Backpack Wallet, in collaboration with Blockaid, identified a significant number of malicious transactions on the Solana network, preventing major financial losses for users.
Scale of the Threat
Between June and September 2024, over 71,000 malicious transactions were detected, avoiding $26.6 million in potential losses for users. Scammers primarily target Solana users due to the increased activity from memecoin traders.
Partnership with Blockaid
Transaction security is ensured through a partnership with Blockaid, which scanned over 180 million transactions on Solana. The focus is on identifying malicious dApps, scam transactions, and harmful contracts.
Solutions for Users
Industry measures are being taken to protect users from phishing attacks and other scams. The primary goal is to ensure user protection at a systemic level rather than placing the responsibility on users themselves.
The ongoing fight against cyber threats on the Solana network and other blockchains requires systemic solutions and enhanced security measures. Developing more effective protection tools and partnering with leading firms in this sector are key.
