Scam prevention firm Web3 Builders expands API to marketplaces, wallets, exchanges

Scam prevention firm Web3 Builders expands API to marketplaces, wallets, exchanges

Crypto security firm Web3 Builders released five new APIs designed to prevent financial crimes from occurring in web3 spaces. 

Web3 Builders’s main product is called TrustCheck, a browser plug-in that aims to alert users of potential web3 scams. Through these five APIs, TrustCheck can now be applied to web3 exchanges, dApps, wallets, marketplaces and other platforms to spot malicious transfers or scams before they happen.

The plug-in doesn’t require extensive crypto or security knowledge to use, and adds a layer of security, the company said. Pricing for TrustCheck will be based on a combination of API request volume and support level, a representative of Web3 Builders told The Block. 

The firm raised $7 million in October in a seed funding round led by Road Capital, with additional support from OpenSea Ventures, Sparkle Ventures, Global Founders Capital and others. 

Scam-alerting wallet plug-ins took on added significance after the million dollar hack of Moonbirds and Proof Collective creator Kevin Rose. At the time, Rose wrote on Twitter that he had been experimenting with protective wallet plugins, such as one called Stelo that alerts the user to malicious wallet transfers before they occur. 

Moonbirds founder Kevin Rose announcing he has installed wallet protection plug-ins following his million-dollar NFT hack.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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