TrustCheck Launches Suite of Tools for Web3 Businesses to Protect Users from Scams
February 2, 2023 — Web3 Builders Inc., the creators behind the recently launched TrustCheck, a browser extension that flags web3 scams before they happen, today announced the launch of a suite of API tools for web3 businesses including wallets, exchanges, dapps, and marketplaces to stop drainer scams, fake NFT websites, and vulnerable smart contracts in their tracks.
In the past month alone, the crypto industry has seen a series of scams succeed in stealing significant funds. From the Monkey drainer, to the Azuki drainer, over a million dollars have been lost in just two simple scams that could have been easily prevented. From January to November 2022, scammers reportedly stole $4.3 billion worth of cryptocurrency, a 37% increase from the same period in 2021. Despite the ongoing adoption and maturation of crypto, the industry and consumers are still highly susceptible to scams and education surrounding solutions is sorely needed.
“This is an integral moment for the Web3 ecosystem to prove its trustworthiness — we are excited about the launch of our new APIs and how they can change the way in which businesses offer security,” said Riccardo Pellegrini, CEO of Web3 Builders Inc. “It’s an unfortunate truth that scams and fraud are still common in the web3 space — even just over the last month, our system picked up dozens of scams which were listed on popular platforms, marketplaces, and exchanges. Now, with our APIs, we can enable businesses to more quickly stop these scams from proliferating before their users fall victim.”
The Web3 Builders Transaction Checker, Website Checker and Smart Contract Checker APIs work hand in hand to protect end users from a variety of risks like scam websites, dangerous transactions, and malicious smart contracts. This includes scanning 30 million suspicious domains on a daily basis to see if they are attempting to impersonate popular projects/web3 sites, and checking for vulnerabilities on all of the ~55 million ethereum smart contracts. Armed with these capabilities, crypto platforms can take down scam URLs and smart contracts in addition to preventing harmful transactions.
“Understanding what’s happening with your transaction is critical in keeping your crypto assets safe,” said Nicholas Horelik, Technical Co-Founder and Chief Blockchain Officer at Web3 Builders Inc. “End users deserve to have this functionality on whatever platform they choose and businesses should be implementing solutions like these to ensure their customers’ safety in Web3.”
To learn more visit https://trustcheck.xyz/apis/.
About Web3 Builders
Web3 Builders is on a mission to make Web3 safe for all. With a team of builders that hail from places like Harvard, MIT, Coinbase, Oracle, and AWS, and a history of working in the public safety industry, the company is committed to building tools that keep end users safe and secure. It offers B2C and B2B software solutions.
