TrustCheck: Web3 Builders Inc. announced the launch of a “free” cybersecurity tool to protect users from crypto scams, hacks and frauds. This is because the incidents of online piracy have increased rapidly in 2022. Hackers have stolen more than $2 billion in crypto this year.
TrustCheck Tool is a Chrome browser plug-in. It alerts crypto users when suspicious activity is detected on their desktop computer or laptop.
Ricardo Pellegrini is the CEO of Web3 Builders, which created the plugin. “First, it detects known scam sites and will alert and redirect the user to safety,” Pellegrini told BeInCrypto. “Second, if a site is not identified as a known scam, TrustCheck checks the source code of the site for wallet drainer code.”
“When these are detected, the user is similarly warned and redirected to security.” TrustCheck also analyzes data from “thousands of scams and millions of wallets” through machine learning to prevent fraudulent transactions.
“It then shows the user the result of what is about to happen in the transaction and shows an alert in the event that it detects something closed. Users are free to decide whether to stop or proceed with the transaction, Pellegrini said.
Web3 Builders: What is it?
Web3 Builders Inc. is made up of a group of Ethereum decentralized applications (dApps) developers from various backgrounds. This includes builders from places like Harvard, MIT, Coinbase and Amazon Web Services. It calls for offering B2C and B2B software solutions.
“We are freelancers who have met online since 2017 collaborating on various decentralized projects,” the team said on its website. Previously, the organization built staking platform Stake MRI, non-fungible token standard ReserveETH, DeFi platform StaticPower, and others.
On Tuesday, Web3 Builders announced the raising of $7 million in seed funding from Rode Capital, OpenSea Ventures and other crypto venture capitalists, according to a statement shared with BeInCrypto.
According to Pellegrini, TrustCheck helps prevent Ethereum-based wallet drainer transactions, risky permission approval grants and pulling the rug. It also deals with “dangerous signature requests, looping spam transactions” and others.
Once the security tool is installed, users are not required to take any further action to prevent an attack from occurring. “That’s why we call the product ‘zero-click’..it will run in the background,” Pellegrini said.
“If a user visits a known phishing website with a wallet drainer code, it will issue an alert. If a user attempts a dangerous transaction … TrustCheck can detect this, and notify the user.” They could, for example, allow all NFTs to be transferred from their wallets.”
Crypto Hacks Top $2 Billion in 2022
The Trustcake security tool comes as the incidents of crypto theft have increased exponentially in 2022.
Blockchain Security Company PeckShield They say Hackers have stolen more than $2.32 billion in more than 135 exploits from the decentralized finance (DeFi) industry so far this year. This figure is 50% higher than the thefts from the entire region in the whole of 2021.
Over the years, online thieves have used a variety of tactics to get their job done. The REKT database says the most commonly used methods of attack include honeypots, exit scams, exploits, access control and flash loans. A large number of hacks happen at the protocol level.
As the crypto market continues to grow, so too are incidents of theft. First time crypto investors or users are usually at risk. Experts speak regularly about what retail investors can do to make their money as safe and secure as possible.
Users with self-hosted cold wallets—a type of wallet that is not connected to the Internet—are advised to “never let anyone know your wallet’s private key.”
Users have also been cautioned against using unsecured Internet connections while transacting on personal devices such as mobile phones and tablets. Oleg Belousov, CEO of digital asset exchange N.Exchange, previously told BeInCrypto:
“Believe it or not most people send their money to scammers on their own terms, which means that social engineering (phishing) and high-yield investment programs are accountable for 90% or more of the scams that newcomers are falling prey to.”
TrustCheck and Analysis
TrustCheck’s analysis seems to agree with this view. “While the largest dollar volume hacks occur at the protocol level, based on interviews with hundreds of scam victims, it is clear that most of the time, scams actually happen at the microscopic level,” Pellegrini said.
“It is discord and direct messaging on Twitter that leads to a phishing site, or approving a dangerous signature request without fully understanding its purpose that often gets users.”
“These types of issues are what we call ‘end user security’ issues as opposed to protocol layer security. And the thing with these types of transactions is that often, they are much less reported than major hacks. We believe end-user security represents one, if not the biggest, barrier to mainstream crypto adoption.
Pellegrini did not provide any data on potential savings from the use of TrustCheck. “It is difficult to predict. However, our hope is that with widespread adoption of scam prevention techniques, the crypto industry can help users avoid billions of dollars in future losses due to scams.”
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