Web3 Builders Release 5 APIs To Prevent Financial Crimes From Occurring In Web3

Key Points:

• Web3 Builders, a crypto security startup, has released five new crypto scam-preventing APIs that alert users to dangerous web3 transactions before they occur.
• The tools can scan over 30 million suspicious domains every day and look for vulnerabilities in approximately 55 million Ethereum smart contracts.

Web3 Builders, a crypto-security firm, has published five new APIs aimed at preventing financial crimes in web3 spaces.

Recent exploitations jeopardize company integrity and encourage naysayers from outside the space’s case against cryptocurrency. Web3 Builders, on the other hand, revealed a package of tools to overcome this issue in a February 2 announcement.

Web3 Builders’ major product is TrustCheck, a browser plug-in that warns users about potential scams. TrustCheck may now be deployed to web3 exchanges, dApps, wallets, marketplaces, and other platforms using these five APIs to detect malicious transfers or scams before they occur.

The tools, according to the statement, scan over 30 million suspicious domains every day and look for vulnerabilities in approximately 55 million Ethereum smart contracts.

It’s an unfortunate truth that scams and fraud are still common in the Web3 space.

Ricky Pellegrini, the CEO of Web3 Builders said

In October, the company raised $7 million in a seed fundraising round headed by Road Capital, with participation from OpenSea Ventures, Sparkle Ventures, Global Founders Capital, and others.

After the million-dollar breach of Moonbirds and Proof Collective creator Kevin Rose, scam-alerting wallet plug-ins gained prominence. Rose said on Twitter at the time that he had been experimenting with protective wallet plugins, such as Stelo, which notifies the user of dangerous wallet transfers before they occur.

As Coincu reported, the exploiter took at least one Autoglyph, which has a floor price of 345 ETH, 25 Art Blocks, commonly known as Chromie Squiggle, valued at least a total of 332.5 ETH, and nine OnChainMonkey products, each worth at least 7.2 ETH, according to an independent study by Arkham. Rose preserved a few NFTs by storing them in a different vault.

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