- Ironblocks has announced USD 7 million in early financing for their blockchain-native cybersecurity technology that uses smart contracts to automate threat detection for Web3 app developers to thwart hackers.
- Blockchains and smart contracts serve as the foundation for Web3, also known as the decentralized web, and the decentralized finance ecosystem.
Ironblocks recently revealed that it has secured seven million dollars in initial investment for its blockchain-native cybersecurity platform that leverages smart contracts to automate threat detection so that Web3 app developers may take preventative measures against hackers.
Collider Ventures and Disruptive AI co-led the fundraising round, with participation from Quantstamp, ParaFi, and Samsung Next. Balaji Srinivasan, former chief technology officer at Coinbase and general partner at Andreessen Horowitz, and Alan Leung, co-founder of crypto infrastructure business Simplex, were among the other investors.
As part of its security solution, Ironblocks uses smart contracts to detect hackers and abnormalities early, before they become more severe problems. Smart contracts are self-executing bits of code published on blockchains that execute when preset criteria are satisfied; they form the foundation of decentralized apps.
Blockchains and smart contracts serve as the foundation for Web3, also known as the decentralized web, and the decentralized finance ecosystem. When stealing tokens from DeFi and other Web3 services, attackers frequently target smart contracts, making them a main security infection point.
Ironblocks Chief Executive or Dadosh, said, “We believe that smart contract security is a given right for all crypto traders and protocols, and we aim to ensure the safety of data and crypto assets in the best way to bring about the broad adoption in DeFi and Web3.”
Ironblocks was founded in 2022 in Tel Aviv by co-founders Or Dadosh and Asaf Eli, Chief Technology Officer. Eli and Dadosh are both seasoned software engineers with expertise in blockchain and cybersecurity who have worked on the team that built Bancor, the DeFi trading and rewards platform.
According to a survey by Chainalysis, blockchain protocols experienced enormous losses due to breaches and vulnerabilities in 2017, with more than USD 3.8 billion lost. DeFi protocols were by far the most affected, followed by cross-chain bridges that allow users to transfer bitcoin across blockchains. The blockchain powering the famous “Axie Infinity” game, Ronin Network, had USD 615 million stolen from it in 2022, while Binance Holdings Ltd.’s BNB Chain had USD 570 million, and the Wormhole bridge had USD 315 million.
As more and more decentralized applications have been developed and deployed, the need for heightened security has become crucial. Immunefi, a Web3 bug bounty program, identified more than 155 events impacting DeFi protocols in 2022, indicating a 56% increase from 2021.
Users that sign up for the platform receive comprehensive protection for their Web3 product, including real-time monitoring and notification of suspicious behavior, a configurable dashboard, and a threat prevention system that takes quick action to avoid vulnerabilities. The dashboard also enables customers to configure their own threat metrics and threshold-specific notification monitoring.
Ironblocks stated that it will utilize the funds to develop its product further and grow its engineering, sales, and marketing teams. Additionally, it will facilitate a number of forthcoming product launches and partnerships.