Forta Newsletter #32

This week in Forta! The Forta community overwhelmingly votes to introduce fees to the network. Forta’s Attack Detector detected 80% of all publicly disclosed hacks in April. Discovering scam networks with new Forta powered deep learning models. Fortifying ZenGo’s Wallet with Forta’s Scam Detector.

The Forta community overwhelmingly votes to introduce fees to the network. Last Friday, FP-5 was approved via Snapshot with a total of 96% “yes” votes. The proposal was a monumental step forward for the Network as it will introduce fees in the coming months. Fees on Forta can be paid out in USDC and FORT, and both general and specialized plans will be available. With the passing of FP-5, Forta’s cryptoeconomic engine will be fully vitalized, creating a healthy and unique business model that will reward Forta Network participants.

Forta’s Attack Detector detected 80% of all publicly disclosed hacks in April. Of all the publicly disclosed hacks as recorded by Rekt and Blockthreat, 10 attacks out of 13 were discovered by Forta’s Attack Detector, many before exploitation. A total of $26M was stolen during these hacks with the majority coming from Yearn, Hundred Finance, and SushiSwap respectively. A full list of the detected April hacks can be found in Forta’s tweet thread on the subject. 

Discovering scam networks with new Forta powered deep learning models. Scammers often use multiple EOAs to obfuscate their identity and coordinate their attacks and money laundering, making tracking them a difficult and multilayered task. But thanks to advancements in machine learning, Forta can now untangle the complex web of scammer accounts via a semi-supervised graph neural network model connected to a Forta detection bot. Learn more about this fascinating development in the corresponding Forta blog.

Fortifying ZenGo’s Wallet with Forta’s Scam Detector. Inside Forta’s latest blog, ZenGo’s Forta integration is explored, providing a useful example for other wallet providers. Forta’s Scam Detector provides valuable data to ZenGo, enabling advanced transaction screening where users are alerted of potential scam before they sign a transaction. Integrating Forta powered transaction screening across all wallets would save end users hundreds of millions of dollars each year. ZenGo is leveraging Forta to bolster security for over 800,000 users, and aims to continue doing so as their security minded user base grows.

Forta Around the Web:

- PEPE scams are running wild
- Forta presents Coinbase Institutional webinar
- LAND hack detected 51 minutes before exploitation