Solidus Labs Launches Scam Token Detection Service on the Forta Network

Forta is a real-time detection network for security monitoring of blockchain activity. The decentralized Forta Network scans all transactions and block-by-block state changes, leveraging machine learning to detect threats and anomalies on wallets, DeFi, NFTs, bridges, governance and other Web3 systems. When issues are detected, Web3 infrastructure can respond to prevent attacks via transaction screening and incident response.

Solidus Labs, the crypto-native market integrity and risk monitoring platform, has launched their Token Sniffer Rug Pull Detector on the Forta Network.

How it works

The Rug Pull Detector is a Forta detection bot that identifies newly deployed scam tokens. The bot is powered by Solidus’ Token Sniffer service and analyzes newly deployed ERC20 tokens by comparing the smart contract source code and bytecode against a database of thousands of known scam patterns. The bot emits alerts and labels that contain information about the token and the type(s) of scam detected.

The Rug Pull Detector supports 13 EVM networks, including Ethereum, Polygon, BNB Chain and the recently launched Base network.

Target Market

Scam tokens are prevalent, especially on blockchains with lower transaction fees. Solidus Labs’ Rug Pull Detector helps decentralized exchanges (DEXs) and Web3 wallet providers identify scam tokens to either (a) warn their users, or (b) block/hide them from the user experience altogether. It also helps DeFi traders and other crypto market participants steel themselves against rug pull risk.

“There is broad acknowledgement that the industry as a whole needs to do more to identify scams and protect end users. I would encourage any team whose users or UX is negatively affected by scam tokens to use Solidus’ Rug Pull Detector as a data source,” said Andy Beal, Ecosystem Lead at the Forta Foundation.

“As more users seek out DeFi platforms, the need to detect smart contract scams in real-time and shed light on manipulative behavior is vital to accelerate safe adoption and enable crypto’s growth,” said Ayal Karmi, COO at Solidus Labs. ”We’re delighted to deepen our work with Forta and its diverse and proactive community of developers committed to derisking DeFi and Web3.”

Pricing

You can purchase a monthly subscription to Solidus’ Rug Pull Detector on the newly launched Forta App for $899/mo USDC. 

The launch of the Solidus Labs’ Rug Pull Detector coincides with the Forta Network turning on fees. Developers like Solidus Labs earn 100% of the subscription revenue generated by their bots.

About Solidus Labs

Solidus Labs is the category-definer for crypto-native market integrity solutions - trade surveillance, transaction monitoring, and threat intelligence. Our mission is to enable safe crypto trading throughout the investment journey across all centralized and decentralized markets. As the founder of industry-leading initiatives like the Crypto Market Integrity Coalition and DACOM Summit, and in everything we do, Solidus is deeply committed to ushering in the financial markets of tomorrow. Crypto exchanges, financial institutions and regulators globally rely on Solidus HALO - our real-time, comprehensive, testable, and future-proof platform. Safeguarding their business from known forms of market abuse and a plethora of emerging crypto-specific risks, we enable our clients to grow faster - and safer. To learn more, please visit: soliduslabs.com.

About Token Sniffer

Token Sniffer is a smart contract scam detector that has been integrated into HALO - Solidus’ crypto native market integrity suite. Cited by the U.S. Department of the Treasury and in testimony before the Senate Banking Committee, Token Sniffer is an established authority on smart contract screening. To learn more, please visit: tokensniffer.com.

About Forta

The Forta Network is a decentralized network that monitors public blockchains for exploits, scams and other security-related activity. The network generates real-time intelligence used by leading Web3 wallets, centralized exchanges, and DeFi protocols among others. To learn more, please visit forta.org.