Forta Network, a blockchain security firm, has upgraded its scam detector service to include malicious URL data, new types of threats, and smart contract scanners that account for the latest types of crypto attacks, according to a representative from the company. The service, which will be available on Tuesday, runs across the seven Ethereum Virtual Machine chains supported by Forta, including Ethereum, Polygon, and BNB Chain.
The new version, built with contributions from security firms like Blocksec and Nethermind, uses predictive techniques to flag on-chain addresses associated with known scammers and contracts that closely resemble known scammers, said the representative. Forta also noted that wallets like Zengo had used the Scam Detector to warn their users about malicious addresses during the pre-signed transaction screening process.
The cryptocurrency ecosystem has been a target for hackers due to its inherent vulnerabilities, such as complex code, a massively correlated ecosystem, and millions of dollars stored on sometimes obscure platforms. Crypto traders lost some $303 million worth of tokens in July alone, as CoinDesk previously reported.