Blockchain security pioneer Harpie has rolled out a novel Wallet Monitoring tool that grants crypto users a real-time threat detection capability. This innovative solution permits investors to get instant alerts on questionable transactions, fend off ill-intentioned transfers before their execution, and ensure the utmost safety of all Ethereum-based assets, including currencies, NFTs, and all types of tokens.
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As cybercrime in the crypto space ramps up, security solutions become of the utmost need. That is why the Wallet Monitoring tool was created.
The tool functions by perpetually overseeing a wallet’s imminent transaction pool. Leveraging Harpie’s unique theft detection algorithm, the new mechanism crafts a risk analysis for each Ethereum address or smart contract the wallet interacts with.
According to an official press release, the Wallet Monitoring tool assesses factors like a given address’s previous transaction records, operational trends, and network engagements. The detailed analysis derives insights from the company’s continually expanding database, which boasts over 2 million dubious addresses and 800,000 smart contract proprietors.
When a shady transaction is discerned, the user is swiftly alerted, detailing the rationale behind the suspicion and enabling the user to either greenlight or halt the transaction.
Lauren Feld, a GTM for Collective Works, equated Harpie’s efforts to historic technological advancements:
“Harpie is doing for crypto what antivirus did for personal computers: creating a 24/7 monitoring system, this time for wallet transactions,”
Feld went on to commend how Harpie has effectively “turned complex risk assessment into actionable insights for the everyday user and investor.”
Beyond keeping an eye on external threats, Wallet Monitoring also scrutinizes the user’s transaction history. This self-audit ensures traders are well aware of their past interactions. If it catches that a user has transacted with a recognized cyber-criminal, an alert is dispatched. Additionally, the tool provides daily actionable tips, sorted by threat magnitude, to enhance wallet security.
Daniel Chong, Harpie’s Co-Founder and CEO, pointed out the diverse nature of threats in the crypto realm:
“Not all malicious attacks take the form of a single, sudden drain, (…) Wallet Monitoring helps you protect your tokens not just from future attacks but from smart contracts you may have already signed,”
Chong further explained how some smart contracts have built-in capabilities that can decimate user tokens immediately, while others craftily drain assets over time.
Harpie: The on-chain firewall
Building on its legacy, Harpie’s frontrunning tool currently safeguards assets worth over $1 million and has thwarted crypto thefts totaling more than $2 million. The freshly launched Wallet Monitoring tool is accessible now, with more details available on the official website.
Launched in September 2022 with the backing of industry giants like Dragonfly Capital, Coinbase Ventures, and OpenSea, Harpie secured a whopping $4.5 million in seed funding, firmly placing itself at the forefront of blockchain security.
Harpie’s mission is clear: to equip investors with robust defenses against cryptocurrency theft. With its real-time crypto wallet monitoring service, the cybersecurity company is setting the gold standard in on-chain security solutions.