Forta’s AI-Powered Threat Detection Unveils a New Frontier in Crypto Security
Camana Bay, Cayman Islands, December 12th, 2023, Chainwire
There is no doubt as to the potential of Blockchain technology. It is poised to reshape finance, government, and trust, igniting a revolution via self-custody and decentralization. Yet, as “blockchain” entered the popular vernacular and prices soared, setbacks clouded its future, challenging both trust and adoption. In 2022 alone, the staggering loss of $3.8 billion due to crypto hacks highlights the drastic state of security within this space. The situation continued in 2023, with $1.89 billion lost in 297 incidents, equating to an alarming $289,000 vanishing every hour, underlining the critical need for higher security standards. Without a working security system in place to catch the bad guys, how can one expect to onboard the next hundreds of millions of users and institutions who are risk-averse?
A new technology is emerging to save Web3. In this vision of the future, AI models are trained to scan each and every transaction, identifying early signs of attacks. Hackers would find themselves frustrated as their attempts fail to elude this impermeable defense layer. This future is unfolding today. By harnessing machine learning to detect scams and hacks before they occur, preemptive incident response becomes a reality. Several projects are currently addressing real-time security, with the Forta Network leading the way with a decentralized approach. Hundreds of Forta agents, powered by machine learning, continuously monitor the blockchain for threats. These agents, known as Forta detection bots, can be integrated with a protocol’s pause function or other custom actions, ready to protect users from scams and hacks. After all, what good is a public ledger of all transactions on a network if there’s no one watching to spot the malicious actors?
Born from the strategic collaboration between OpenZeppelin and a16z, the Forta Network’s mission is to secure Web3 via monitoring, and by doing so enable the ecosystem to reach its full potential. With a cryptoeconomic incentive system based on the FORT token, Forta brings together a community of developers, researchers, and security researchers to create a robust defense network and a suite of solutions. Forta’s threat intelligence targets the most pressing security concerns in Web3 with advanced monitoring capabilities. These specialized threat intel feeds ensure wide coverage against various security challenges. The Network’s dynamic approach enables automated incident response systems via the Attack Detector, and transaction screening capabilities through the Scam Detector.
Forta’s threat intelligence subscribers are in good company with Lido, TRM, Blowfish, Hacken, OpenZeppelin, and dozens of other top projects relying on Forta data. And users have reason to trust Forta, as Forta’s threat detection systems have flagged billions of dollars in hacks in the last two years. A specific hack of note, the $197M Euler exploit, was detected before exploitation by the Attack Detector and could have been prevented. The Attack Detector also flagged the recent Balancer, Curve, Yearn, and SushiSwap hacks as well as dozens of other major attacks resulting in the loss of tens of millions in user funds.
The FORT token plays a pivotal role in the Forta Network integral to the Network’s incentive structure and governance, transforming token holders into active participants in Network resilience and effectiveness. Delegated staking through the FORT token reinforces the Network’s robustness and supports the operation of detection bots by funding the aligned scan nodes that power them. This creates a self-reinforcing system where the interests of token holders align with the Network’s overall health. Further, the Forta Network thrives on its community-driven governance and research, where the FORT token facilitates a rewarding ecosystem for contributors, fostering continuous development and innovation of the Network’s security measures.
Predictive monitoring powered by AI will reshape the Web3 security landscape, bringing a new era of safety and adoption. By utilizing advanced machine learning to predict hacks, cutting-edge monitoring solutions can peer into the future to identify early signs of potential threats in hacks and scams. By integrating threat detection and prevention solutions, the Web3 community doesn’t just safeguard their assets; they join forces in a collective endeavor to create a digital realm that’s not only secure but also free from scams and malicious actors. In this ideal world, Web3 flourishes, unhampered by threats, where trust and innovation drive a thriving, interconnected digital ecosystem.
About Forta Network
The Forta Network is a real-time, decentralized network providing detection services and security monitoring across seven blockchains. Forta detects threats and anomalies on DeFi, NFT, governance, bridges, and other Web3 systems in real-time, enabling protocols and investors to react quickly and proactively neutralize threats to prevent or minimize the loss of funds. Launched in 2021 and backed by a16z, Forta protects the critical infrastructure of Web3 through a decentralized and community-run network, which serves as an early warning system to projects and protocols across the ecosystem.
