The only blockchain Security platform, Ironblocks, declared that it had contributed seven million dollars in seed investment. Disruptive AI and Collider Ventures are the co-leaders of the fundraiser, with other partners comprising Samsung Next, ParaFi, Balaji Srinivasan, QuantStamp, ex-CTO of Coinbase, and former general partner at Andreessen Horowitz, chief Strategy officer at Eigen Layer, Calvin Liu, Simplex co-founder, Fos Finance, venture investor Lluis Pedragosa, and Ex-Chief Executive Officer Nimrod Lehavi.
The blockchain security platform projected target is to stem the wave with a novel attractive contract-based security resolution that works on-chain to systematize threat and risk detection and enable decentralized Finance Protocols, market makers, Web3 platforms, and cross-chain bridges to relentlessly take instant response to end and counter cyber criminal activities in real-time to protect assets before they are siphoned into hacker’s accounts and online wallets.
Dadosh, Ironblocks chief executive officer, announced how thrilled they were as a company on this route with such an ambitious team of developers as they prepare to formulate a new standard for on-chain threat, risk detection, and mitigation. He continued emphasizing smart contract protection as a fundamental right for all traders, investors, systems, and networks.
In addition to the security, the company aimed to ascertain the safety of information, data, and virtual digital assets in the best possible way to bring about the widespread implementation of Web3 and decentralized Finance.
Cyber Security Threats
In the previous year, cybercriminals saw huge amounts of cash disappear for decentralized finance networks; according to the study by Web3 bug bounty platform Immunefi, over 3.9 billion dollars, equivalent to over 56% raise in 2021.
In addition, according to the information, over eighty percent of all cyber-criminal hacks led to the successful heist of funds and digital crypto assets, and the company is ready to eliminate these kinds of peculiar events and malicious actions.
In the same year, one hundred and fifty-five individual hacks, over 50 percent rise from 2021, indicate that cybercriminals have become more rampant as several decentralized apps persist in entering the metaverse and are exposed to cyber security threats. As a result, more advanced security regulations are required to curb their illegal actions and further construct trust between investors and developers.
Ironblocks’ Approach toward Cyber Security Threats
The General Partner at Disruptive AI, Yorai Fainmesser, reported that attractive contracts similar to other blockchain financial requirements must have the appropriate security. It is important for organizational participants and all ecosystem growth.
He added that the company is generating artificial intelligence and years of advanced native blockchain experience to change how on-chain products are handled, showing his excitement in fostering and supporting the developers in implementing its initiative.
The funds will be utilized to support increased development activities. Further, extend the group across sales and marketing, engineering, and more, and foster many product introductions and collaborations yet to be witnessed.
According to the managing partner at Collider, Adam Benayoun, they were proud to be involved and taking part in this attempt and anticipate that this will be a major change for many networks that will allow them to develop credibility further and gain trust with their neighbors. He added that the company is formulating resolutions to foster an end to cyber-criminal activities and theft in decentralized Finance and web3.