Blockchain security company Harpie launched a new Wallet Monitoring tool on Tuesday, aimed at providing real-time threat detection for crypto wallets. The tool is designed to monitor threats to Ethereum-based assets and alert users when they need to take action. This includes currencies, NFTs, and other tokens.
The Wallet Monitoring tool works by continuously monitoring a wallet's pending transaction pool. It uses Harpie's theft detection algorithm to build a risk profile for every Ethereum address or smart contract a wallet interacts with. The algorithm examines each address's past transaction history, usage patterns, and network activity to identify signs of suspicious activity. It draws from Harpie's index of over 2 million malicious addresses and 800,000 smart contract owners. When the tool detects a suspicious transaction, it notifies the user in plain English, explaining why the activity was flagged and giving users the opportunity to approve or stop the transaction.
Lauren Feld, GTM for Collective Works and a Harpie user likened the company's approach to the role antivirus software plays for personal computers. "Harpie is doing for crypto what antivirus did for personal computers: creating a 24/7 monitoring system, this time for wallet transactions," Feld said. She added that Harpie has managed to convert complex risk assessments into actionable insights for everyday users and investors.
The Wallet Monitoring tool also analyzes the user's own transaction history, allowing traders to be aware of their past interactions. If it identifies that a user has traded with a known cyber-criminal, it issues a notification. The tool also generates a list of daily tasks users can complete to improve their wallet security, organized by threat level.
Daniel Chong, Co-Founder and CEO of Harpie, highlighted the diverse nature of malicious attacks on crypto assets. "Not all malicious attacks take the form of a single, sudden drain,” Chong said. "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."
Harpie's flagship frontrunning tool currently safeguards over $1 million in assets and has reportedly prevented more than $2 million in crypto theft. The new Harpie Wallet Monitoring tool is now available.
Harpie, which launched publicly in September 2022, is backed by prominent Web3 venture capitalists and crypto platforms, including Dragonfly Capital, Coinbase (NASDAQ:COIN) Ventures, and OpenSea. These investments resulted in a $4.5 million seed round for the company. Harpie's mission is to empower investors with the ability to defend themselves against cryptocurrency theft by offering advanced on-chain security solutions that simplify cryptocurrency security with an intuitive and holistic platform.
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