Newsletter #52

Article by Forta Network Mar. 1, 2024
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This week in Forta! Hacken and Forta team up to defend protocols. Forta is at EthDenver 2024! Forta powers FailSafe to protect web3 users. Forta’s precompile proposal could change on-chain security forever.

Hacken and Forta team up to defend protocols. Forta’s collaboration with Hacken integrates Forta’s Attack Detector into Hacken’s Extractor platform, significantly enhancing post-deployment security monitoring for Hacken users. This partnership allows for the detection of on-chain threats in real-time, utilizing Forta’s machine learning models and heuristics for early warning signals. Specifically, the data provided by Forta has shown efficacy in detecting 75% of major on-chain hacks in the last months, with 42% identified before any exploitation occurred. This strategic alliance will provide protocols with actionable intelligence to preemptively address vulnerabilities and secure users’ digital assets against potential attacks.

Forta is at EthDenver 2024! Forta is making its presence known at EthDenver 2024, represented by Andy Beal, Ecosystem Lead at the Forta Foundation. On March 28th, Andy participated in Metamask’s panel of security experts, contributing to a thought-provoking discussion, with a recording of the session expected to be released soon. Up next on the schedule is a talk on Friday, March 1st on the Neptune stage. Starting at 12:30 PM, Andy will explore the critical role of AI-based threat detection in protecting Web3, diving into valuable insights on safeguarding the future of digital interactions. Finally, amid the bustling atmosphere of the conference, the Forta Foundation briefly lost Andy’s tracker 👀. Thankfully, a strategically placed FORT bounty ensured his prompt return, showcasing the power of Forta’s community.

Forta powers FailSafe to protect web3 users. FailSafe is now utilizing Forta’s real-time threat intelligence to fuel their automated system for detecting and counteracting wallet threats. FailSafe automatically blocks all transactions with high-risk entities, identified using Forta’s Scam Detector. In a world where a single click on a phishing site can drain a wallet, more automated response solutions, like FailSafe powered by Forta threat intelligence, are needed.

Forta’s precompile proposal could change on-chain security forever. RIP-7614 proposes a new precompile for L2s giving smart contracts more visibility into addresses in the transaction call stack. This additional visibility will enable DeFi protocols to perform robust transaction screening at the smart contract layer, and most importantly… block exploits. The introduction of RIP-7614, enables what Forta is calling “Threat Oracles”, an on-chain blocklist DeFi protocols can leverage to screen for and block malicious activity. Join the discussion on the Magicians Forum and/or on the Arbitrum Forum.

Forta Around the Web

Forta has a new Dune dashboard, check it out!
Watch Andy’s EthDenver talk on Thursday!
Forta’s first non-security bounty