This week in Forta! Forta’s AI Detected WooTrade Hack in Advance of Exploitation ($4.8M). Forta’s Dune Dashboard is trending! Forta was at EthDenver 2024 discussing how AI will change web3 security! Hacken and Forta team up to defend protocols.
Forta’s AI Detected WooTrade Hack in Advance of Exploitation ($4.8M). On March 5th, 2023, the DeFi world witnessed a sophisticated attack on the WOOFi Swap contract on the Arbitrum network, leveraging the platform’s synthetic proactive market making (sPMM) algorithm. Despite the unfortunate loss, this incident spotlighted the critical role of real-time monitoring and automated incident response, as demonstrated by Forta’s coverage of the attack. Forta’s deep dive details how the exploit unfolded and Forta’s response, highlighting the potential for saving the majority of the funds with an automated response workflow.
Forta was at EthDenver 2024 discussing how AI will change web3 security! Forta made 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 agenda was a talk on critical role of AI-based threat detection in protecting Web3, diving into valuable insights on safeguarding the future of digital interactions.
Forta’s Dune Dashboard is trending! Forta’s newly released Dune dashboard is now one of the most popular on the platform! The dashboard chronicles Forta’s latest growth covering everything from FORT tokenomics, to network metrics, and more! Monitor the leading monitoring network on Dune Analytics!
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.
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