<![CDATA[<figure class="image"><img src="https://cimg.co/news/126792/334783/blockaid-io.jpg" alt="" srcset="https://cimg.co/news/126792/334783/responsive-images/blockaid-io___media_library_original_1251_645.jpg 1251w, https://cimg.co/news/126792/334783/responsive-images/blockaid-io___media_library_original_1200_619.jpg 1200w, https://cimg.co/news/126792/334783/responsive-images/blockaid-io___media_library_original_900_464.jpg 900w, https://cimg.co/news/126792/334783/responsive-images/blockaid-io___media_library_original_720_371.jpg 720w, https://cimg.co/news/126792/334783/responsive-images/blockaid-io___media_library_original_600_309.jpg 600w, https://cimg.co/news/126792/334783/responsive-images/blockaid-io___media_library_original_300_155.jpg 300w" sizes="100vw" width="1251" class="content-img"><figcaption>Source: blockaid.io</figcaption></figure><a href="https://cryptonews.com/tags/web3/">Web3</a> security company Blockaid said it has emerged from stealth with $33 million in funding to protect users from fraud, phishing, and hacks.&nbsp;The company, founded in September 2022, concluded its series A funding round, bringing the total raised to $33 million, led by Ribbit Capital and Variant, with participation from Cyberstarts, Sequoia Capital, and Greylock Partners," it <a href="https://www.blockaid.io/post/emerging-from-stealth-with-33-m-in-funding-to-secure-web3">said</a>.Blockaid plans to use the funds to fuel the company's growth and scale the product, customer base, and team.Per the press release,<blockquote>"In under a year, Blockaid has not only secured a recent funding boost but has also come out of stealth, revealing some of its inaugural customers: Metamask, Opensea, Rainbow, and Zerion &mdash; with more to be announced soon."</blockquote>Their common goal is to protect millions of users from malicious transactions before they occur.Blockaid enables users to trust using <a href="https://cryptonews.com/tags/wallet/">wallets</a>, decentralized applications (<a href="https://cryptonews.com/tags/dapp/">dapps</a>), and <a href="https://cryptonews.com/tags/smart-contract/">smart contracts</a> by preemptively validating all transactions, it said.<h3 id="compatible-with-every-blockchain">Compatible With Every Blockchain</h3>The team notes that internet cybercrime accounts for billions of dollars in losses annually, with $7 billion reported last year alone.&nbsp;<blockquote>"The emerging world of web3, although smaller in number of users, saw over $14B in losses in that same period &mdash; representing 2x the impact of scams and hacks."&nbsp;</blockquote>Therefore, for Web3 future to have a future, security as a fundamental issue must be addressed.Blockaid says it provides a layer of security to any blockchain application - being compatible with all blockchains - by scanning every transaction originating from a wallet, engaging with a dapp, or reaching a smart contract.&nbsp;It also claims to be the only security solution able to fully simulate off-chain signatures (EIP-712s) as effectively as on-chain transactions.Much of the data on a blockchain is private, so the security solution capable of seeing the most transactions and having the most data will have better signals for its model.According to the company,&nbsp;<blockquote>"In the last 3 months alone, we've scanned 450M transactions, thwarted 1.2M malicious transactions, and safeguarded $500M in user funds that would have been otherwise compromised."</blockquote>For example, it said it thwarted a phishing attack via Ethereum co-founder Vitalik Buterin's <a href="https://cryptonews.com/news/ethereum-founder-vitalik-buterin-falls-victim-twitter-hack-beware-of-shared-links.htm">compromised</a> Twitter account and protected all wallets that had enabled Blockaid's service.Operating out of offices in New York and Tel Aviv, Blockaid is co-founded by two former Israeli military cyber intelligence personnel, Ido Ben-Natan (CEO) and Raz Niv (CTO).&nbsp;After over six years of leading R&amp;D teams, the two left the military to start the project that would become Blockaid, the website <a href="https://www.blockaid.io/about-us">says</a>.The company's team of security experts currently includes over 20 former Israeli Unit 8200 cyber intelligence personnel.&nbsp;____<h3 id="learn-more">Learn more:</h3>- <a href="https://cryptonews.com/news/today-in-crypto-quantstamp-reveals-defi-protection-product-that-reimburses-losses-polygon-proposes-protocol-council-bitdeer-announces-2-million-share-repurchase-program.htm">Quantstamp Reveals DeFi Protection Product That Reimburses Losses</a> - <a href="https://cryptonews.com/news/identity-verification-crucial-preventing-crypto-scams-says-concordium-founder.htm">Identity Verification Crucial to Preventing Crypto Scams, says Concordium Founder</a> - <a href="https://cryptonews.com/news/ethereum-users-propose-erc-7265-thwart-defi-hacks-how-does-it-work.htm">Ethereum Users Propose ERC 7265 to Thwart DeFi Hacks&nbsp;</a> - <a href="https://cryptonews.com/news/regulation-user-trust-and-tech-constraints-stand-in-the-way-of-mass-crypto-banking-adoption-says-brightys-cto-nikolay-denisenko.htm">Regulation, User Trust, and Tech Constraints Stand in the Way of Mass Crypto (Banking) Adoption, Says Brighty&rsquo;s CTO Nikolay Denisenko</a>
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Former Israeli Military Intel Personnel Launch New Crypto Firm Blockaid with $33 Million in Funding – What Does it Do?

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