. In a recent scam, a single transaction cost one user over $1 million (492 ETH). Had the user been using Blockfence’s transaction screening extension powered by Forta’s advanced monitoring capabilities, they would have been alerted to the scam EOA and been able to avert this unfortunate incident. This further proves that adopting active transaction screening and allowing for user intervention is a critical step that must be taken for self custody to solutions to reach a mainstream audience.
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