This is achieved by integrating Forta’s real-time threat intelligence with FailSafe’s automated incident response system. Smart Mode monitors and analyzes blockchain transactions in real time, allowing FailSafe to proactively protect digital assets from malicious activity.

Understanding FailSafe’s Modes: Safe Mode and Smart Mode

FailSafe’s Safe Mode is the default mode that captures all transactions that involve FailSafe-protected assets. On the other hand, the Smart Mode is designed for users who intentionally transact or experience high-frequency activity. It includes trading desks, to ensure their protection by only intercepting transactions with high-risk counterparties. FailSafe collaborates with Forta’s Scam Detector to provide real-time threat intelligence about smart contracts and EOAs that engage in scams and other end-user attacks, allowing the system to accurately determine risk.

How Scam Detector Works

The Scam Detector is powered by an array of key Forta bots, each designed to track particular types of threats. These bots have been programmed to monitor for ice phishing, address poisoning, rake tokens, token impersonation, fraudulent NFT orders, pig butchering, gas minting, sleep minting, hard rug pulls, soft rug pulls, and wash trading.

In addition, the Detector uses brand-new predictive techniques to identify on-chain addresses that are linked to known scammers, as well as contracts that closely resemble those used by known scammers.

1. The Scam Detector receives notifications from a group of basic bots, such as alerts regarding phishing attacks linked to a specific address.
2. The incoming alerts are processed, and labels are created (for example label: Address 0x123 receives a scammer label).
3. Labels are stored permanently on Forta Network and FailSafe’s Redis cache, providing scalability and low latency for effective action.
4. FailSafe checks the threat intelligence database for potential risk when it detects a FailSafe-protected address in a transaction.
5. FailSafe promptly halts and diverts specified assets to the user’s Recovery Vault if a high-risk counterparty is detected during a pending transaction.

FailSafe aims to provide a marketplace for the Forta Network contributors, offering configurable alerts and attacks to end-users.

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With a mutual commitment to securing and monitoring assets within the Web3 space, Forta and QuickNode are collaborating to offer developers an easy and secure way to access Forta scan nodes. This collaboration is made possible through QuickNode’s world-class blockchain infrastructure, which ensures reliable access to Forta’s services. Now, developers have safe and seamless access to Forta scan nodes via QuickNode’s high-performance infrastructure.

Forta is a real-time detection network for the 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 DeFi, NFTs, bridges, governance, and other Web3 systems. When an issue is detected, alerts are sent to subscribers of potential risks, which enables them to take action.

With a mutual commitment to securing and monitoring assets within the Web3 space, Forta and QuickNode are collaborating to offer developers an easy and secure way to access Forta scan nodes. This collaboration is made possible through QuickNode’s world-class blockchain infrastructure, which ensures reliable access to Forta’s services. Now, developers have safe and seamless access to Forta scan nodes via QuickNode’s high-performance infrastructure.

QuickNode, a leading web3 blockchain development platform. Equips developers with powerful tools that simplify and expedite dApp development, saving precious time for Web3 engineers. When used in conjunction with Forta nodes, QuickNode ensures accuracy, reliability, and data consistency. Required by top-tier web3 and global companies such as Coinbase, OpenSea, Magic Eden, Twitter, and Adobe. These capabilities are critical for maintaining a superior user experience.

“Reliable data providers are a critical component of the Forta Network. This collaboration with Quicknode provides the Forta scan node community with important optionality and furthers our mission to create a decentralized and sustainable detection network for Web3.” – Andy Beal, Ecosystem Lead at the Forta Foundation.

This collaboration gives Forta scan node runners the ability to access 22+ chains and advanced developer tooling on QuickNode’s Build Plan. Thereby solidifying its collective commitment to protecting Web3 users and supporting the developers that are building solutions to make blockchain safer for everyone.

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In addition, Forta offers the greatest degree of flexibility for sophisticated monitoring in real-time, block-by-block.

In Forta, a decentralized network of independent node operators examines all transactions and changes in block-by-block state for anomalous activity and potential threats. Node operators notify subscribers of possible dangers when an issue is discovered, allowing them to take appropriate action.

In other words, Forta uses a work token model to guarantee the accuracy and integrity of the data provided by the network. Node runners are required to stake FORT tokens in order to broadcast real-time operational and security data to the network, and anyone is allowed to stake FORT tokens to signal detection bot quality in the network. In addition, holders of FORT can engage in governance to influence Forta’s development.

Moreover, Forta’s runtime monitoring needs the best, fastest data on the blockchain. Forta Network will get data feeds from SupraOracles. Furthermore, SupraOracles and Forta address critical inefficiencies in some of the most sensitive parts of smart contracts.

Additionally, SupraOracles will help Forta Network safeguard and optimize cross-chain bridges for optimal security and safety. Furthermore, SupraOracles’ cutting-edge tool suite will continue to motivate developers to improve Web3.

“The ability to detect threats and abnormalities in Web3 is a crucial necessity. Hacks and exploits result in the loss of billions of dollars. We are thrilled to work with such an innovative and outstanding team.”— Joshua D. Tobkin, CEO and Co-founder of SupraOracles

ABOUT SupraOracles

SupraOracles connects the worlds of traditional financial markets and Web3. By providing a strong cross-chain oracle, we hope to empower the developer community. SupraOracles combines real-world data with public and private blockchains, enabling interoperable smart contracts to safeguard the future of financial markets. It also gives developers a toolbox for creating, deploying, and managing data applications that are faster, more agile, and more reliable.

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ABOUT Forta Network

Forta is a decentralized monitoring network that can quickly identify threats and anomalies on Web3 systems, including DeFi, NFT, governance, and bridges. By introducing runtime monitoring and anomaly detection to Ethereum, Avalanche, Polygon, BNB Chain, Fantom, Arbitrum, and Optimism, Forta continues to penetrate the new L1 and L2 markets.

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An additional $5.2 billion is now secured by Forta as dYdX, one of the largest and most trusted DeFi protocols is using the Network to monitor critical protocol operations.

dYdX is a leading decentralized exchange that currently supports perpetual trading. dYdX runs on smart contracts on the Ethereum blockchain and allows users to trade with no intermediaries.

From the first interaction with dYdX, it was apparent they prioritized security and operational excellence. In the last month, their team has implemented a suite of Forta bots monitoring their Liquidity and Safety modules for problematic events. In addition, dYdX was also keen to enable their community to have access to real-time security and health information, and encourage them to actively participate in the monitoring function.

The dYdX Grants Team worked to identify and prioritize monitoring requirements. The integration work was completed by Nethermind and funded with a grant from the dYdX Grants Program.

The initial scope of work included but was not limited to the following:

– Role Changes Monitor – detecting changes in roles in both the Safety Module and Liquidity Module contracts
– Operator Monitor – detects when an operator is added or removed from dydx perpetual exchange
– Slashing Monitor – detecting slashing events in the Safety Module contract
– Parameter Changes – detects parameter changes to both the Safety Module and Liquidity Module contracts
– Spending Approval Monitor – detects large spending approvals on dYdX Liquidity and Safety modules

About Forta

Forta is the first decentralized network delivering real-time intelligence on the security and health of Web3 core infrastructure and dApps. Protocols, DAOs, investors and individuals can use Forta to receive real time insights on security, financial, as well as operational and governance related events on L1s, L2s and sidechains.

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About dYdX

dYdX is a decentralized borrowing and lending platform based on Ethereum. It offers borrowing, lending and betting tools for crypto users.

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SOURCE: FORTA BLOG

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