Blockchain security company Harpie has launched a Wallet Monitoring tool that provides real-time threat detection for crypto wallets.
Known as Harpie Wallet Monitoring, the tool enables investors to receive real-time alerts about suspicious transactions, deny malicious transfers before they execute, and make sure custody of all Ethereum-based assets, including currency, NFTs and other tokens, is completely secure.
The tool continuously monitors a wallet’s pending transaction pool. It then builds a risk profile for every Ethereum address or smart contract a wallet touches, using Harpie’s theft detection algorithm
Drawing on Harpie’s ever-growing index of over 2 million malicious addresses and 800,000 smart contract owners, it examines each address’s past transaction history, usage patterns, and network activity to look for signs of suspicious activity.
It then sends a notification in plain English to a user, explaining why the activity was flagged and giving users the opportunity to approve or stop the pending transaction, whenever it detects a suspicious transaction.
“Harpie is doing for crypto what antivirus did for personal computers: creating a 24/7 monitoring system, this time for wallet transactions,” says Harpie user Lauren Feld, GTM for Collective Works. “Harpie has managed to turn complex risk assessment into actionable insights for the everyday user and investor.”
Additionally, Wallet Monitoring analyzes the user’s own transaction history, so traders can make sure they know who they have been dealing with. The user will get a notification if it detects a user has traded with a known cyber-criminal.
To further improve wallet security, the tool also generates a list of daily tasks the user can complete to improve their wallet security, organized by threat.
“Not all malicious attacks take the form of a single, sudden drain,” says Daniel Chong, Co-Founder and CEO of Harpie. “Some smart contracts give scammers permission to wipe out your tokens instantly, while others create a back door, allowing them to siphon away your assets over time. Wallet Monitoring helps you protect your tokens not just from future attacks but from smart contracts you may have already signed.”
Protecting Over $1 Million
The crypto industry is filled with scammers, hackers, and other bad actors out to steal digital assets. Several investors have suffered losses due to such attacks which are only on the increase.
More than $300 million was reportedly lost to crypto theft in the second quarter of 2023 alone, necessitating a strategy for protecting investors.
Wallet Monitoring has just launched, but is already protecting over $1 million in crypto assets and has already prevented the theft of more than $2 million.
With this effort, Harpie is ensuring the safety of crypto assets which is likely to boost investors’ confidence in crypto assets and encourage more crypto adoption.
