Web3 implies the transition of data from servers controlled by centralized entities to community-driven decentralized infrastructures. Every major transformation is a gradual process with many challenges and can be exploited by malicious actors. The same is true for Web3, which is plagued with social engineering attacks and security breaches as it advances toward a cohesive global infrastructure.
As per Chainalysis’ latest crypto crime report, 2022 was a record year for crypto and Web3 hackers, with $3.8 billion stolen from various crypto projects — mostly decentralized finance protocols such as bridges. While scam revenue dropped by 46% compared to 2021, it’s still a matter of concern.
Web3 needs security tools to accelerate adoption while keeping users protected against hackers and scammers. Thankfully, the industry already has some robust security tools that can make the Web3 journey much safer. One good example is Web3 Antivirus, a browser extension that protects users from malicious smart contracts and phishing sites while keeping scammers away.
The tool audits smart contracts behind all transactions to detect dangerous logic, vulnerabilities and compromising permissions to access user funds. It also analyzes tokens and simulates transactions to ensure a riskless outcome.
Latest upgrade added new features
Web3 Antivirus’ level of protection is continually improving thanks to constant upgrades. At the end of March 2023, the team added several new features to enhance security. Some of them are:
- Edge support — besides Opera and Firefox, Web3 Antivirus can now be installed on the Edge browser as well.
- Honeypots and slippage detection — honeypot scams and slippage remain significant concerns in the Web3 space. Web3 Antivirus flags restrictions on NFT and ERC20 transfers to help users avoid honeypots, leaving the decision to proceed in their hands.
- Honeypot scams are social engineering schemes that lure traders into purchasing tokens that they cannot resell afterward.
- Controlling access to high-value NFTs — Web3 Antivirus displays price breakdowns of nonfungible token collections, providing insight into the risks associated with transaction approvals.
- Mitigating wash trading risks — Web3 Antivirus reveals the risk level in the form of a percentage for suspicious transactions in smart contracts, helping users gauge the risk level of NFT deals.
- Signing request alerts — to protect against dubious signing requests, Web3 Antivirus alerts users when a message requests their signature, allowing them to block it immediately.
- Anticipating trading cooldowns — Web3 Antivirus detects potential cooldowns in smart contracts, helping users avoid suspended trades caused by transaction restrictions during specific periods.
- Preventing contract halting — the tool scans contracts for halting methods, warning users about potential risks in executing transactions.
- Blocking transaction approval obstacles — Web3 Antivirus identifies transaction approval-blocking schemes in contracts, enabling users to avoid issues with token liquidity.
- Securing token transfers — the tool warns users about contracts with methods that allow issuers to transfer their ERC-20 tokens without notification, thus safeguarding their assets.
- Avoiding unexpected token burning — Web3 Antivirus detects malicious token-burning methods, protecting users from price manipulations and unwanted balance changes.
- Trade obstacle alerts — Web3 Antivirus notifies users about contracts that disallow token transfers when their balance exceeds a certain amount, helping them avoid illiquid assets.
The shift toward Web3 brings numerous security challenges, making it crucial for users to adopt robust security tools. Web3 Antivirus is a good example, as it offers a comprehensive defense against a variety of threats. With constant upgrades, the extension now addresses concerns such as honeypot scams, contract vulnerabilities and token transfer issues. What’s more, Web3 Antivirus is slated to receive its v.0.6 upgrade very soon, bringing in exciting new features and security updates.
As crypto enthusiasts navigate the fast-growing world of blockchain, Web3 security tools play an essential role in fostering user confidence and promoting the widespread adoption of decentralized solutions.
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