The Rise of Malicious DApps in Web3

When Ian Andrews (CMO, Chainalysis)  was recording this episode with Raz Niv (Co-founder and CTO, Blockaid) back in December of 2023, the web3 industry was on full alert due to a Ledger supply chain attack. Blockaid was first to break the news and this episode talks about the attack as it unraveled and how they are working to keep web3 secure.

In this episode, Raz expresses Blockaid’s mission to provide security tools for web3 builders and protect users from malicious d’apps, wallet drainers, address poisoning  and suspicious transactions and connections, particularly in the realm of scams, phishing, and hacks.

Raz discusses the company's partnerships with major players in the ecosystem, such as MetaMask and OpenSea, and how their technology is providing real-time indications of potential risks and malicious activity in web3. 

Minute-by-minute episode breakdown

• (2:15) - Introduction to Blockaid and the problem of security in Web3
• (4:05) - Raz's background in Israeli Cyber intelligence units and interest in Web3
• (6:40) - 1 in 10 dApps are malicious, data collection and trends
• (10:25) - Blockaid's backend architecture and data sources
• (12:27) - Ledger supply chain attack and explanation of how similar attacks work
• (15:50) - Highest fund loss per capita in Web3 than any other industry 
• (19:45) - Blockaid's role in MPC wallet architecture
• (23:02) - Privacy considerations and data collection by Blockaid
• (26:35) - Address poisoning attack and its dangers
• (28:44) - Blockaid's plans to improve detection and expand integrations

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

• Website: Blockaid: Web3, secured -Enable builders to protect users from fraud, phishing and hacks.
• Blog: Malicious dApp 101: Wallet Drainers Are Stealthier, More Complex than Ever
• Blog: Blockaid + MetaMask: Securing Web3 Users While Preserving Privacy
• Attack Report: Attack Report: Ledger Connect Kit
• Press Release: Tel Aviv–based Blockaid raises $33 million to help root out nefarious crypto wallets
• Event: Chainalysis Links Conference NYC 2024 (Apr. 9-10, 2024) - Early Bird Pricing On Now!
• Blog: The Data Accuracy Flywheel: How Chainalysis Consistently Identifies and Verifies Blockchain Entities
• YouTube: Chainalysis YouTube page
• Twitter: Chainalysis Twitter: Building trust in blockchain
• Tik Tok: Building trust in #blockchains among people, businesses, and governments.
• Telegram: Chainalysis on Telegram 

Speakers on today’s episode

• Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) 
• Raz Niv (Co-founder and CTO, Blockaid)

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