Trustcheck-Chrome Plug-in Warns Users Of Crypto About Suspicious Activity On Their Device

Trustcheck: Web3 Builders Inc. has launched what it describes as a “free” cyber security application to shield customers from cryptocurrency fraud, hacks, and scams. It occurs at a time when internet theft incidents have increased significantly in 2022. This year, hackers have taken over $2 billion in cryptocurrency.

An add-on for the Chrome browser is the TrustCheck utility. When suspicious activity is found on users’ desktop or laptop PCs or laptops, it alerts crypto users.

The CEO of Web3 Builders, the company that created the plugin, is Riccardo Pellegrini. Pellegrini said “first, it recognizes known scam sites and would notify and send the user to safety.” Second, TrustCheck looks for wallet drainer code in a website’s source code if it is not already known to be a hoax.

The user is similarly cautioned and led to safety when they are found. Additionally, in order to prevent fraudulent transactions, TrustCheck uses machine learning to examine information from “tens of thousands of schemes and millions of wallets.”

It then presents the user with the results by explaining what will happen next in the transaction and providing a warning if it notices anything strange. Users can choose whether to cancel the transaction or continue, Pellegrini added.

Web3 Builders: What is it?

Web3 Builders Inc. is made up of a group of Ethereum decentralized applications (dApps) developers from diverse backgrounds. It includes builders from places like Harvard, MIT, Coinbase and Amazon Web Services. It says to offer B2C and B2B software solutions.

“We are freelancers who met online while collabing on various decentralized projects since 2017,” the team says on its website. Previously, the outfit built staking platform Stake MRI, non-fungible token standard ReserverETH, DeFi platform StaticPower and others.

On Tuesday, Web3 Builders announced it raised $7 million in seed funding from Road Capital, OpenSea Ventures, and other cryptocurrency venture capitalists, as per a statement shared.

According to Pellegrini, TrustCheck helps prevent ethereum-based wallet drainer transactions, risky permissions approval grants and rug pulls. It also deals with “dangerous signing requests, looping spam transactions” and others.

Once the security tool is installed, users do not need to take any further action to prevent an attack from taking place. “This is why we call the product ‘zero-click’..it will run in the background,” said Pellegrini.

“In the event a user arrives at a known phishing website with wallet drainer code, it will issue a warning. If a user attempts a dangerous transaction…TrustCheck can detect it, and inform the user that they are about to, for example, grant permission to transfer all NFTs from their wallet.”

Crypto hacks top $2 billion in 2022

The TrustCkeck security tool comes as incidents of crypto theft have risen sharply in 2022.

Blockchain security company PeckShield says hackers have pilfered more than $2.32 billion in over 135 exploits, from the decentralized finance (DeFi) industry so far this year. The figure is 50% higher than what was stolen from the entire sector for the whole of 2021.

Over the years, online thieves have employed a variety of tactics to carry out their work. The most used methods of attack include honeypot, exit scam, exploit, access control, and flash loan, says the REKT Database. A great number of the hacks take place at the protocol level.

As crypto markets continue to grow, so have incidents of theft. First-time crypto investors or users are usually at risk. Experts regularly speak on what retail investors could do to make their money as safe and secure as possible.

Advice ranges from users having self-hosted cold wallets -a type of wallet not connected to the Internet – to never letting “anyone know the private keys to your wallet.”

Trustcheck and analysis

This hypothesis appears to be supported by TrustCheck’s analysis. According to Pellegrini, “although the highest dollar volume hacks occur at the protocol level, it’s evident that scams actually occur on a micro level a lot of the time” based on speaking with hundreds of scam victims.

The user is frequently tricked by a direct message on Twitter or Discord that directs them to a phishing website or by confirming a risky signature request without fully comprehending it.

“These types of issues are what we call ‘end user security’ issues as opposed to protocol layer security. And the thing with these types of transactions is that often, they are far less frequently reported than the big hacks. Our belief is that end-user security represents one of, if not the biggest barrier to mainstream crypto adoption.”

Regarding the possible savings from using TrustCheck, Pellegrini did not provide a dollar amount. “Estimating this is challenging. Our objective is that the crypto sector can assist customers in preventing future scam-related losses totaling billions of dollars by widely implementing scam protection measures.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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