Forta Networkk, the largest Web3 security news network, believes that a new era of security and adoption in the world of Web3 security will be ushered in by AI-driven predictive modeling. And rightly so! Cybersecurity is the global need of the hour, which will only become more effective with cutting-edge artificial security supporting it.
Cyber threats are a concern in Web3
Cyberhacks, breaches and attacks have long been a concern for Web3 providers and participants, with statistics from last year revealing the significant impact of these malicious interventions.
In 2023, Web3 hacks and scams resulted in a loss of 1.83 billion US dollars for the ecosystem, with more than 750 security breaches reported. Cross-chain bridges, in particular, have been hit hard, with thefts amounting to $788 million across 121 different security events.
This worrying trend did not stop as the calendar turned, with Orbit Bridge, a cross-chain protocol, falling victim to hackers and lose more than 81.5 million US dollars in crypto this year.
Industry analysts predict that such hacks and attacks will persist as long as Web3 players neglect to pay adequate attention to cybersecurity. The coming year could see vulnerabilities such as price oracle manipulation, reward manipulation, private key theft, insufficient access control, faulty contract logic, poor input verification, etc.
However, amidst this atmosphere of apprehension, one could also identify glimmers of hope and sources of bright light at the end of the tunnel. Between 2022 and 2023, the amount of funds stolen from the crypto-web3 ecosystem fell by 51%, from $3.7 billion to $1.8 billion.
This significant drop reflects the efficiencies that vendors like Forta have brought to the system by introducing best-in-class AI-enabled security mechanisms.
AI-powered Web3 cybersecurity
Forta has collaborated on innovative projects like OpenZeppelin, a solution to code, deploy and operate smart contracts to securely monitor the Web3 world. Its crypto-economic incentive system based on FORT tokens has successfully engaged a multitude of necessary stakeholders, including developers and security researchers.
Additionally, Forta has developed streamlined response systems such as Attack Detector and Fraud Detector, which have helped save billions of dollars in hacks over the past two years. Its effectiveness is such that if Euler Finance had implemented the Forta attack detector, it would have been able to detect and prevent Euler’s infamous feat worth $197 million previously.
In terms of leveraging AI, ML and Deep Learning techniques, Forta has innovatively applied deep learning to improve threat detection. This is evident through its sentiment analysis robot, capable of decrypting chain text messages to alert users of impending scams or attacks. Importantly, the bot uses a self-supervised deep learning model, where text input passes through the integration of a language model and appears as a learned concept output.
In one of its latest innovations, Forta has also developed an AI-driven detection bot that can detect phishing scams with remarkable accuracy. The model leverages its features to accurately predict the number of incoming and outgoing transactions, block number, and value of an asset. Additionally, it can predict the transaction activity of addresses’ first-degree neighbors, thereby shedding light on potential money laundering and mass fraud activities.
This AI-powered detection bot comes with an alert system designed to issue a warning whenever a phishing scam is detected. The alert is accompanied by metadata that includes model features and prediction values, in addition to feature generation and prediction response time.
The path to follow
As cryptocurrencies gain popularity and adoption becomes more widespread, Forta believes that AI-based Web3 cybersecurity solutions will become indispensable for rapidly evolving scams. The effectiveness of these solutions will be crucial to minimizing risk in a high-stakes economy.
High adoption will inevitably lead to an increase in the volume of data circulating within the system. AI-based solutions, with their complex algorithmic capabilities, will help make sense of this data and generate highly accurate, data-driven decisions, with AI-driven predictive monitoring ensuring 24-hour security 24.
In short, the synergistic collaboration of sophisticated technologies, such as blockchain and AI, would open new dimensions in our perception of security. But to exploit this potential, providers must use it effectively. We see that animators like Forta are already prepared for it!
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