- Cube3.Ai has raised $8.2 million in a round led by Blockchange Ventures.
- Sphyrex has also secured $8.2 million from Aleph, Pillar VC, Fabric Ventures and Mensch Capital Partners.
- On Tuesday, blockchain security firm Forta updated its fraud prevention tools amid an uptick in fraud cases.
The Web3 security company is stepping up its detection and protection tools as fraud cases increase. This week, as announced on Wednesday, this segment of the cryptocurrency market has already recorded two major fundraisings.
SphereX Raises $8.2 Million
Web3 security startup SphereX, founded by Eyal Meron and Oren Fine, has raised $8.2 million in a seed round led by Aleph. The Tel Aviv-based early-stage venture fund was joined by Pillar VC, Fabric Ventures and Mensch Capital Partners.
SphereX is on a mission to make transactions on the blockchain as secure as using traditional financial methods with questionable transactions on the blockchain.
“While the market has been entrenched in surveillance solutions for years, SphereX’s flagship product is really focused on stopping bad actors,” said Parker McKee, principal at Pillar VC. said in a statement.
The Web3 startup’s flagship product, SphereX Protect, with its two founders and nine employees, enables protocols and blockchain applications to stop suspicious transactions from being executed.
“We must take the cyber resilience of the universe to the next level,” said Mellon, CEO of SphereX. told fortune.
Cube3.AI Secures $8.2 Million
Another crypto security startup celebrating a major funding round is Cube3.ai. The company offers a real-time Web3 transaction security platform that blocks malicious threats. Cube3.ai has raised $8.2 million in a seed round led by Blockchange Ventures, with participation from Dispersion Capital, Symbolic Capital, Hypersphere Ventures, ICLUB and TA Ventures.
Cube3.ai wants to address the big gap left by the two main security layers used in blockchain transactions. According to the company, while code security, which is the first step in securing Web3 transactions, is important, remediation steps, which come into effect after the hack, also play an important role.
However, both leave a gap. Linkage analysis As a result, more than $3.8 billion was stolen from DeFi protocols in 2022. It is this gap that Cube3.ai seeks to plug and seal.
CUBE3.AI Founder and CEO Einarath Gravlock said, “Every step we take in the Web3 and DeFi industry in recent years, every misuse takes three steps back in consumer confidence.” Ta. “Today, we introduced Real-Time Transaction Security, the next major step in his Web3 security.”
“Our platform leverages advanced machine learning algorithms to evaluate every transaction in real time. Transactions can be blocked in real time, eliminating the need to pause Web3 applications,” added Gravrock.
Forta’s Fraud Detector Upgraded
On Tuesday, blockchain security firm Forta upgraded its fraud detection tools amid an uptick in fraud cases.this will happen in a few days report Hackers and scammers stole more than $390 million in cryptocurrency last month, according to Rekt. Forta’s fraud detection tools use automated bots.
The service went live on Tuesday and is now available on seven Ethereum Virtual Machine (EVM) chains, including Ethereum, Polygon and BNB chains. The tool has been upgraded to include malicious URL data and can now flag the latest types of threats and smart contract scanners. told CoinDesk on tuesday.
Last week, the FBI warned crypto traders that scammers were posing as NFT developers. US crime watchdogs have warned traders to beware of fake social media accounts asking them to click on links for exclusive offers. Phishing links are one of the most common ways to lure unsuspecting Internet users to malicious websites.
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