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Blockaid Secures $50 Million in Series B Funding to Enhance Blockchain Security

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  • Blockaid raised $50M in Series B, enhancing blockchain security for firms like Coinbase.
  • The funding will expand Blockaid’s team to tackle growing blockchain cyber threats.
  • Blockaid blocked 71M attacks, securing over $101B in assets across blockchain platforms.

The onchain security firm Blockaid secured $50 million through its Series B funding, which received primary investment from Ribbit Capital, GV (formerly known as Google Ventures), Variant and Cyberstarts contributed funding to the round, raising $50 million.

The newly acquired capital allows Blockaid to scale its operations by directing resources toward product creation, architectural engineering, and technological investigation. The firm intends to boost its cybersecurity solutions to address market demand from crypto-native entities and traditional financial institutions.

Blockaid’s platform provides real-time protection for blockchain transactions and decentralized applications (dApps). The platform scans transactions and interactions by leveraging machine learning models to detect and block potential threats. The swift acceptance of blockchain technology within the crypto industry makes it essential to develop secure protection solutions because strong defense against attacks is fundamental.

Rising Demand for Blockchain Security Solutions

The company’s achievement occurs during a period when the cryptocurrency sector witnesses the rapid growth of hacking attempts against blockchain networks. Last year, the company performed over 2.4 billion transaction scans while blocking over 71 million attacks to protect Web3 and financial establishments, including Coinbase, MetaMask, and Uniswap.

The raised funding allows Blockaid to enhance its system capabilities to meet the growing transaction volume along with security threats across the blockchain environment. The security services of Blockaid will be delivered concurrently to cryptocurrency entities as well as conventional businesses like banking and fintech and hedge funds that actively use blockchain solutions. The firm has established a strategy to actively recruit additional personnel while constructing security features needed for maintaining the scalability of blockchain networks.

Securing $83 Million in Total Funding

This Series B round brings Blockaid’s total funding to $83 million following an earlier $27 million raised in its Series A round. The firm has utilized its platform to stop 71 million attacks and protect $101 billion worth of company assets. The firm implements machine learning security technology to prevent blockchain attacks against network entries along with fraudulent token activities and cyber scams. Through this innovative method, the company leads the defense of decentralized technologies as a primary security provider.

The blockchain ecosystem operates in a volatile environment, with increasing threats from cybercriminals. Blockaid brings promising solutions for threat identification and prevention systems. The firm safeguards its lead in digital asset security through active research expansion and a technological foundation that matches the accelerating digital security threats.

Perkshield Blockchain Security Analytics Reveals $1.4B of Laundered Money was Moved Across Crypto Exchanges

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The security incident on Twitter on Wednesday left a lot of people wary of crypto and bitcoin in particular. While the social media company has investigated and fixed security loopholes, its share price on the stock market has decreased significantly by almost 4 percent. 2020 as in the past years, cryptocurrency hacks are not without blame. After the incident, the hacker walked away with nearly $116,000 laundered money.

However, these hacks also fuel a movement dubbed “Ban Bitcoin;” arguing that the absence of bitcoin would lay the foundation of a scam-free World. Mainly because some critics believe that bitcoin is the most loved incentive for scams. The fact that the bitcoin blockchain is encrypted and transactions seem to be untraceable, bitcoin haters have turned to claim that the coin allows criminals to supposedly hide their trail. On the other hand, several bitcoin fanatics have come out to dismiss the hack as a colluded event to outlaw bitcoin. 

“Why?”They are asking, 

Could cybercriminals bypass Twitter’s two-factor authentication just like that and hack into high-profile individuals. Some allegedly questioned why hackers did not take over President Trump ‘s active twitter account.

It’s impossible, however, to ban bitcoin. The Federal Bureau of Investigation is leading the Twitter probe. Which, by far, seems to be one of the worst social media attacks in history.   Crypto analysts believe that leading exchanges, such as Binance and Okex, have the opportunity to track the recipient of the $116,000 sent by approximately 300 people in the four-hour record hack.

$1.4 Billion of Laundered Money in the Hands of Crypto

It’s a Peckshield Security Company report that has revealed exchanges are the recipient of at least $1.4 billion of the world’s laundered money this year.

The report highlighted data collected from online and offline sources over the past year. Following a thorough verification and analysis of the data, the company identified at least 100 million transaction addresses. Approximately 50 million major crypto addresses were identified at exchanges. The company then ranked the exchanges according to the amount of stolen cash they contained and found the top ten included: Coinbase, Bithum, HaoBTC, Luno, Bitmex, Gate.io, ZB, Okex, Binance and Huobi.

Peckshield suspected crypto wallets containing illicit money related to the dark web economy gambling and hacker attacks. A large segment of which included funds stolen during major crypto and exchange hacks.