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Venn Network Aims to Solve DeFi's Hacking Problem With More Decentralized Tech

Creator Or Dadosh says Venn creates a "completely new economy" for crypto security.

Updated Oct 30, 2024, 4:00 p.m. Published Oct 30, 2024, 4:00 p.m.
Ironblocks' Venn aims to prevent suspicious transactions from accessing a blockchain. (serghei_topor/Pixabay)
Ironblocks' Venn aims to prevent suspicious transactions from accessing a blockchain. (serghei_topor/Pixabay)

Can decentralized finance (DeFi) address its hacking problem with another layer of decentralized tech? Israeli cybersecurity firm Ironblocks' new network is betting on it.

On Wednesday, the firm is beginning a phased roll-out of a new Web3 security layer it's developing, called Venn. The transaction pre-screening network seeks to create "a new economy" for crypto security, said creator Or Dadosh, also Ironblocks' CEO.

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Venn plans to match security operators and their technical know-how with crypto apps that want extra eyes on their transaction flow. A participating DeFi app might pay out crypto rewards to auditors and cybersecurity firms who vet pending transactions, Dadosh said.

All this happens before any crypto transaction actually executes. In the Venn model, pending trades, swaps, borrows and transfers pass through its network first. Security operators flag and freeze any suspicious actions. They forward regular activity onto the blockchain for confirmation.

"It's just like a firewall in the Web2 world," Dadosh said.

DeFi heavy hitters including Ether.Fi and Ethena are joining Venn's public testnet, according to Dadosh. A bevy of security firms are, too. The network itself will be distributed across the firms, who act as node operators.

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Microsoft Raises Alarm of Malware Targeting Coinbase, MetaMask Wallets

Microsoft shareholders voted against adding bitcoin to its company's treasury. (Photo by Craig T Fruchtman/Getty Images)

A new report from Microsoft researchers warned of malware that could steal and decrypt users’ information from 20 of some of the most popular cryptocurrency wallets.

What to know:

  • Tech giant Microsoft shared a new report warning of malware that targets 20 of the most popular cryptocurrency wallets used with the Google Chrome extension.
  • The malware, dubbed StilachiRAT, could deploy “sophisticated techniques to evade detection, persist in the target environment, and exfiltrate sensitive data."
  • While the malware has not been distributed widely, Microsoft did share that it has not been able to identify what entity is behind the threat.