- Forta Network has upgraded its blockchain scam detector to keep up with the sophistication of new threats
- The upgrade enables the detector to sniff scam-wrapped URLs and smart contracts
- The upgrade will be available on Ethereum, BNB Chain and other Forta-supported blockchains
Forta Network has upgraded its blockchain scam detector to keep up with the sophistication of new threats. The upgrade enables the detector to sniff and report scam-wrapped URLs and smart contracts on Ethereum and BNB Chain and other Forta-supported blockchains. Smart contract hacks and fishy URLs are increasingly being used by malicious actors enabling them to pocket over $200 million in three months.
Sniffing On-chain Data to URLs
The former version of the scam detector was only able to sniff fraudulent behaviors by analyzing on-chain data making it inadequate at a time when scammers and hackers are unveiling new ways to do business.
As #FeesOnForta rolls out, the Forta Foundation is proud to reintroduce you to the first approved Premium Feed: the Scam Detector 🚨
Built in collaboration with @BlockSecTeam and @NethermindEth, is a state-of-the-art threat intelligence solution 🎨https://t.co/KB5ePmG5oz
— Forta (@FortaNetwork) August 8, 2023
Forta Network’s update incorporates contributions from other blockchain intelligence firms like Nethermind to report wallets and contracts linked to known malicious actors. According to Forta, Zengo wallet was among the entities that tapped its service to detect scams and warn its users.
The scam detector employs bots that scan supported blockchains and alert users for any scam-like activities in real time.
According to Forta, the upgrade allows the tool to comprehensively screen decentralized applications (Dapps), making it ideal to detect “ice phishing, rug pulls and fraudulent NFT orders.”
Ronin Hacked Through Malicious URL
The upgrade comes at a time when malicious actors are using phony smart contracts to steal funds. Scammers, for example, rode on the Multichain hack to run a phishing scheme that included directing unsuspecting individuals to a Fantom-like website using a malicious URL posted on a Twitter post.
Malicious URLs have also been used in the past to steal a collection of NFTs and siphon $540 million from Ronin.
Although Forta Network has updated its scam detector, malicious actors are likely to continue terrorizing the web3 space by employing new strategies.
