Fireblocks unveils features to prevent DeFi scams

Real-time alerts and human-readable contract simulations bolster DeFi trading security.

Fireblocks released its “dApp Protection” and “Transaction Simulation” features to the public, according to an April 24 blog post. These tools are designed to mitigate the risks associated with decentralized applications (dApp), particularly the threat of phishing attacks which have led to over $1.1 billion in lost funds in 2023 alone.

The dApp Protection feature employs real-time threat detection to identify and alert users of suspicious smart contracts and phishing websites. It scrutinizes various threat vectors, including imitative URLs and harmful javascript elements, to prevent interactions with potentially compromised dApps.

Moreover, Fireblocks reports that dApp Protection has successfully identified numerous threat campaigns, such as the Ledger Connect Attack since its early phase in 2023. The Transaction Simulation. This feature translates complex contract call information into a human-readable format, enabling users to understand the implications of their actions before authorizing a transaction.

This is particularly beneficial for both advanced DeFi traders and operations teams, including those who may not be crypto natives, ensuring they can confidently authorize transactions with a clear understanding of the expected outcome.