This week in Forta! Forta selected by Metamask to build security Snap for the platform. A Forta deep dive shows soft rug pull scammers are becoming increasingly sophisticated. Forta’s Scam Detector’s progress continues with the aim to detect all end-user attacks. Forta and Eleos Labs join forces to elevate Web3 security.
Forta selected by MetaMask to build security Snap for the platform. Thanks to a $24,000 grant from the MetaMask Grants DAO, Forta will soon power a security Snap for the wallet provider that can protect millions of users from thousands of scams. By integrating natively with the largest Web3 wallet, Forta’s threat intelligence will stop scams on day 0 and prevent billions of losses for end users.
A Forta deep dive shows soft rug pull scammers are becoming increasingly sophisticated. In a soft rug pull, scammers create a token and persuade users to buy it, often using hype and false promises of high returns. Once the token’s price has surged, the scammer withdraws all liquidity, leaving the token worthless. A recent example is the DZOO scam, which was identified by Forta on the day it was launched. Explored in Forta’s most recent blog, the scammer invested $1.3M in their own capital to finance the scam and used a network of bots to pump up the pool’s price.
Forta’s Scam Detector’s progress continues with the aim to detect all end-user attacks. By the end of July, the Scam Detector will ingest 15+ coverage vectors to protect Web3 users. Join the discussion on the Forta forum to suggest what scam coverage should be added next.
Forta and Eleos Labs join forces to elevate Web3 security. The collaboration aims to develop a comprehensive suite of security solutions to safeguard digital assets and ensure the safe operation of decentralized platforms. Forta’s Scam Detector will power FailSafe, Eleos Labs’ anti-theft and fraud suite. When a user encounters a scam detected by Forta, the FailSafe system will attempt to reject the transaction outright. If a user has fallen for a scam, FailSafe’s countermeasures will engage and attempt to front-run the attacker in order to return funds to the user. In the coming months, Eleos Labs’ tools will be available to the public.