Newsletter #47

Article by Forta Network Dec. 15, 2023
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This week in Forta! Can AI-based threat monitoring save Web3? Another day, another six figure scam loss. Keeping in mind quality control and effectiveness in threat prevention.

Can AI-based threat monitoring save Web3? In 2023, $1.89 billion evaporated from Web3 due to hacks and scams. The security problem in Web3 has become dire, something needs to change or long term adoption is at risk. Without a working security system in place to catch the bad guys, how can it be expected to onboard the next couple hundred million risk averse users and institutions? Enter Forta, with the development of AI-powered predictive monitoring, hacks and scams are about to be a thing of the past. Read the blog to find out how Forta is the answer to Web3’s biggest problem.

Another day, another six figure scam loss. On December 7th, a user was conned into signing an “increaseAllowance” transaction resulting in a loss of 113 stETH ($268k). Phishing attacks and 15+ other scam types are covered by Forta’s Scam Detector. Forta’s Scam Detector flagged this incident as soon as the contract was deployed, all stolen funds could have been saved. Scammers win again, but it doesn’t have to be this way, wallet providers who leverage Forta’s Scam Detector can protect their users from future attacks.

Keeping in mind quality control and effectiveness in threat prevention. In the world of incident response, “false positive” is a dirty word. When discussing automated incident response many protocols are skeptical given that false positives can potentially trigger an unnecessary protocol pause costing. But when using Forta’s Attack Detector, most protocols would see a 0% false positive rate when utilizing filter alerts. Learn more about this misperceived risk in Forta’s latest blog.

Forta Around the Web

Forta’s $1,000 hiding behind proxy bounty is still open!
Token Terminal explores the world of Web3 monitoring with Forta’s Andy Beal
Forta researcher to CoinTelegraph: “Security audits ‘not enough’ as losses reach $1.5B in 2023”